Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At June 30, 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	829,561,223
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(65,156,751)
Basis Risk	Natural Gas	MMBtu	(25,966,126)
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(1,263,112)
Basis Risk	Natural Gas Liquids	Barrels	(1,438,000)
Central Hub Risk - WTI	Crude Oil	Barrels	172,300

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:

	June 30, 2023				December 31, 2022
Derivative Category	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	486	$	(661)	$	1,099	$	(1,278)
Noncurrent	256		(309)		269		(734)
Total derivatives	$	742	$	(970)	$	1,368	$	(2,012)
Counterparty and collateral netting offset	(484)		567		(1,034)		1,236
Amounts recognized in our Consolidated Balance Sheet	$	258	$	(403)	$	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  June 30,				Six Months Ended  June 30,
	2023		2022		2023		2022
	(Millions)
Realized commodity-related derivatives not designated as hedging instruments	$	3	$	(63)	$	177	$	(132)
Unrealized commodity-related derivatives not designated as hedging instruments	112		(250)		444		(375)
Net gain (loss) on commodity derivatives	$	115	$	(313)	$	621	$	(507)
Realized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	1	$	5	$	(3)	$	6
Unrealized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	(29)	$	9	$	(34)	$	11