Fair Value Measurements, Guarantees, and Concentration of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2023

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, accounts payable, and commercial paper 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 December 31, 2023:
Measured on a recurring basis:
ARO Trust investments	$	269	$	269	$	269	$	—	$	—
Commodity derivative assets (1)	310		310		141		112		57
Commodity derivative liabilities (1)	(285)		(285)		(3)		(278)		(4)
Interest rate derivatives	6		6		—		6		—

Additional disclosures:


Long-term debt, including current portion	(25,713)		(25,553)		—		(25,553)		—
Guarantees	(37)		(28)		—		(12)		(16)

Assets (liabilities) at December 31, 2022:
Measured on a recurring basis:
ARO Trust investments	$	230	$	230	$	230	$	—	$	—
Commodity derivative assets (2)	166		166		20		132		14
Commodity derivative liabilities (2)	(810)		(810)		(22)		(718)		(70)
Other financial assets (liabilities) - net	(5)		(5)		—		(5)		—
Additional disclosures:

Long-term debt, including current portion	(22,554)		(21,569)		—		(21,569)		—
Guarantees	(38)		(25)		—		(9)		(16)

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

(2)Commodity derivative assets and liabilities exclude $202 million of net cash collateral in Level 1.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of changes in fair value of our net commodity derivatives classified as Level 3 in the fair value hierarchy.


	Year Ended December 31,
	2023		2022
	(Millions)
Balance at beginning of period	$	(56)	$	(15)
Gains (losses) included in our Consolidated Statement of Income	91		(31)
Purchases, issuances, and settlements	20		(5)
Transfers into Level 3	—		(24)
Transfers out of Level 3	(2)		19
Balance at end of period	$	53	$	(56)

Concentration of receivables, net of allowances, by product or service [Table Text Block]

The following table summarizes concentration of receivables, net of allowances:


	December 31,
	2023		2022
	(Millions)
NGLs, natural gas, and related products and services	$	589	$	505
Regulated interstate natural gas transportation and storage	310		311
Marketing of natural gas and NGLs	321		858
Upstream activities	72		97
Accounts Receivable related to revenues from contracts with customers	1,292		1,771
Receivables from derivatives	311		889
Other accounts receivable	52		63
Trade accounts and other receivables - net	$	1,655	$	2,723