v3.25.2
Derivative Assets And Liabilities (Tables)
6 Months Ended
Jun. 30, 2025
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Derivatives, Offsetting Fair Value Amounts [Table Text Block]
The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:
Asset DerivativesLiability Derivatives
Balance Sheet LocationJune 30,
2025
December 31,
2024
June 30,
2025
December 31,
2024
Derivatives in offsetting agreements:
OTC contracts
Derivative assets (liabilities)
$56 $51 $(50)$(57)
Broker cleared derivative contracts
Other current assets (liabilities)
289 212 (216)(236)
Total gross derivatives
345 263 (266)(293)
Offsetting agreements:
Counterparty netting
Derivative assets (liabilities)
(44)(42)44 42 
Counterparty netting
Other current assets (liabilities)
(213)(204)213 204 
Total net derivatives
$88 $17 $(9)$(47)
We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date.
Derivatives Not Designated as Hedging Instruments [Table Text Block]
The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:
Location of Gain (Loss) Recognized on Income on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Derivatives not designated as hedging instruments:
Commodity derivativesCost of products sold$116 $(24)$104 $(15)
Interest rate derivative(1)
Gain on interest rate derivative— — 12 
Total
$116 $(21)$104 $(3)
(1)This interest rate derivative was terminated by USAC in August 2024.
Schedule of Derivative Instruments [Table Text Block]
The following table details our outstanding commodity-related derivatives:
June 30, 2025December 31, 2024
Notional VolumeMaturityNotional VolumeMaturity
Mark-to-Market Derivatives
Natural Gas (BBtu):
Fixed Swaps/Futures(12,603)2025-20276,630 2025-2026
Basis Swaps IFERC/NYMEX(13,213)2025-20283,490 2025-2027
Swing Swaps(165,620)2025-2027(156,820)2025-2027
Options – Calls600 2025-2026— 
Power (Megawatt):
Forwards103,840 2025-20296,040 2025-2029
Futures165,933 2025-2027(140,137)2025-2026
Options – Puts— (17,600)2025
Options – Calls(636,000)2025-2026— 
Crude (MBbls):
Forwards/Swaps(17,803)2025-2027(22,512)2025-2026
NGL/Refined Products (MBbls):
Forward/Swaps(6,039)2025-2028(15,063)2025-2027
Options – Puts2025-2026(9)2025-2026
Options – Calls— (14)2025-2026
Futures(4,593)2025-2026(1,763)2025-2026
Fair Value Hedging Derivatives
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX(41,873)2025(47,170)2025
Fixed Swaps/Futures(41,873)2025(47,170)2025
Hedged Item – Inventory41,873 202544,170 2025
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table provides a summary of our derivative assets and liabilities:
Fair Value of Derivative Instruments
Asset DerivativesLiability Derivatives
June 30,
2025
December 31,
2024
June 30,
2025
December 31,
2024
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits$10 $$(1)$(7)
10 (1)(7)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits279 209 (215)(229)
Commodity derivatives
56 51 (50)(57)
335 260 (265)(286)
Total derivatives
$345 $263 $(266)$(293)