Debt and Banking Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Banking Arrangements [Text Block]

Note 6 – Debt and Banking Arrangements

Long-Term Debt

Issuances and retirements

On March 2, 2023, we issued $750 million of 5.40 percent senior unsecured notes due March 2, 2026, and $750 million of 5.65 percent senior unsecured notes due March 15, 2033.

As a result of the MountainWest Acquisition on February 14, 2023, our Consolidated Balance Sheet now includes $100 million of 3.53 percent senior unsecured notes due January 31, 2028, $150 million of 3.91 percent senior unsecured notes due January 31, 2038, and $180 million of 4.875 percent senior unsecured notes due December 1, 2041. The acquisition date fair value reflects a $65 million reduction to the aggregate principal amount. (See Note 3 – Acquisitions).

Commercial Paper Program

At March 31, 2023, no commercial paper was outstanding under our $3.5 billion commercial paper program.

Credit Facility

	March 31, 2023
	Stated Capacity		Outstanding
	(Millions)
Long-term credit facility (1)	$	3,750	$	—
Letters of credit under certain bilateral bank agreements			18

(1)In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program.