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Hedging Activities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Hedging Activities and Fair Value Measurements [Abstract]  
Hedging Instruments Under the FASB's Derivative and Hedging Guidance
The following table summarizes our portfolio of commodity derivative instruments outstanding at December 31, 2024 (volume measures as noted):

 
Volume (1)
 
Accounting
Derivative Purpose
Current (2)
 
Long-Term (2)
 
Treatment
Derivatives designated as hedging instruments:
  
 
  
 
 
Natural gas processing:
          
Forecasted sales of natural gas (Bcf)
37.7
  
36.5
  
Cash flow hedge
Forecasted sales of NGLs (MMBbls)
3.2
  
n/a
  
Cash flow hedge
Octane enhancement:
          
Forecasted sales of octane enhancement products (MMBbls)
3.8
  
0.1
  
Cash flow hedge
Natural gas marketing:
          
Natural gas storage inventory management activities (Bcf)
2.9
  
n/a
  
Fair value hedge
NGL marketing:
  
 
  
 
 
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
134.0
 
5.8
 
Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
148.5
 
4.8
 
Cash flow hedge
Refined products marketing:
  
 
  
 
 
Forecasted sales of refined products (MMBbls)
0.1
  
n/a
  
Cash flow hedge
Crude oil marketing:
  
 
  
 
 
Forecasted purchases of crude oil (MMBbls)
13.3
 
5.0
 
Cash flow hedge
Forecasted sales of crude oil (MMBbls)
22.4
 
10.3
 
Cash flow hedge
Petrochemical marketing:
          
Forecasted sales of petrochemical products (MMBbls)
0.9
  
n/a
  
Cash flow hedge
Commercial energy:
          
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))
1.5
  
n/a
  
Cash flow hedge
Derivatives not designated as hedging instruments:
  
 
  
 
 
Natural gas risk management activities (Bcf) (3)
16.6
 
n/a
 
Mark-to-market
NGL risk management activities (MMBbls) (3)
38.9
  
22.8
  
Mark-to-market
Refined products risk management activities (MMBbls) (3)
7.2
  
n/a
  
Mark-to-market
Crude oil risk management activities (MMBbls) (3)
168.3
 
n/a
 
Mark-to-market
Commercial energy risk management activities (TWh) (3)
0.1
  
11.1
  
Mark-to-market

(1)
Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2)
The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2027, May 2025 and December 2027, respectively.
(3)
Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.
Derivative Assets and Liabilities Balance Sheet
The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
Asset Derivatives
 
Liability Derivatives
 
December 31, 2024
 
December 31, 2023
 
December 31, 2024
 
December 31, 2023
 
Balance
Sheet
Location
Fair
Value
 
Balance
Sheet
Location
Fair
Value
 
Balance
Sheet
Location
Fair
Value
 
Balance
Sheet
Location
Fair
Value
Derivatives designated as hedging instruments
                              
Interest rate derivatives
Current
assets
$
–
  
Current
assets
$
–
  
Current
 liabilities
$
–
  
Current
 liabilities
$
31
Commodity derivatives
Current
assets
$
210
 
Current
assets
$
118
 
Current
liabilities
$
178
 
Current
liabilities
$
136
Commodity derivatives
Other assets
 
22
 
Other assets
 
31
 
Other liabilities
 
4
 
Other liabilities
 
35
Total commodity derivatives
    
232
      
149
      
182
      
171
Total derivatives designated as hedging instruments
  
$
232
    
$
149
    
$
182
    
$
202
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
                              
Commodity derivatives
Current
assets
 $
324
 
Current
assets
$
229
 
Current
liabilities
$
293
 
Current
liabilities
$
229
Commodity derivatives
Other assets
 
19
 
Other assets
  
72
 
Other liabilities
  
20
 
Other liabilities
  
71
Total commodity derivatives
 
 
343
 
 
  
301
 
 
  
313
 
 
  
