Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 based on inputs used to derive their fair values:


			Fair Value Measurements at March 31, 2024
	Fair Value Total		Level 1		Level 2
Assets:
Interest rate derivatives	$	8	$	—	$	8
Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	2		2		—
Swing Swaps IFERC	2		2		—
Fixed Swaps/Futures	27		27		—


Forward Physical Contracts	9		—		9
Power:
Forwards	69		69		—
Futures	15		15		—


NGLs – Forwards/Swaps	466		466		—
Refined Products – Futures	3		3		—
Crude – Forwards/Swaps	50		50		—

Total commodity derivatives	643		634		9
Other non-current assets	32		21		11
Total assets	$	683	$	655	$	28
Liabilities:

Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	$	(8)	$	(8)	$	—
Swing Swaps IFERC	(2)		(2)		—
Fixed Swaps/Futures	(13)		(13)		—



Power:
Forwards	(68)		(68)		—
Futures	(12)		(12)		—



NGLs – Forwards/Swaps	(448)		(448)		—
Refined Products – Futures	(19)		(19)		—
Crude – Forwards/Swaps	(60)		(60)		—
Total commodity derivatives	(630)		(630)		—
Total liabilities	$	(630)	$	(630)	$	—


			Fair Value Measurements at December 31, 2023
	Fair Value Total		Level 1		Level 2
Assets:
Interest rate derivatives	$	6	$	—	$	6
Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	24		24		—
Swing Swaps IFERC	20		20		—
Fixed Swaps/Futures	77		77		—


Forward Physical Contracts	8		—		8
Power:
Forwards	57		57		—
Futures	8		8		—


NGLs – Forwards/Swaps	336		336		—
Refined Products – Futures	35		35		—
Crude – Forwards/Swaps	45		45		—
Total commodity derivatives	610		602		8
Other non-current assets	31		20		11
Total assets	$	647	$	622	$	25
Liabilities:
Interest rate derivatives	$	(4)	$	—	$	(4)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(3)		(3)		—
Swing Swaps IFERC	(2)		(2)		—
Fixed Swaps/Futures	(16)		(16)		—
Options – Puts	(2)		(2)		—


Power:
Forwards	(56)		(56)		—
Futures	(8)		(8)		—

NGL/Refined Products Option - Puts	(1)		(1)		—
NGL/Refined Products Option - Calls	(1)		(1)		—
NGLs – Forwards/Swaps	(316)		(316)		—
Refined Products – Futures	(18)		(18)		—
Crude – Forwards/Swaps	(37)		(37)		—
Total commodity derivatives	(460)		(460)		—
Total liabilities	$	(464)	$	(460)	$	(4)