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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-32740

ENERGY TRANSFER LP

(Exact name of registrant as specified in its charter)


Delaware						30-0108820
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

8111 Westchester Drive, Suite 600, Dallas, Texas 75225

(Address of principal executive offices) (zip code)

(214) 981-0700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units

New York Stock Exchange

7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

ETprC

New York Stock Exchange

7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

ETprD

New York Stock Exchange

7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

ETprE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

At April 29, 2022, the registrant had 3,085,533,650 Common Units outstanding.

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FORM 10-Q

ENERGY TRANSFER LP AND SUBSIDIARIES

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Consolidated Balance Sheets			5

Consolidated Statements of Operations			7

Consolidated Statements of Comprehensive Income			8

Consolidated Statements of Equity			9

Consolidated Statements of Cash Flows			10

Notes to Consolidated Financial Statements			11



























ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			37

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			58

ITEM 4. CONTROLS AND PROCEDURES			59

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS			60

ITEM 1A. RISK FACTORS			60









ITEM 6. EXHIBITS			60

SIGNATURE			62

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Definitions

References to the “Partnership” or “Energy Transfer” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:


			/d						per day





			AOCI						accumulated other comprehensive income (loss)







			BBtu						billion British thermal units





































			Citrus						Citrus, LLC, a 50/50 joint venture which owns FGT

			Dakota Access						Dakota Access, LLC, a less than wholly-owned subsidiary of Energy Transfer



			Enable						Enable Midstream Partners, LP, a Delaware limited partnership

			Energy Transfer Canada						Energy Transfer Canada ULC, a less than wholly-owned subsidiary of Energy Transfer

			Energy Transfer R&M						Energy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)



			Energy Transfer Preferred Units						Collectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, Series G Preferred Units and Series H Preferred Units







			ETC Tiger						ETC Tiger Pipeline, LLC, a wholly-owned subsidiary of Energy Transfer, which owns the Tiger Pipeline






			ETO						Energy Transfer Operating, L.P., formerly a less than wholly-owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021



			Exchange Act						Securities Exchange Act of 1934, as amended







			FERC						Federal Energy Regulatory Commission

			FGT						Florida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus

			GAAP						accounting principles generally accepted in the United States of America















			General Partner						LE GP, LLC, the general partner of Energy Transfer

			HFOTCO						Houston Fuel Oil Terminal Company, a wholly-owned subsidiary of Energy Transfer, which owns the Houston Terminal



			IFERC						Inside FERC’s Gas Market Report

			LIBOR						London Interbank Offered Rate















			MBbls						thousand barrels

			MEP						Midcontinent Express Pipeline LLC

			MTBE						methyl tertiary butyl ether





			NGL						natural gas liquid, such as propane, butane and natural gasoline





			NYMEX						New York Mercantile Exchange



			OSHA						Federal Occupational Safety and Health Act

			OTC						over-the-counter

			Panhandle						Panhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of Energy Transfer































			Rover						Rover Pipeline LLC, a less than wholly-owned subsidiary of Energy Transfer

















			SEC						Securities and Exchange Commission

			Series A Preferred Units						6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

			Series B Preferred Units						6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

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			Series C Preferred Units						7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

			Series D Preferred Units						7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

			Series E Preferred Units						7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

			Series F Preferred Units						6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units

			Series G Preferred Units						7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units

			Series H Preferred Units						6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units



































			Transwestern						Transwestern Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer

			Trunkline						Trunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle



			USAC						USA Compression Partners, LP, a publicly traded partnership, of which Energy Transfer owns the general partner interests and 46.1 million common units

			USAC Preferred Units						USAC Series A preferred units

			White Cliffs						White Cliffs Pipeline, L.L.C.

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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(unaudited)


	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	1,111	$	336
Accounts receivable, net	9,965		7,654
Accounts receivable from related companies	70		54
Inventories	1,981		2,014
Income taxes receivable	68		32
Derivative assets	41		10
Other current assets	783		437
Current assets held for sale	1,680		—
Total current assets	15,699		10,537

Property, plant and equipment	102,967		103,991
Accumulated depreciation and depletion	(22,932)		(22,384)
Property, plant and equipment, net	80,035		81,607

Investments in unconsolidated affiliates	2,921		2,947

Lease right-of-use assets, net	830		838


Other non-current assets, net	1,566		1,645
Intangible assets, net	5,608		5,856
Goodwill	2,533		2,533

Total assets	$	109,192	$	105,963

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (continued)

(Dollars in million)

(unaudited)


