v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Fair Value Measurements FAIR VALUE MEASURES
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value.
Commodity derivatives, excluding those designated as normal purchases or normal sales, are recognized as assets or liabilities at fair value on our consolidated balance sheets. Fair value is determined using the highest level of observable inputs available, in accordance with the fair value hierarchy.
Exchange-traded contracts, such as futures, swaps and options, are valued using quoted market prices from exchanges including the New York Mercantile Exchange, Intercontinental Exchange or similar platforms. These are classified as Level 1.
Over-the-counter (OTC) swaps, options and physical forward contracts that are comparable to actively traded instruments are valued using third-party broker quotes, pricing services or relevant exchange data. This category also includes OTC options valued using an option pricing model based on observable market inputs. These instruments are classified as Level 2.
Less liquid instruments, including non-standard term OTC swaps and options, as well as long-dated contracts, are valued using internally developed models based on historical industry practices. These models incorporate forward price curves, volatility assumptions, time value and other relevant economic factors. These are classified as Level 3.
The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 based on inputs used to derive their fair values:
Fair Value Measurements at
June 30, 2025
Fair Value TotalLevel 1Level 2Level 3
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$12 $12 $— $— 
Swing Swaps IFERC2 2 — — 
Fixed Swaps/Futures29 29 — — 
Power:
Forwards37 — 37 — 
Futures19 19 — — 
Options – Calls3 3 — — 
NGLs – Forwards/Swaps169 161 8 — 
Refined Products – Futures15 15 — — 
Crude – Forwards/Swaps59 59 — — 
Total commodity derivatives345 300 45 — 
Other non-current assets210 210 — — 
Total assets$555 $510 $45 $— 
Liabilities:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$(23)$(23)$— $— 
Swing Swaps IFERC(3)(3)— — 
Fixed Swaps/Futures(9)(9)— — 
Power:
Forwards(36)— (36)— 
Futures(21)(21)— — 
Options – Calls(3)(3)— — 
NGLs – Forwards/Swaps(120)(112)(8)— 
Refined Products – Futures(7)(7)— — 
Crude – Forwards/Swaps(44)(44)— — 
Total commodity derivatives(266)(222)(44)— 
Total liabilities$(266)$(222)$(44)$— 
Fair Value Measurements at
December 31, 2024
Fair Value TotalFair Value - Level 1Level 2Level 3
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$6 $6 $— $— 
Swing Swaps IFERC4 4 — — 
Fixed Swaps/Futures10 10 — — 
Power:
Forwards39 39 — — 
Futures10 10 — — 
NGLs – Forwards/Swaps166 166 — — 
Refined Products – Futures3 3 — — 
Crude – Forwards/Swaps25 25 — — 
Total commodity derivatives263 263 — — 
Other non-current assets212 212 — — 
Total assets$475 $475 $— $— 
Liabilities:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$(11)$(11)$— $— 
Swing Swaps IFERC(11)(11)— — 
Fixed Swaps/Futures(9)(9)— — 
Power:
Forwards(38)(38)— — 
Futures(10)(10)— — 
NGLs – Forwards/Swaps(170)(170)— — 
Refined Products – Futures(9)(9)— — 
Crude – Forwards/Swaps(35)(35)— — 
Total commodity derivatives(293)(293)— — 
Total liabilities$(293)$(293)$— $— 
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of June 30, 2025 were $60.61 billion and $60.76 billion, respectively. As of December 31, 2024, the aggregate fair value and carrying amount of our consolidated debt obligations were $59.01 billion and $59.76 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities.