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Energy Transfer 2015 Annual Report Download - page 185

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Table of Contents

The following tables summarize the fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of

December 31, 2015 and 2014 based on inputs used to derive their fair values:

Fair Value Total

Fair Value Measurements at December 31, 2015

Level 1

Level 2

Level 3

Assets:

Commodity derivatives:

Natural Gas:

Basis Swaps IFERC/NYMEX 16

16

—

—

Swing Swaps IFERC 10

2

8

—

Fixed Swaps/Futures 274

274

—

—

Forward Physical Swaps 4

—

4

—

Power:

Forwards 22

—

22

—

Futures 3

3

—

—

Options – Puts 1

1

—

—

Options – Calls 1

1

—

—

Natural Gas Liquids – Forwards/Swaps 99

99

—

—

Refined Products – Futures 9

9

—

—

Crude – Futures 9

9

—

—

Total commodity derivatives 448

414

34

—

Total assets $ 448

$ 414

$ 34

$ —

Liabilities:

Interest rate derivatives $ (171)

$ —

$ (171)

$ —

Embedded derivatives in the ETP Preferred Units (5)

—

—

(5)

Commodity derivatives:

Natural Gas:

Basis Swaps IFERC/NYMEX (16)

(16)

—

—

Swing Swaps IFERC (12)

(2)

(10)

—

Fixed Swaps/Futures (203)

(203)

—

—

Power:

Forwards (22)

—

(22)

—

Futures (2)

(2)

—

—

Options – Puts (1)

(1)

—

—

Natural Gas Liquids – Forwards/Swaps (89)

(89)

—

—

Crude – Futures (5)

(5)

—

—

Total commodity derivatives (350)

(318)

(32)

—

Total liabilities $ (526)

$ (318)

$ (203)

$ (5)

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