Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables

3 Months Ended

Mar. 31, 2025

Oil and Gas, Gas-Balancing Arrangement [Abstract]

Gas and liquids stored underground and gas and NGLs receivables and payables

Gas and Liquids Stored Underground and Gas and NGLs Receivables and Payables

The operating subsidiaries of the Company provide storage services whereby they store natural gas or NGLs on behalf of customers and also periodically hold customer gas under parking and lending (PAL) services. Since the customers retain title to the gas or NGLs held by the Company in providing these services, the Company does not record the related gas or NGLs on its Condensed Consolidated Balance Sheets.

The operating subsidiaries of the Company also periodically lend gas to customers under PAL and certain firm services, and lend ethylene to customers under exchange agreements, and gas or NGLs may be owed to the Company's operating subsidiaries as a result of transportation imbalances. As of March 31, 2025, the amount of gas owed to the Company's operating subsidiaries due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 26.7 trillion British thermal units (TBtu). Assuming an average market price during March 2025 of $3.80 per million British thermal unit (MMBtu), the market value of that gas was approximately $101.5 million. As of March 31, 2025, the amount of ethylene owed to the Company’s operating subsidiaries from ethylene loaned under exchange agreements was approximately 33.0 million pounds. Assuming an average market price during March 2025 of $0.23 per pound, the market value of that ethylene was approximately $7.6 million. As of March 31, 2025, there were no outstanding NGLs imbalances owed to the Company's operating subsidiaries. As of December 31, 2024, the amount of gas owed to the Company's operating subsidiaries due to gas imbalances and gas loaned under PAL and certain firm service agreements was approximately 9.8 TBtu. Assuming an average market price during December 2024 of $2.98 per MMBtu, the market value of that gas was approximately $29.2 million. As of December 31, 2024, the amount of NGLs owed to the Company's operating subsidiaries due to imbalances was less than 0.1 million barrels, which had a market value of approximately $0.3 million. As of December 31, 2024, there were no amounts of ethylene owed to the Company's operating subsidiaries under exchange agreements.