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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/6fd0c7772b04f9abc480e3732b284f0b-etlogoa05.jpg
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 September 30, 2023
or
¨ 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 classTrading Symbol(s)Name of each exchange on which registered
Common UnitsETNew York Stock Exchange
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprCNew York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprDNew York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprENew 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 filerýAccelerated 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 October 27, 2023, the registrant had 3,145,065,881 Common Units outstanding.


Table of Contents
FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS
2

Table of Contents
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:
/dper day
AOCIaccumulated other comprehensive income
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns Florida Gas Transmission Company, LLC, which owns the Florida Gas Transmission Pipeline
Dakota AccessDakota Access, LLC, a non-wholly-owned subsidiary of Energy Transfer and/or Dakota Access Pipeline
Energy Transfer CanadaEnergy Transfer Canada ULC, a non-wholly-owned subsidiary of Energy Transfer until its sale in August 2022
Energy Transfer Preferred UnitsCollectively, 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
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
ETC SunocoETC Sunoco Holdings LLC (formerly Sunoco, Inc.), a wholly-owned subsidiary of Energy Transfer
ETO
Energy Transfer Operating, L.P., formerly a non-wholly-owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021
Exchange ActSecurities Exchange Act of 1934, as amended
ExplorerExplorer Pipeline Company
FERCFederal Energy Regulatory Commission
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
HFOTCOHFOTCO LLC, a wholly-owned subsidiary of Energy Transfer which owns the Houston Terminal
IFERCInside FERC’s Gas Market Report
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of Energy Transfer and/or Panhandle Eastern Pipe Line
Partnership AgreementEnergy Transfer’s Third Amended and Restated Agreement of Limited Partnership, as amended to date
PHMSAPipeline and Hazardous Materials Safety Administration
RoverRover Pipeline LLC, a non-wholly-owned subsidiary of Energy Transfer and/or Rover Pipeline
Sea RobinSea Robin Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (currently a floating rate security)
Series B Preferred Units6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series C Preferred Units7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (currently a floating rate security)
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (currently a floating rate security)
Series E Preferred Units7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
3

Table of Contents
Series F Preferred Units6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series G Preferred Units7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series H Preferred Units6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
SOFRSecured overnight financing rate
SPLPSunoco Pipeline L.P., a wholly-owned subsidiary of Energy Transfer
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer and/or Transwestern Pipeline
USACUSA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of Energy Transfer
White CliffsWhite Cliffs Pipeline, L.L.C.
4

