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Derivatives and Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivatives and Risk Management Activities  
Schedule of Impact of Derivative Activities Recognized in Earnings The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):
Year Ended December 31,
202420232022
Product sales revenues$(223)$13 $179 
Field operating costs(32)(45)59 
Net gain/(loss) from commodity derivative activity$(255)$(32)$238 
Schedule of Net Broker Receivable (Payable) The following table provides the components of our net broker receivable/(payable) (in millions):
December 31,
20242023
Initial margin$53 $77 
Variation margin posted/(returned)
49 (65)
Letters of credit(30)(25)
Net broker receivable/(payable)
$72 $(13)
Schedule of Derivative Assets and Liabilities on Consolidated Balance Sheets on a Gross Basis
The following table reflects the Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.

December 31, 2024December 31, 2023
Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
Commodity DerivativesCommodity Derivatives
AssetsLiabilitiesAssetsLiabilities
Derivative Assets
Other current assets$36 $(74)$72 $34 $153 $(79)$(13)$61 
Other long-term assets, net— — — — 3 — — 3 
Derivative Liabilities
Other current liabilities4 (28)— (24)1 (64)— (63)
Other long-term liabilities and deferred credits2 (16)— (14)1 (15)— (14)
Total$42 $(118)$72 $(4)$158 $(158)$(13)$(13)
Summary of Net Deferred Gain/(Loss) Recognized in AOCI for Derivatives
The following table summarizes the net unrealized gain/(loss) recognized in AOCI for derivatives (in millions):

Year Ended December 31,
202420232022
Interest rate derivatives, net$29 $15 $94 
Schedule of Derivative Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis, by Level Within the Fair Value Hierarchy
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):

Fair Value as of December 31, 2024Fair Value as of December 31, 2023
Recurring Fair Value Measures (1)
Level 1Level 2TotalLevel 1Level 2Total
Commodity derivatives$14 $(90)$(76)$9 $(9)$— 
Interest rate derivatives— 27 27 — 55 55 
Total net derivative asset/(liability)$14 $(63)$(49)$9 $46 $55 
(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.
Schedule of Reconciliation of Changes in Fair Value of Derivatives Classified as Level 3
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the Preferred Distribution Rate Reset Option embedded derivative, which was classified as Level 3 in the fair value hierarchy (in millions):
Year Ended 
December 31,
2023
Beginning Balance$(189)
Gain for the period included in earnings58 
Settlements131 
Ending Balance$— 
Change in unrealized gains/(losses) included in earnings relating to Level 3 derivatives still held at the end of the period$— 
Commodity derivatives  
Derivatives and Risk Management Activities  
Schedule of Open Derivative Contracts The following table summarizes our open derivative positions utilized to hedge the price risk associated with anticipated purchases and sales related to our natural gas processing and NGL fractionation activities as of December 31, 2024.
Notional Volume
(Short)/Long		Remaining Tenor
Natural gas purchases
49.3 Bcf
June 2026
Propane sales
(8.8) MMbls
June 2026
Butane sales
(1.3) MMbls
December 2025
Condensate sales
(2.3) MMbls
December 2025
Fuel gas requirements (1)
2.7 Bcf
December 2025
Power supply requirements (1)
2.1 TWh
December 2030
(1)Positions to hedge a portion of our power supply and fuel gas requirements at our Canadian natural gas processing and fractionation plants.
Interest Rate Swaps  
Derivatives and Risk Management Activities  
Schedule of Terms of Outstanding Interest Rate Derivatives
The following table summarizes the terms of our outstanding interest rate derivatives as of December 31, 2024 (notional amounts in millions):

Hedged Transaction
Number and Types of
Derivatives Employed
Notional
Amount
Expected
Termination Date
Average Rate Locked
Accounting
Treatment
Anticipated interest payments
8 forward starting swaps
(30-year)
$200 6/15/20263.09 %Cash flow hedge