	March 31, 2022		December 31, 2021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	8,653	$	6,834
Accounts payable to related companies	1		—
Derivative liabilities	135		203

Operating lease current liabilities	43		47
Accrued and other current liabilities	3,204		3,071
Current maturities of long-term debt	652		680
Current liabilities held for sale	1,031		—
Total current liabilities	13,719		10,835

Long-term debt, less current maturities	48,826		49,022

Non-current derivative liabilities	139		193
Non-current operating lease liabilities	809		814
Deferred income taxes	3,540		3,648
Other non-current liabilities	1,337		1,323


Commitments and contingencies
Redeemable noncontrolling interests	493		783

Equity:
Limited Partners:
Preferred Unitholders	6,077		6,051
Common Unitholders	25,881		25,230
General Partner	(3)		(4)
Accumulated other comprehensive income	43		23
Total partners’ capital	31,998		31,300
Noncontrolling interests	8,331		8,045
Total equity	40,329		39,345
Total liabilities and equity	$	109,192	$	105,963

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per unit data)

(unaudited)


	Three Months Ended March 31,
		2022		2021
REVENUES:
Refined product sales		$	5,446	$	3,524
Crude sales		5,302		2,988
NGL sales		5,109		2,906
Gathering, transportation and other fees		2,693		2,266
Natural gas sales		1,753		5,124
Other		188		187
Total revenues		20,491		16,995
COSTS AND EXPENSES:
Cost of products sold		16,138		10,948
Operating expenses		949		820
Depreciation, depletion and amortization		1,028		954
Selling, general and administrative		230		201
Impairment losses		300		3
Total costs and expenses		18,645		12,926
OPERATING INCOME		1,846		4,069
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(559)		(589)
Equity in earnings of unconsolidated affiliates		56		55

Losses on extinguishments of debt		—		(7)
Gains on interest rate derivatives		114		194
Other, net		21		(6)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)		1,478		3,716
Income tax expense (benefit)		(9)		75
NET INCOME		1,487		3,641
Less: Net income attributable to noncontrolling interests		205		341
Less: Net income attributable to redeemable noncontrolling interests		13		12
NET INCOME ATTRIBUTABLE TO PARTNERS		1,269		3,288
General Partner’s interest in net income		1		3
Preferred Unitholders’ interest in net income		106		—
Limited Partners’ interest in net income		$	1,162	$	3,285



NET INCOME PER COMMON UNIT:
Basic		$	0.38	$	1.22
Diluted		$	0.37	$	1.21

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(unaudited)


	Three Months Ended March 31,
		2022		2021
Net income		$	1,487	$	3,641
Other comprehensive income, net of tax:
Change in value of available-for-sale securities		(5)		—
Actuarial gain related to pension and other postretirement benefit plans		7		5
Foreign currency translation adjustments		11		12
Change in other comprehensive income from unconsolidated affiliates		12		(9)
		25		8
Comprehensive income		1,512		3,649
Less: Comprehensive income attributable to noncontrolling interests		210		347
Less: Comprehensive income attributable to redeemable noncontrolling interests		13		12
Comprehensive income attributable to partners		$	1,289	$	3,290

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in millions)

(unaudited)


	Common Unitholders		Preferred Unitholders		General Partner		AOCI		Noncontrolling Interests		Total
Balance, December 31, 2021	$	25,230	$	6,051	$	(4)	$	23	$	8,045	$	39,345
Distributions to partners	(528)		(80)		—		—		—		(608)
Distributions to noncontrolling interests	—		—		—		—		(307)		(307)

Capital contributions from noncontrolling interests	—		—		—		—		373		373
Other comprehensive income, net of tax	—		—		—		20		5		25
Other, net	17		—		—		—		10		27
Net income, excluding amounts attributable to redeemable noncontrolling interests	1,162		106		1		—		205		1,474
Balance, March 31, 2022	$	25,881	$	6,077	$	(3)	$	43	$	8,331	$	40,329


	Common Unitholders		General Partner		AOCI		Noncontrolling Interests		Total
Balance, December 31, 2020	$	18,531	$	(8)	$	6	$	12,859	$	31,388
Distributions to partners	(406)		—		—		—		(406)
Distributions to noncontrolling interests	—		—		—		(406)		(406)

Capital contributions from noncontrolling interests	—		—		—		20		20
Other comprehensive income, net of tax	—		—		2		6		8
Other, net	18		—		—		3		21
Net income, excluding amounts attributable to redeemable noncontrolling interests	3,285		3		—		341		3,629
Balance, March 31, 2021	$	21,428	$	(5)	$	8	$	12,823	$	34,254

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(unaudited)


	Three Months Ended March 31,
	2022		2021
OPERATING ACTIVITIES:
Net income	$	1,487	$	3,641
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,028		954
Deferred income taxes	32		66
Inventory valuation adjustments	(120)		(100)
Non-cash compensation expense	36		28
Impairment losses	300		3

Losses on extinguishments of debt	—		7
Distributions on unvested awards	(15)		(6)
Equity in earnings of unconsolidated affiliates	(56)		(55)
Distributions from unconsolidated affiliates	44		45
Other non-cash	(46)		39
Net change in operating assets and liabilities, net of effects of acquisitions	(320)		533
Net cash provided by operating activities	2,370		5,155
INVESTING ACTIVITIES:
Cash paid for acquisition of Spindletop Assets	(325)		—
Deposit for acquisition	(264)		—
Capital expenditures, excluding allowance for equity funds used during construction	(752)		(698)
Contributions in aid of construction costs	20		3
Contributions to unconsolidated affiliates	—		(2)
Distributions from unconsolidated affiliates in excess of cumulative earnings	46		55
Proceeds from sales of other assets	4		7

Net cash used in investing activities	(1,271)		(635)
FINANCING ACTIVITIES:
Proceeds from borrowings	5,658		4,751
Repayments of debt	(5,428)		(8,479)


Capital contributions from noncontrolling interests	373		20
Distributions to partners	(608)		(406)
Distributions to noncontrolling interests	(307)		(406)
Distributions to redeemable noncontrolling interests	(12)		(12)


Net cash used in financing activities	(324)		(4,532)
Increase (decrease) in cash and cash equivalents	775		(12)
Cash and cash equivalents, beginning of period	336		367
Cash and cash equivalents, end of period	$	1,111	$	355

The accompanying notes are an integral part of these consolidated financial statements.

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ENERGY TRANSFER LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular dollar and unit amounts, except per unit data, are in millions)

(unaudited)

1.ORGANIZATION AND BASIS OF PRESENTATION

Organization

The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”).

Basis of Presentation

The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.

The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC. The Partnership owns the general partner interest, incentive distribution rights and 28.5 million common units of Sunoco LP, and the general partner interests and 46.1 million common units of USAC.

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.

Use of Estimates

The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.

2.ACQUISITIONS AND DIVESTITURE TRANSACTIONS

Energy Transfer Canada Sale

In March 2022, the Partnership announced a definitive agreement to sell its 51% interest in Energy Transfer Canada. The sale is expected to result in cash proceeds to Energy Transfer of approximately C$340 million (US$272 million at the March 31, 2022 exchange rate), subject to certain purchase price adjustments. The transaction is expected to close by the third quarter of 2022.

Energy Transfer Canada’s assets and liabilities were reflected as held for sale in the Partnership’s consolidated balance sheet as of March 31, 2022. Energy Transfer Canada’s assets and operations are included in the all other segment. Energy Transfer Canada does not meet the criteria to be reflected as discontinued operations in the Partnership’s consolidated statement of operations. Based on the anticipated proceeds of the sale, during the three months ended March 31, 2022, the Partnership recorded a write-down on Energy Transfer Canada’s assets of $300 million, of which $164 million was allocated to noncontrolling interests and $136 million was reflected in net income attributable to partners.

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The following table presents the assets and liabilities classified as held for sale in the Partnership’s consolidated balance sheet as of March 31, 2022:


	March 31, 2022
Carrying amounts of assets held for sale
Cash and cash equivalents	$	4
Accounts receivable, net	101
Other current assets	3
Property, plant and equipment, net	1,451
Other non-current assets, net	20
Intangible assets, net	101
Total assets held for sale	$	1,680

Carrying amounts of liabilities held for sale
Accounts payable	$	12
Accrued and other current liabilities	94
Long-term debt, including current maturities	441
Other non-current liabilities, net	193
Redeemable noncontrolling interests	291
Total liabilities held for sale	$	1,031

Spindletop Assets Purchase

In March 2022, the Partnership purchased the membership interests in Caliche Coastal Holdings, LLC (subsequently renamed Energy Transfer Spindletop LLC), which owns an underground storage facility near Mont Belvieu, Texas, for approximately $325 million.

Enable Acquisition

On December 2, 2021, the Partnership completed the acquisition of Enable. As of May 5, 2022, there has been no material change to the preliminary purchase price allocation disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Sunoco LP Acquisition

On April 1, 2022, Sunoco LP completed the acquisition of a transmix processing and terminal facility in Huntington, Indiana. As of March 31, 2022, the Partnership's consolidated balance sheet included a cash deposit of $264 million in other current assets related to this acquisition.