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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
September 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$514 $257 
Accounts receivable, net
9,612 8,466 
Accounts receivable from related companies
101 93 
Inventories
2,590 2,461 
Income taxes receivable
84 68 
Derivative assets
14 10 
Other current assets
508 726 
Total current assets
13,423 12,081 
Property, plant and equipment
109,411 105,996 
Accumulated depreciation and depletion
(28,538)(25,685)
Property, plant and equipment, net80,873 80,311 
Investments in unconsolidated affiliates2,993 2,893 
Non-current derivative assets
4  
Lease right-of-use assets, net
820 819 
Other non-current assets, net
1,690 1,558 
Intangible assets, net
5,204 5,415 
Goodwill
2,564 2,566 
Total assets
$107,571 $105,643 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
September 30,
2023
December 31,
2022
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$7,997 $6,952 
Accounts payable to related companies
7 17 
Derivative liabilities
4 23 
Operating lease current liabilities
45 45 
Accrued and other current liabilities
3,696 3,329 
Current maturities of long-term debt
1,006 2 
Total current liabilities
12,755 10,368 
Long-term debt, less current maturities
47,075 48,260 
Non-current derivative liabilities
 23 
Non-current operating lease liabilities
775 798 
Deferred income taxes
3,891 3,701 
Other non-current liabilities
2,016 1,341 
Commitments and contingencies
Redeemable noncontrolling interests
498 493 
Equity:
Limited Partners:
Preferred Unitholders6,083 6,051 
Common Unitholders27,014 26,960 
General Partner
(2)(2)
Accumulated other comprehensive income29 16 
Total partners’ capital
33,124 33,025 
Noncontrolling interests
7,437 7,634 
Total equity
40,561 40,659 
Total liabilities and equity
$107,571 $105,643 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
REVENUES:
Refined product sales
$6,403 $6,647 $17,691 $20,043 
Crude sales
6,587 5,773 17,298 17,758 
NGL sales
3,760 4,823 11,409 15,828 
Gathering, transportation and other fees
2,824 2,830 8,412 8,288 
Natural gas sales
878 2,648 2,462 6,830 
Other
287 218 782 628 
Total revenues
20,739 22,939 58,054 69,375 
COSTS AND EXPENSES:
Cost of products sold
16,059 18,516 44,761 56,169 
Operating expenses
1,105 973 3,224 2,982 
Depreciation, depletion and amortization
1,107 1,030 3,227 3,104 
Selling, general and administrative
234 361 700 802 
Impairment losses and other1 86 12 386 
Total costs and expenses
18,506 20,966 51,924 63,443 
OPERATING INCOME
2,233 1,973 6,130 5,932 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(632)(577)(1,892)(1,714)
Equity in earnings of unconsolidated affiliates103 68 286 186 
Gains on interest rate derivatives32 60 47 303 
Non-operating litigation-related loss(625) (625) 
Other, net
13 (120)37 (117)
INCOME BEFORE INCOME TAX EXPENSE1,124 1,404 3,983 4,590 
Income tax expense77 82 256 159 
NET INCOME1,047 1,322 3,727 4,431 
Less: Net income attributable to noncontrolling interests451 304 1,080 793 
Less: Net income attributable to redeemable noncontrolling interests
12 12 39 37 
NET INCOME ATTRIBUTABLE TO PARTNERS584 1,006 2,608 3,601 
General Partner’s interest in net income 1 2 3 
Preferred Unitholders’ interest in net income118 106 340 317 
Common Unitholders’ interest in net income $466 $899 $2,266 $3,281 
NET INCOME PER COMMON UNIT:
Basic
$0.15 $0.29 $0.73 $1.06 
Diluted
$0.15 $0.29 $0.72 $1.06 
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
September 30,
Nine Months Ended
September 30,
2023202220232022
Net income$1,047 $1,322 $3,727 $4,431 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities2 (4)2 (13)
Actuarial gain related to pension and other postretirement benefit plans   7 
Foreign currency translation adjustments 13 (5)(6)
Change in other comprehensive income from unconsolidated affiliates3 6 6 24 
5 15 3 12 
Comprehensive income1,052 1,337 3,730 4,443 
Less: Comprehensive income attributable to noncontrolling interests451 307 1,080 787 
Less: Comprehensive income attributable to redeemable noncontrolling interests12 12 39 37 
Comprehensive income attributable to partners$589 $1,018 $2,611 $3,619 
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 UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2022$26,960 $6,051 $(2)$16 $7,634 $40,659 
Distributions to partners(920)(80)(1)  (1,001)
Distributions to noncontrolling interests    (441)(441)
Capital contributions from noncontrolling interests    3 3 
Other comprehensive loss, net of tax   (3) (3)
Other, net14    4 18 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,003 109 1  321 1,434 
Balance, March 31, 202327,057 6,080 (2)13 7,521 40,669 
Distributions to partners(942)(151)(1)  (1,094)
Distributions to noncontrolling interests    (421)(421)
Other comprehensive income, net of tax   1  1 
Lotus Midstream acquisition574     574 
Other, net1   10 3 14 
Net income, excluding amounts attributable to redeemable noncontrolling interests797 113 1  308 1,219 
Balance, June 30, 202327,487 6,042 (2)24 7,411 40,962 
Distributions to partners(952)(77)   (1,029)
Distributions to noncontrolling interests    (428)(428)
Other comprehensive income, net of tax   5  5 
Other, net13    3 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests466 118   451 1,035 
Balance, September 30, 2023$27,014 $6,083 $(2)$29 $7,437 $40,561 
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 (continued)
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
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, net17    10 27 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,162 106 1  205 1,474 
Balance, March 31, 202225,881 6,077 (3)43 8,331 40,329 
Distributions to partners(603)(131)(1)  (735)
Distributions to noncontrolling interests    (446)(446)
Capital contributions from noncontrolling interests    24 24 
Other comprehensive loss, net of tax   (14)(14)(28)
Other, net9    2 11 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,220 105 1  284 1,610 
Balance, June 30, 202226,507 6,051 (3)29 8,181 40,765 
Distributions to partners(694)(80)(1)  (775)
Distributions to noncontrolling interests    (424)(424)
Capital contributions from noncontrolling interests    7 7 
Energy Transfer Canada sale   (9)(337)(346)
Other comprehensive loss, net of tax   12 3 15 
Other, net13    3 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests899 106 1  304 1,310 
Balance, September 30, 2022$26,725 $6,077 $(3)$32 $7,737 $40,568 
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)
Nine Months Ended
September 30,
20232022
OPERATING ACTIVITIES:
Net income$3,727 $4,431 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization3,227 3,104 
Deferred income taxes187 158 
Inventory valuation adjustments(113)(81)
Non-cash compensation expense99 88 
Impairment losses and other12 386 
Distributions on unvested awards(47)(37)
Equity in earnings of unconsolidated affiliates(286)(186)
Distributions from unconsolidated affiliates286 182 
Other non-cash(15)(120)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures1,182 (212)
Net cash provided by operating activities8,259 7,713 
INVESTING ACTIVITIES:
Cash paid for Lotus Midstream acquisition, net of cash received(930) 
Cash paid for other acquisitions, net of cash received(111)(1,062)
Capital expenditures, excluding allowance for equity funds used during construction(2,430)(2,493)
Contributions in aid of construction costs38 50 
Contributions to unconsolidated affiliates(5) 
Distributions from unconsolidated affiliates in excess of cumulative earnings45 66 
Proceeds from sale of Energy Transfer Canada interest 302 
Proceeds from sales of other assets31 60 
Other, net1  
Net cash used in investing activities(3,361)(3,077)
FINANCING ACTIVITIES:
Proceeds from borrowings22,912 19,400 
Repayments of debt(23,095)(21,110)
Capital contributions from noncontrolling interests3 404 
Distributions to partners(3,124)(2,118)
Distributions to noncontrolling interests(1,290)(1,177)
Distributions to redeemable noncontrolling interests(37)(37)
Debt issuance costs(12)(9)
Other, net2 1 
Net cash used in financing activities(4,641)(4,646)
Increase (decrease) in cash and cash equivalents257 (10)
Cash and cash equivalents, beginning of period257 336 
Cash and cash equivalents, end of period$514 $326 
.
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, 2022, filed with the SEC on February 17, 2023. 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
Pending Crestwood Acquisition
On August 16, 2023, the Partnership announced its entry into a definitive merger agreement to acquire Crestwood Equity Partners LP (“Crestwood”). Under the terms of the merger agreement, Crestwood’s common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit. Crestwood owns gathering and processing assets located in the Williston, Delaware and Powder River basins. On October 30, 2023, a majority of Crestwood’s unitholders voted to approve the merger. The transaction is expected to close on November 3, 2023, subject to customary closing conditions.
Lotus Midstream Acquisition
On May 2, 2023, Energy Transfer acquired Lotus Midstream Operations, LLC (“Lotus Midstream”) for total consideration of $1.50 billion, including working capital. Consideration included $930 million in cash and approximately 44.5 million newly issued Energy Transfer common units, which had an aggregate acquisition-date fair value of $574 million. Lotus Midstream owns and operates Centurion Pipeline Company LLC, an integrated crude midstream platform located in the Permian Basin.

