Fair Value Measurements and Guarantees (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Assets and Liabilities Measured On Recurring Basis [Table Text Block]

The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table.


					Fair Value Measurements Using
	Carrying Amount		Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Millions)
Assets (liabilities) at September 30, 2022:
Measured on a recurring basis:
ARO Trust investments	$	216	$	216	$	216	$	—	$	—
Commodity derivative assets (1)	95		95		3		54		38

Commodity derivative liabilities (1)	(815)		(815)		(54)		(717)		(44)


Other financial assets (liabilities) – net	(11)		(11)		—		(11)		—
Additional disclosures:

Long-term debt, including current portion	(23,407)		(21,911)		—		(21,911)		—
Guarantees	(38)		(25)		—		(9)		(16)

Assets (liabilities) at December 31, 2021:
Measured on a recurring basis:
ARO Trust investments	$	260	$	260	$	260	$	—	$	—
Commodity derivative assets (2)	84		84		2		81		1

Commodity derivative liabilities (2)	(488)		(488)		(69)		(403)		(16)


Other financial assets (liabilities) – net	(7)		(7)		—		(7)		—
Additional disclosures:
Long-term debt, including current portion	(23,675)		(27,768)		—		(27,768)		—
Guarantees	(39)		(26)		—		(10)		(16)

(1)Net commodity derivative assets and liabilities exclude $210 million of net cash collateral in Level 1.

(2)Net commodity derivative assets and liabilities exclude $296 million of net cash collateral in Level 1.