3.CASH AND CASH EQUIVALENTS

Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of March 31, 2022 or December 31, 2021.

We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.

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The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows:


	Three Months Ended March 31,
	2022		2021
Accounts receivable	$	(2,412)	$	(1,413)
Accounts receivable from related companies	(17)		(11)
Inventories	153		30
Other current assets	(119)		(12)
Other non-current assets, net	45		(31)
Accounts payable	1,885		1,958
Accounts payable to related companies	7		(7)
Accrued and other current liabilities	230		194
Other non-current liabilities	61		51
Derivative assets and liabilities, net	(153)		(226)
Net change in operating assets and liabilities, net of effects of acquisitions	$	(320)	$	533

Non-cash activities were as follows:


	Three Months Ended March 31,
	2022		2021
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	$	475	$	559

Lease assets obtained in exchange for new lease liabilities	56		14
Distribution reinvestment	12		6

4.INVENTORIES

Inventories consist principally of natural gas held in storage, NGLs and refined products, crude oil and spare parts, all of which are valued at the lower of cost or net realizable value utilizing the weighted-average cost method.

Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2022 and December 31, 2021, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of zero and $121 million, respectively. The fuel inventory replacement cost was $112 million higher than the fuel inventory balance as of March 31, 2022. For the three months ended March 31, 2022 and 2021, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended March 31, 2022 and 2021, the Partnership’s cost of products sold included favorable inventory adjustments of $120 million and $100 million, respectively, related to Sunoco LP’s LIFO inventory.


	March 31, 2022		December 31, 2021
Natural gas, NGLs and refined products	$	1,379	$	1,259
Crude oil	171		328
Spare parts and other	431		427
Total inventories	$	1,981	$	2,014

We utilize commodity derivatives to manage price volatility associated with our natural gas inventory. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations.

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5.FAIR VALUE MEASURES

We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements. Level 3 inputs are unobservable. During the three months ended March 31, 2022, no transfers were made between any levels within the fair value hierarchy.

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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 March 31, 2022 and December 31, 2021 based on inputs used to derive their fair values:


			Fair Value Measurements at March 31, 2022
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	4	$	4	$	—
Swing Swaps IFERC	2		2		—
Fixed Swaps/Futures	2		2		—


Forward Physical Contracts	7		—		7
Power:
Forwards	52		—		52
Futures	9		9		—


NGLs – Forwards/Swaps	383		383		—
Refined Products – Futures	23		23		—
Crude – Forwards/Swaps	20		20		—

Total commodity derivatives	502		443		59
Other non-current assets	37		24		13
Total assets	$	539	$	467	$	72
Liabilities:
Interest rate derivatives	$	(273)	$	—	$	(273)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(3)		(3)		—
Swing Swaps IFERC	(8)		(8)		—
Fixed Swaps/Futures	(64)		(64)		—



Power:
Forwards	(37)		—		(37)
Futures	(19)		(19)		—
Options – Calls	(1)		(1)		—

NGLs – Forwards/Swaps	(359)		(359)		—
Refined Products – Futures	(1)		(1)		—
Crude – Forwards/Swaps	(19)		(19)		—
Total commodity derivatives	(511)		(474)		(37)
Total liabilities	$	(784)	$	(474)	$	(310)

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			Fair Value Measurements at December 31, 2021
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	7	$	7	$	—
Swing Swaps IFERC	38		38		—
Fixed Swaps/Futures	26		26		—


Forward Physical Contracts	7		—		7
Power:
Forwards	17		—		17
Futures	6		6		—


NGLs – Forwards/Swaps	152		152		—
Refined Products – Futures	3		3		—

Crude – Forwards/Swaps	16		16		—

Total commodity derivatives	272		248		24
Other non-current assets	39		26		13
Total assets	$	311	$	274	$	37
Liabilities:
Interest rate derivatives	$	(387)	$	—	$	(387)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(10)		(10)		—
Swing Swaps IFERC	(6)		(6)		—
Fixed Swaps/Futures	(9)		(9)		—


Forward Physical Contracts	(6)		—		(6)
Power:
Forwards	(15)		—		(15)
Futures	(4)		(4)		—

NGLs – Forwards/Swaps	(140)		(140)		—
Refined Products – Futures	(18)		(18)		—

Crude – Forwards/Swaps	(3)		(3)		—

Total commodity derivatives	(211)		(190)		(21)
Total liabilities	$	(598)	$	(190)