300
Total derivatives not designated as hedging instruments
  
$
343
    
$
301
    
$
313
    
$
300

Offsetting Financial Assets
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements.  The following tables present our derivative instruments subject to such arrangements at the dates indicated:

 
Offsetting of Financial Assets and Derivative Assets
  
 
            
Gross Amounts Not Offset
in the Balance Sheet
      
 
Gross
Amounts of
Recognized
Assets
  
Gross
Amounts
Offset in the
Balance Sheet
  
Amounts
of Assets
Presented
in the
Balance Sheet
  
Financial
Instruments
  
Cash
Collateral
Received
  
Cash
Collateral
Paid
  
Amounts That
Would Have
Been Presented
On Net Basis
  
 
(i)
  
(ii)
  
(iii) = (i) – (ii)
  
(iv)
  
(v) = (iii) + (iv)
  
As of December 31, 2024:
                    
Commodity derivatives
  
$
575
    
$
–
    
$
575
    
$
(495
)
  
$
(79
)
  
$
–
    
$
1
  
As of December 31, 2023:
                                                        
Commodity derivatives
  
$
450
    
$
–
    
$
450
    
$
(450
)
  
$
–
    
$
–
    
$
–
  
Offsetting Financial Liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
  
 
            
Gross Amounts Not Offset
in the Balance Sheet
      
 
Gross
Amounts of
Recognized
Liabilities
  
Gross
Amounts
Offset in the
Balance Sheet
  
Amounts
of Liabilities
Presented
in the
Balance Sheet
  
Financial
Instruments
  
Cash
Collateral
Received
  
Cash
Collateral
Paid
  
Amounts That
Would Have
Been Presented
On Net Basis
  
 
(i)
  
(ii)
  
(iii) = (i) – (ii)
  
(iv)
  
(v) = (iii) + (iv)
  
As of December 31, 2024:
                            
Commodity derivatives
  
$
495
    
$
–
    
$
495
    
$
(495
)
  
$
–
    
$
–
    
$
–
  
As of December 31, 2023:
                                                        
Interest rate derivatives
  
$
31
    
$
–
    
$
31
    
$
–
    
$
–
    
$
–
    
$
31
  
Commodity derivatives
    
471
      
–
      
471
      
(450
)
    
1
      
(21
)
    
1
  
Derivative Instruments Effects on Statements of Operations
The following tables present the effect of our derivative instruments designated as fair value hedges on our Statements of Consolidated Operations for the years indicated:

 Derivatives in Fair Value
Hedging Relationships
Location
  
Gain (Loss) Recognized in
Income on Derivative
  
 
  
  
For the Year Ended December 31,
  
 
 
  
2024
    
2023
    
2022
  
Commodity derivatives
Revenue
  
$
2
    
$
7
    
$
(103
)
Total
 
  
$
2
    
$
7
    
$
(103
)

 Derivatives in Fair Value
Hedging Relationships
Location
  
Gain (Loss) Recognized in
Income on Hedged Item
  
 
  
  
For the Year Ended December 31,
  
 
 
  
2024
    
2023
    
2022
  
Commodity derivatives
Revenue
  
$
9
    
$
(7
)
  
$
66
  
Total
 
  
$
9
    
$
(7
)
  
$
66
  
Derivative Instruments Effects on Statements of Comprehensive Income
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Statements of Consolidated Operations and Statements of Consolidated Comprehensive Income for the years indicated:

Derivatives in Cash Flow
Hedging Relationships
Change in Value Recognized in
Other Comprehensive Income (Loss)
On Derivative
  
 
For the Year Ended December 31,
  
 
2024
  
2023
  
2022
  
Interest rate derivatives
  
$
(2
)
  
$
(36
)
  
$
26
  
Commodity derivatives – Revenue (1)
    
182
      
81
      
227
  
Commodity derivatives – Operating costs and expenses (1)
    
(67
)
    
12
      
27
  
Total
  
$
113
    
$
57
    
$
280
  

(1)
The fair value of these derivative instruments will be reclassified to their respective locations on the Statement of Consolidated Operations when the forecasted transactions affect earnings.
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income