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The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:
At May 2, 2023
Total current assets$61 
Property, plant and equipment, net1,263 
Investments in unconsolidated affiliates138 
Lease right-of-use assets, net10 
Other non-current assets4 
Intangible assets, net75 
Total assets1,551 
Total current liabilities27 
Other non-current liabilities16 
Total liabilities43 
Total consideration1,508 
Cash received4 
Total consideration, net of cash received$1,504 
Sunoco LP’s Acquisition
On May 1, 2023, Sunoco LP completed the acquisition of 16 refined product terminals located across the East Coast and Midwest from Zenith Energy for $111 million, including working capital. The purchase price was primarily allocated to property and equipment.
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 September 30, 2023 or December 31, 2022.
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:
Nine Months Ended
September 30,
20232022
Accounts receivable
$(1,125)$(999)
Accounts receivable from related companies
(8)17 
Inventories
(3)(287)
Other current assets
208 (176)
Other non-current assets, net
(135)106 
Accounts payable
1,076 599 
Accounts payable to related companies
(12)1 
Accrued and other current liabilities
562 585 
Other non-current liabilities
669 254 
Derivative assets and liabilities, net
(50)(312)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures$1,182 $(212)
Non-cash investing and financing activities were as follows:
Nine Months Ended
September 30,
20232022
Accrued capital expenditures
$354 $454 
Lease assets obtained in exchange for new lease liabilities26 37 
Distribution reinvestment
70 42 
4.INVENTORIES
Inventories consisted of the following:
September 30,
2023
December 31,
2022
Natural gas, NGLs and refined products
$1,951 $1,802 
Crude oil169 246 
Spare parts and other470 413 
Total inventories$2,590 $2,461 
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of September 30, 2023 and December 31, 2022, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $3 million and $116 million, respectively. For the three and nine months ended September 30, 2023 and 2022, 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 September 30, 2023 and 2022, the Partnership’s cost of products sold included favorable inventory adjustments of $141 million and unfavorable inventory adjustments of $40 million, respectively, related to Sunoco LP’s LIFO inventory. For the nine months ended September 30, 2023 and 2022, the Partnership’s cost of products sold included favorable inventory adjustments of $113 million and favorable inventory adjustments of $81 million, respectively, related to Sunoco LP’s LIFO inventory.
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

