Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At March 31, 2022, the notional volume of the net long (short) positions for our commodity derivative contracts were as follows:

	Commodity	Unit of Measure	Net Long (Short) Position
Sequent Acquisition (1)	Natural Gas	MMBtu	661,224,762
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(2,205,000)
Basis Risk	Natural Gas Liquids	Barrels	(17,504,000)
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	49,036,730
Basis Risk	Natural Gas	MMBtu	43,098,730
Central Hub Risk - WTI	Crude Oil	Barrels	(459,000)

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(1)Derivative instruments include both long and short natural gas positions. The volume represents the net of long natural gas positions of 3.7 billion MMBtu (million British thermal units) and short natural gas positions of 3.1 billion MMBtu.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The fair value of commodity-related derivatives, which are not designated as hedging instruments for accounting purposes, was reflected in our Consolidated Balance Sheet as follows:

	March 31, 2022				December 31, 2021
Derivative Category	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	657	$	(954)	$	619	$	(760)
Noncurrent	204		(426)		166		(429)
Total derivatives	$	861	$	(1,380)	$	785	$	(1,189)
Gross amounts recognized	$	861	$	(1,380)	$	785	$	(1,189)
Counterparty and collateral netting offset	(716)		903		(476)		772
Amounts recognized in our Consolidated Balance Sheet	$	145	$	(477)	$	309	$	(417)

Pretax Effect Of Interest Rate And Energy Related Derivatives

For the three months ended March 31, 2022 and 2021 the pre-tax effects of commodity-related derivatives instruments in Net gain (loss) on commodity derivatives in our Consolidated Statement of Income were as follows:

	Gain (Loss)
	Three Months Ended  March 31,
	2022		2021
	(Millions)
Realized commodity-related derivatives designated as hedging instruments	$	—	$	(2)
Realized commodity-related derivatives not designated as hedging instruments	(69)		(34)
Unrealized commodity-related derivative instruments not designated as hedging instruments (1)	(125)		—
Net gain (loss) on commodity derivatives	$	(194)	$	(36)

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(1)Amounts for the three months ended March 31, 2022 include $59 million related to our Gas & NGL Marketing Services segment and $66 million related to our Other segment.