Commodity Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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

	Commodity	Unit of Measure	Net Long (Short) Position
Index Risk	Natural Gas	MMBtu	820,590,728
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(40,757,055)
Basis Risk	Natural Gas	MMBtu	3,091,504
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(1,218,000)
Basis Risk	Natural Gas Liquids	Barrels	(50,000)
Central Hub Risk - WTI	Crude Oil	Barrels	(155,000)

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The fair value of commodity derivatives, which are not designated as hedging instruments for accounting purposes, was reflected as follows:

	December 31, 2023				December 31, 2022
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	623	$	(496)	$	1,099	$	(1,278)
Noncurrent	243		(345)		269		(734)
Total commodity derivatives	$	866	$	(841)	$	1,368	$	(2,012)
Counterparty and collateral netting offset	(552)		554		(1,034)		1,236
Amounts recognized in our Consolidated Balance Sheet	$	314	$	(287)	$	334	$	(776)

Pretax Effect Of Interest Rate And Energy Related Derivatives

The pre-tax effects of commodity derivative instruments in our Consolidated Statement of Income were as follows:

	Gain (Loss)
	Year Ended December 31,
	2023		2022		2021
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized commodity derivatives designated as hedging instruments	$	—	$	—	$	(55)
Realized commodity derivatives not designated as hedging instruments	253		(91)		16
Unrealized commodity derivatives not designated as hedging instruments	703		(296)		(109)
	$	956	$	(387)	$	(148)
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized commodity derivatives not designated as hedging instruments	$	(4)	$	16	$	2
Unrealized commodity derivatives not designated as hedging instruments	(43)		47		—
	$	(47)	$	63	$	2
Total net gain (loss) from commodity derivatives	$	909	$	(324)	$	(146)