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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. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the nine months ended September 30, 2023, no transfers were made between any levels within the fair value hierarchy.
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 September 30, 2023 and December 31, 2022 based on inputs used to derive their fair values:
Fair Value Measurements at
September 30, 2023
Fair Value TotalLevel 1Level 2
Assets:
Interest rate derivatives
$14 $ $14 
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$3 $3 $ 
Swing Swaps IFERC
4 4  
Fixed Swaps/Futures
28 28  
Forward Physical Contracts
3  3 
Power:
Forwards
46  46 
Futures
6 6  
NGLs – Forwards/Swaps
256 256  
Refined Products – Futures
27 27  
Crude – Forwards/Swaps
32 32  
Total commodity derivatives
405 356 49 
Other non-current assets
28 18 10 
Total assets
$447 $374 $73 
Liabilities:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$(10)$(10)$ 
Swing Swaps IFERC
(5)(5) 
Fixed Swaps/Futures
(2)(2) 
Power:
Forwards
(45) (45)
Futures
(5)(5) 
NGLs – Forwards/Swaps
(306)(306) 
Refined Products – Futures
(35)(35) 
Crude – Forwards/Swaps
(41)(41) 
Total commodity derivatives
(449)(404)(45)
Total liabilities
$(449)$(404)$(45)

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Fair Value Measurements at
December 31, 2022
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$60 $60 $ 
Swing Swaps IFERC
75 75  
Fixed Swaps/Futures
113 113  
Forward Physical Contracts
10  10 
Power:
Forwards
52  52 
Futures
3 3  
NGLs – Forwards/Swaps
317 317  
Refined Products – Futures
20 20  
Crude – Forwards/Swaps
38 38  
Total commodity derivatives
688 626 62 
Other non-current assets
27 18 9 
Total assets
$715 $644 $71 
Liabilities:
Interest rate derivatives
$(23)$ $(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(25)(25) 
Swing Swaps IFERC
(12)(12) 
Fixed Swaps/Futures
(4)(4) 
Forward Physical Contracts
(2) (2)
Power:
Forwards
(51) (51)
Futures
(3)(3) 
NGLs – Forwards/Swaps
(358)(358) 
Refined Products – Futures
(59)(59) 
Crude – Forwards/Swaps
(12)(12) 
Total commodity derivatives
(526)(473)(53)
Total liabilities
$(549)$(473)