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Table of Contents
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. Dollar amounts are presented in millions.
December 31, 2015
December 31, 2014
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

Natural Gas (MMBtu):
Fixed Swaps/Futures (602,500)
$ (1)
$ —
(232,500)
$ (1)
$ —
Basis Swaps IFERC/NYMEX(1) (31,240,000)
(1)
—
(13,907,500)
—
—
Options – Calls —
—
—
5,000,000
—
—
Power (Megawatt):
Forwards 357,092
—
2
288,775
—
1
Futures (109,791)
2
—
(156,000)
2
—
Options – Puts 260,534
—
—
(72,000)
—
1
Options – Calls 1,300,647
—
3
198,556
—
—
Crude (Bbls) – Futures (591,000)
4
3
—
—
—

Natural Gas (MMBtu):
Basis Swaps IFERC/NYMEX (6,522,500)
—
—
57,500
(3)
—
Swing Swaps IFERC 71,340,000
(1)
—
46,150,000
2
1
Fixed Swaps/Futures (14,380,000)
(1)
5
(34,304,000)
30
10
Forward Physical Contracts 21,922,484
4
5
(9,116,777)
—
3
Natural Gas Liquid (Bbls) –
Forwards/Swaps (8,146,800)
10
13
(4,417,400)
71
18
Refined Products (Bbls) – Futures (993,000)
9
5
13,745,755
15
11
Corn (Bushels) – Futures 1,185,000
—
1
—
—
—
Fair Value Hedging Derivatives

Natural Gas (MMBtu):
Basis Swaps IFERC/NYMEX (37,555,000)
—
—
(39,287,500)
3
1
Fixed Swaps/Futures (37,555,000)
73
9
(39,287,500)
48
12
(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 contractual price of the instruments and the underlying commodity price. Results are presented in absolute terms and
represent a potential gain or loss in net income or in other comprehensive income. In the event of an actual 10% change in prompt month natural gas prices,
the fair value of our total derivative portfolio may not change by 10% due to factors such as when the financial instrument settles and the location to which
the financial instrument is tied (i.e., basis swaps) and the relationship between prompt month and forward months.
Interest Rate Risk
As of December 31, 2015, we had $3.59 billion of floating rate debt outstanding. A hypothetical change of 100 basis points would result in a maximum
potential change to interest expense of $36 million annually; however, our actual change in interest expense
113