v3.26.1
Derivative Assets And Liabilities (Tables)
3 Months Ended
Mar. 31, 2026
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 LocationMarch 31,
2026
December 31,
2025
March 31,
2026
December 31,
2025
Derivatives in offsetting agreements:
OTC contracts
Derivative assets (liabilities)
$139 $102 $(157)$(60)
Broker cleared derivative contracts
Other current assets (liabilities)
781 516 (1,175)(394)
Total gross derivatives
920 618 (1,332)(454)
Offsetting agreements:
Counterparty netting
Derivative assets (liabilities)
(119)(50)119 50 
Counterparty netting
Other current assets (liabilities)
(744)(384)744 384 
Total net derivatives
$57 $184 $(469)$(20)
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.
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
March 31,
20262025
Derivatives not designated as hedging instruments:
Commodity derivativesCost of products sold$(392)$(12)
Total
$(392)$(12)
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
March 31,
20262025
Derivatives not designated as hedging instruments:
Commodity derivativesCost of products sold$(392)$(12)
Total
$(392)$(12)
Schedule of Derivative Instruments [Table Text Block]
The following table details our outstanding commodity-related derivatives:
March 31, 2026December 31, 2025
Notional
Volume
MaturityNotional
Volume
Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu)(91,648)2026-2028(233,645)2026-2028
Power (Megawatt)(712,768)2026-2029(461,896)2026-2029
Crude, NGL and refined products (MBbls)(24,019)2026-2029(59,247)2026-2029
Othervarious2026-2042various2026-2042
Fair Value Hedging Derivatives
Natural Gas (BBtu)(63,435)2026(100,346)2026
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
March 31,
2026
December 31,
2025
March 31,
2026
December 31,
2025
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits$30 $31 $(22)$(2)
30 31 (22)(2)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits751 485 (1,153)(392)
Commodity derivatives
139 102 (157)(60)
890 587 (1,310)(452)
Total derivatives
$920 $618 $(1,332)$(454)