DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount
	(In millions)
December 31, 2022
Assets:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2021
Liabilities:
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	—	$	10
Pipeline capacity embedded derivatives	—		46		—		46		—		46
Preferred Units embedded derivative	—		—		57		57		—		57

(1)Derivative fair values were based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties and reclassifications between long-term and short-term balances.

Schedule of Derivative Liabilities Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount
	(In millions)
December 31, 2022
Assets:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2021
Liabilities:
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	—	$	10
Pipeline capacity embedded derivatives	—		46		—		46		—		46
Preferred Units embedded derivative	—		—		57		57		—		57

(1)Derivative fair values were based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties and reclassifications between long-term and short-term balances.

Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations

The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet were as follows:

	For the Year Ended December 31,
	2022		2021
	(In millions)
Current Assets: Other current assets	$	—	$	—
Other Assets: Deferred charges and other	—		—
Total derivative assets	$	—	$	—
Current Liabilities: Other current liabilities	$	—	$	4
Deferred Credits and Other Noncurrent Liabilities: Other	—		109
Total derivative liabilities	$	—	$	113

Derivative Activity Recorded in the Statement of Consolidated Operations

The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:

	For the Year Ended December 31,
	2022		2021		2020
	(In millions)
Realized:
Commodity derivative instruments	$	(72)	$	25	$	(135)
Foreign currency derivative instruments	(13)		—		(1)
Realized gain (loss), net	(85)		25		(136)
Unrealized:
Commodity derivative instruments	9		(20)		11
Pipeline capacity embedded derivatives	—		7		(61)
Foreign currency derivative instruments	—		—		(1)
Preferred Units embedded derivative	(31)		82		(36)
Unrealized gain (loss), net	(22)		69		(87)
Derivative instrument gains (losses), net	$	(107)	$	94	$	(223)