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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
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
https://cdn.kscope.io/50344fa5c60121d2f1e663517bb7637f-et-20220331_g1.jpg
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 April 29, 2022, the registrant had 3,085,533,650 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 (loss)
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC, a less than wholly-owned subsidiary of Energy Transfer
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC, a less than wholly-owned subsidiary of Energy Transfer
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
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
ETC TigerETC 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 ActSecurities Exchange Act of 1934, as amended
FERCFederal Energy Regulatory Commission
FGTFlorida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
HFOTCOHouston Fuel Oil Terminal Company, 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
MTBEmethyl tertiary butyl ether
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OSHAFederal Occupational Safety and Health Act
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of Energy Transfer
RoverRover Pipeline LLC, a less than 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
Series B Preferred Units6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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Series C Preferred Units7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series E Preferred Units7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a publicly traded partnership, of which Energy Transfer owns the general partner interests and 46.1 million common units
USAC Preferred UnitsUSAC Series A preferred units
White CliffsWhite 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 sale1,680  
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, net80,035 81,607 
Investments in unconsolidated affiliates2,921 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 sale1,031  
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 Unitholders6,077 6,051 
Common Unitholders25,881 25,230 
General Partner
(3)(4)
Accumulated other comprehensive income43 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,
20222021
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 affiliates56 55 
Losses on extinguishments of debt
 (7)
Gains on interest rate derivatives114 194 
Other, net
21 (6)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)1,478 3,716 
Income tax expense (benefit)(9)75 
NET INCOME1,487 3,641 
Less: Net income attributable to noncontrolling interests205 341 
Less: Net income attributable to redeemable noncontrolling interests
13 12 
NET INCOME ATTRIBUTABLE TO PARTNERS1,269 3,288 
General Partner’s interest in net income1 3 
Preferred Unitholders’ interest in net income106  
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,
20222021
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 plans7 5 
Foreign currency translation adjustments11 12 
Change in other comprehensive income from unconsolidated affiliates12 (9)
25 8 
Comprehensive income1,512 3,649 
Less: Comprehensive income attributable to noncontrolling interests210 347 
Less: Comprehensive income attributable to redeemable noncontrolling interests13 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 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, 2022$25,881 $6,077 $(3)$43 $8,331 $40,329 

Common UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
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, net18   3 21 
Net income, excluding amounts attributable to redeemable noncontrolling interests3,285 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,
20222021
OPERATING ACTIVITIES:
Net income$1,487 $3,641 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization1,028 954 
Deferred income taxes32 66 
Inventory valuation adjustments(120)(100)
Non-cash compensation expense36 28 
Impairment losses300 3 
Losses on extinguishments of debt 7 
Distributions on unvested awards(15)(6)
Equity in earnings of unconsolidated affiliates(56)(55)
Distributions from unconsolidated affiliates44 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 activities2,370 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 costs20 3 
Contributions to unconsolidated affiliates (2)
Distributions from unconsolidated affiliates in excess of cumulative earnings46 55 
Proceeds from sales of other assets4 7 
Net cash used in investing activities(1,271)(635)
FINANCING ACTIVITIES:
Proceeds from borrowings5,658 4,751 
Repayments of debt(5,428)(8,479)
Capital contributions from noncontrolling interests373 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 equivalents775 (12)
Cash and cash equivalents, beginning of period336 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, net101 
Other current assets3 
Property, plant and equipment, net1,451 
Other non-current assets, net20 
Intangible assets, net101 
Total assets held for sale$1,680 
Carrying amounts of liabilities held for sale
Accounts payable$12 
Accrued and other current liabilities94 
Long-term debt, including current maturities 441 
Other non-current liabilities, net193 
Redeemable noncontrolling interests291 
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,
20222021
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,
20222021
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures
$475 $559 
Lease assets obtained in exchange for new lease liabilities56 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 oil171 328 
Spare parts and other431 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 TotalLevel 1Level 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 TotalLevel 1Level 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)(