 
Derivatives in Cash Flow
Hedging Relationships
Location
  
Gain (Loss) Reclassified from
Accumulated Other Comprehensive
Income (Loss) to Income
  
 
  
  
For the Year Ended December 31,
  
 
 
  
2024
    
2023
    
2022
  
Interest rate derivatives
Interest expense
  
$
6
    
$
5
    
$
(19
)
Commodity derivatives
Revenue
    
249
      
106
      
181
  
Commodity derivatives
Operating costs and expenses
    
(71
)
    
4
      
39
  
Total
 
  
$
184
    
$
115
    
$
201
  
Gain/(Loss) Recognized in Income on Derivative
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Statements of Consolidated Operations for the years indicated:

Derivatives Not Designated as
Hedging Instruments
Location
  
Gain (Loss) Recognized in
Income on Derivative
  
 
  
  
For the Year Ended December 31,
  
 
 
  
2024
    
2023
    
2022
  
Commodity derivatives
Revenue
  
$
26
    
$
213
    
$
74
  
Commodity derivatives
Operating costs and expenses
    
(4
)
    
–
      
14
  
Total
 
  
$
22
    
$
213
    
$
88
  
Unrealized mark-to-market gains (losses)
In total and inclusive of both fair value hedges and derivatives not designated as hedging instruments, unrealized mark-to-market gains (losses) included in gross operating margin were as follows for the years indicated:

   
For the Year Ended December 31,
 
 
  
2024
    
2023
    
2022
  
Mark-to-market gains (losses) in gross operating margin:
                  
NGL Pipelines & Services
  
$
(8
)
  
$
(25
)
  
$
(52
)
Crude Oil Pipelines & Services
    
21
      
(5
)
    
(30
)
Natural Gas Pipelines & Services
    
5
      
(1
)
    
(3
)
Petrochemical & Refined Products Services
    
2
      
(2
)
    
7
  
     Total mark-to-market impact on gross operating margin
  
$
20
    
$
(33
)
  
$
(78
)
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis

 
  
At December 31, 2024
Fair Value Measurements Using
        
 
  
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
    
Total
  
Financial assets:
                        
Commodity derivatives:
                        
   Value before application of CME Rule 814
  
$
355
    
$
443
    
$
–
    
$
798
  
   Impact of CME Rule 814
    
(56
)
    
(167
)
    
–
      
(223
)
   Total commodity derivatives
    
299
      
276
      
–
      
575
  
Total
  
$
299
    
$
276
    
$
–
    
$
575
  
 
                                
Financial liabilities:
                                
Commodity derivatives:
                                
   Value before application of CME Rule 814
  
$
291
    
$
404
    
$
21
    
$
716
  
   Impact of CME Rule 814
    
(43
)
    
(157
)
    
(21
)
    
(221
)
   Total commodity derivatives
    
248
      
247
      
–
      
495
  
Total
  
$
248
    
$
247
    
$
–
    
$
495
  

 
  
At December 31, 2023
Fair Value Measurements Using
        
 
  
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
    
Total
  
Financial assets:
                        
Commodity derivatives:
                        
   Value before application of CME Rule 814
  
$
431
    
$
297
    
$
–
    
$
728
  
   Impact of CME Rule 814
    
(147
)
    
(131
)
    
–
      
(278
)
   Total commodity derivatives
    
284
      
166
      
–
      
450
  
Total
  
$
284
    
$
166
    
$
–
    
$
450
  
 
                                
Financial liabilities:
                                
Interest rate derivatives:
  
$
–
    
$
31
    
$
–
    
$
31
  
Commodity derivatives:
                                
   Value before application of CME Rule 814
    
317
      
308
      
–
      
625
  
   Impact of CME Rule 814
    
(22
)
    
(132
)
    
–
      
(154
)
   Total commodity derivatives
    
295
      
176
      
–
      
471
  
Total
  
$
295
    
$
207
    
$
–
    
$
502