Energy Transfer 2012 Annual Report Download - page 114
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106
The table below summarizes our commodity-related financial derivative instruments and fair values, including derivatives related
to our consolidated subsidiaries, as well as the effect of an assumed hypothetical 10% change in the underlying price of the
commodity. Notional volumes are presented in MMBtu for natural gas, thousand megawatt for power, gallons for propane and
barrels for natural gas liquids and refined products. Dollar amounts are presented in millions.
December 31, 2012 December 31, 2011
Notional
Volume
Fair Value
Asset
(Liability)
Effect of
Hypothetical
10%
Change Notional
Volume
Fair Value
Asset
(Liability)
Effect of
Hypothetical
10%
Change
Mark-to-Market Derivatives
(Trading)
Natural Gas:
Basis Swaps IFERC/NYMEX (1) (30,980,000) $ (6) $ — (151,260,000) $ (23) $ 3
Power:
Forwards 19,650 — 1 — — —
Futures (1,509,300) (1) 1 — — —
Options – Calls 1,656,400 2 1 — — —
(Non-Trading)
Natural Gas:
Basis Swaps IFERC/NYMEX 150,000 (1) — (61,420,000) 4 —
Swing Swaps IFERC (83,292,500) 1 1 92,370,000 (1) —
Fixed Swaps/Futures 27,077,500 (7) 9 797,500 (4) —
Forward Physical Contracts 11,689,855 — 2 (10,672,028) — 1
Natural Gas Liquid:
Forwards/Swaps (30,000) — — — — —
Refined Products (666,000) (3) 14 — — —
Propane:
Forwards/Swaps — — — 38,766,000 (4) 5
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas:
Basis Swaps IFERC/NYMEX (18,655,000) (1) — (28,752,500)(1) —
Fixed Swaps/Futures (44,272,500) 4 15 (45,822,500) 71 14
Cash Flow Hedging Derivatives
(Non-Trading)
Natural Gas:
Fixed Swaps/Futures (8,212,500) (3) 3 — — —
Options – Puts — — — 3,600,000 6 1
Options – Calls — — — (3,600,000) — —
Natural Gas Liquid:
Forwards/Swaps (930,000) (2) 7 — — —
Refined Products (98,000) — 1 — — —
(1) Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana
Zone and Henry Hub locations.
The fair values of the commodity-related financial positions have been determined using independent third party prices, readily
available market information and appropriate valuation techniques. Non-trading positions offset physical exposures to the cash
market; none of these offsetting physical exposures are included in the above tables. Price-risk sensitivities were calculated by
assuming a theoretical 10% change (increase or decrease) in price regardless of term or historical relationships between the
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