Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At March 31, 2023, the notional volume of the net long (short) positions for our commodity-related derivative contracts were as follows:

	Commodity	Unit of Measure	Net Long (Short) Position
Index Risk	Natural Gas	MMBtu	931,475,691
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(30,773,146)
Basis Risk	Natural Gas	MMBtu	(38,069,941)
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(1,153,119)
Basis Risk	Natural Gas Liquids	Barrels	(2,231,000)
Central Hub Risk - WTI	Crude Oil	Barrels	91,250

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 as follows:

	March 31, 2023				December 31, 2022
Derivative Category	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	611	$	(623)	$	1,099	$	(1,278)
Noncurrent	156		(461)		269		(734)
Total derivatives	$	767	$	(1,084)	$	1,368	$	(2,012)
Counterparty and collateral netting offset	(511)		631		(1,034)		1,236
Amounts recognized in our Consolidated Balance Sheet	$	256	$	(453)	$	334	$	(776)

Pretax Effect Of Interest Rate And Energy Related Derivatives

The pre-tax effects of commodity-related derivative instruments in Net gain (loss) on commodity derivatives reflected within Total revenues and Net processing commodity expenses in our Consolidated Statement of Income were as follows:

	Gain (Loss)
	Three Months Ended  March 31,
	2023		2022
	(Millions)
Realized commodity-related derivatives not designated as hedging instruments	$	174	$	(69)
Unrealized commodity-related derivatives not designated as hedging instruments	332		(125)
Net gain (loss) on commodity derivatives	$	506	$	(194)
Realized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	(4)	$	1
Unrealized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	(5)	$	2