Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedges, Assets [Abstract]

Schedule of Hedging Instruments Under the FASB's Derivative and Hedging Guidance

The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2025 (volume measures as noted):

	Volume (1)		Accounting Treatment
Derivative Purpose	Current (2)	Long-Term (2)
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted sales of natural gas (Bcf)	30.0	22.7	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	2.7	0.2	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	1.9	0.4	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	1.1	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	217.0	23.9	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	217.9	29.2	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	0.6	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	1.8	0.1	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	15.3	8.1	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	25.2	16.0	Cash flow hedge
Petrochemical marketing:
Forecasted sales of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.2	0.5	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	48.3	n/a	Mark-to-market
NGL risk management activities (MMBbls) (3)	36.4	6.0	Mark-to-market
Refined products risk management activities (MMBbls) (3)	7.2	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	50.3	n/a	Mark-to-market
Petrochemical risk management activities (MMBbls) (3)	0.3	n/a	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 2028, December 2025 and December 2027, respectively.

(3)Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

Schedule of 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
	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
	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
Commodity derivatives	Current assets	$	258	Current assets	$	210	Current liabilities	$	202	Current liabilities	$	178
Commodity derivatives	Other assets	23		Other assets	22		Other liabilities	19		Other liabilities	4
Total commodity derivatives		281			232			221			182
Total derivatives designated as hedging instruments		$	281		$	232		$	221		$	182
Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	194	Current assets	$	324	Current liabilities	$	196	Current liabilities	$	293
Commodity derivatives	Other assets	1		Other assets	19		Other liabilities	1		Other liabilities	20
Total commodity derivatives		195			343			197			313
Total derivatives not designated as hedging instruments		$	195		$	343		$	197		$	313

Schedule of Offsetting Financial Assets

The following tables present our derivative instruments subject to such arrangements at the dates indicated:

	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Amounts of Assets Presented in the Balance Sheet		Gross Amounts Not Offset  in the Balance Sheet						Amounts That Would Have Been Presented On Net Basis
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of September 30, 2025:
Commodity derivatives	$	476	$	–	$	476	$	(417)	$	(59)	$	–	$	–
As of December 31, 2024:
Commodity derivatives	$	575	$	–	$	575	$	(495)	$	(79)	$	–	$	1

Schedule of Offsetting Financial Liabilities

	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Amounts of Liabilities Presented in the Balance Sheet		Gross Amounts Not Offset  in the Balance Sheet						Amounts That Would Have Been Presented On Net Basis
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of September 30, 2025:
Commodity derivatives	$	418	$	–	$	418	$	(417)	$	–	$	–	$	1
As of December 31, 2024:
Commodity derivatives	$	495	$	–	$	495	$	(495)	$	–	$	–	$	–

Schedule of Derivative Instruments Effects on Statements of Operations

The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Commodity derivatives	Revenue	$	–	$	1	$	4	$	2
Total		$	–	$	1	$	4	$	2

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Commodity derivatives	Revenue	$	(2)	$	–	$	(4)	$	5
Total		$	(2)	$	–	$	(4)	$	5

Schedule of 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 Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Interest rate derivatives	$	–	$	(4)	$	14	$	(2)
Commodity derivatives – Revenue (1)	77		261		114		186
Commodity derivatives – Operating costs and expenses (1)	(12)		(51)		(27)		(59)
Total	$	65	$	206	$	101	$	125

(1)The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations when the forecasted transactions affect earnings.

Schedule of 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 Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Interest rate derivatives	Interest expense	$	2	$	2	$	5	$	5
Commodity derivatives	Revenue	47		96		100		176
Commodity derivatives	Operating costs and expenses	(12)		(19)		(32)		(52)
Total		$	37	$	79	$	73	$	129

Schedule of Gain/(Loss) Recognized in Income on Derivative

The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Commodity derivatives	Revenue	$	(17)	$	(13)	$	30	$	(5)
Commodity derivatives	Operating costs and expenses	(5)		(4)		(4)		(5)
Total		$	(22)	$	(17)	$	26	$	(10)

Schedule of Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.

The values for commodity derivatives are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.

	At September 30, 2025 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	$	276	$	509	$	–	$	785
Impact of CME Rule 814	(98)		(211)		–		(309)
Total commodity derivatives	178		298		–		476
Total	$	178	$	298	$	–	$	476
Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	194	$	494	$	1	$	689
Impact of CME Rule 814	(28)		(242)		(1)		(271)
Total commodity derivatives	166		252		–		418
Total	$	166	$	252	$	–	$	418

	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