Derivative Instruments (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Bcf | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)Bcf | Aug. 21, 2017USD ($) |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | | $ 164,000,000 | | | $ 164,000,000 | | | $ 105,000,000 | [1] | |
Derivative Liabilities Fair Value | | 84,000,000 | | | 84,000,000 | | | 67,000,000 | [1] | |
Gross Amounts Offset in the Consolidated Balance Sheets | | 13,000,000 | | | 13,000,000 | | | (14,000,000) | | |
Gain (loss) on derivative instruments not designated as hedging instruments | | 21,000,000 | | $ 18,000,000 | 71,000,000 | | $ 36,000,000 | | | |
Total fair value of the derivative instruments that contain credit risk contingency features that are in a net liability position | | 1,000,000 | | | 1,000,000 | | | 1,000,000 | | |
The aggregate fair value of assets already posted as collateral | | 0 | | | 0 | | | 0 | | |
Credit risk contingent feature assets | | 1,000,000 | | | 1,000,000 | | | $ 0 | | |
Gains (Losses) in Expense: Natural Gas [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Change in unrealized gain (loss) on hedged item in fair value hedge | | 4,000,000 | | 0 | (10,000,000) | | 0 | | | |
Gain (loss) on fair value hedges recognized in earnings | [2] | 0 | | 0 | $ (2,000,000) | | 0 | | | |
Natural gas derivatives [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative gross volume notional amount (in Bcf) | Bcf | | | | | 1,866 | | | 1,035 | | |
Gross Amounts Recognized | [3] | 80,000,000 | | | $ 80,000,000 | | | $ 38,000,000 | | |
Gross Amounts Offset in the Consolidated Balance Sheets | | 13,000,000 | | | 13,000,000 | | | (14,000,000) | | |
Net Amount Presented in the Consolidated Balance Sheets | [4] | 93,000,000 | | | 93,000,000 | | | 24,000,000 | | |
Natural gas derivatives [Member] | Current Assets [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Gross Amounts Recognized | [3] | 97,000,000 | | | 97,000,000 | | | 81,000,000 | | |
Gross Amounts Offset | | (33,000,000) | | | (33,000,000) | | | (30,000,000) | | |
Derivative Asset | [4] | 64,000,000 | | | 64,000,000 | | | 51,000,000 | | |
Natural gas derivatives [Member] | Other Noncurrent Assets [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Gross Amounts Recognized | [3] | 67,000,000 | | | 67,000,000 | | | 24,000,000 | | |
Gross Amounts Offset | | (11,000,000) | | | (11,000,000) | | | (5,000,000) | | |
Derivative Asset | [4] | 56,000,000 | | | 56,000,000 | | | 19,000,000 | | |
Natural gas derivatives [Member] | Current Liabilities [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Gross Amounts Recognized | [3] | (57,000,000) | | | (57,000,000) | | | (57,000,000) | | |
Gross Amounts Offset | | 40,000,000 | | | 40,000,000 | | | 16,000,000 | | |
Derivative Liability | [4] | (17,000,000) | | | (17,000,000) | | | (41,000,000) | | |
Natural gas derivatives [Member] | Other Noncurrent Liabilities [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Gross Amounts Recognized | [3] | (27,000,000) | | | (27,000,000) | | | (10,000,000) | | |
Gross Amounts Offset | | 17,000,000 | | | 17,000,000 | | | 5,000,000 | | |
Derivative Liability | [4] | (10,000,000) | | | (10,000,000) | | | (5,000,000) | | |
Natural gas derivatives [Member] | Gains (Losses) in Revenue [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Gain (loss) on derivative instruments not designated as hedging instruments | | 30,000,000 | | 31,000,000 | 162,000,000 | | 1,000,000 | | | |
Natural gas derivatives [Member] | Gains (Losses) in Expense: Natural Gas [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Change in unrealized gain (loss) on fair value hedging instruments | | (4,000,000) | | 0 | 8,000,000 | | 0 | | | |
Gain (loss) on derivative instruments not designated as hedging instruments | | (9,000,000) | | $ (13,000,000) | (91,000,000) | | $ 35,000,000 | | | |
Natural gas derivatives [Member] | Designated as Fair Value Hedge [Member] | Current Assets [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5],[6],[7] | 0 | | | 0 | | | | | |
Derivative Liabilities Fair Value | [5],[6],[7] | 0 | | | 0 | | | | | |
Natural gas derivatives [Member] | Designated as Fair Value Hedge [Member] | Current Liabilities [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5],[6],[7] | 5,000,000 | | | 5,000,000 | | | | | |
Derivative Liabilities Fair Value | [5],[6],[7] | 0 | | | 0 | | | | | |
Natural gas derivatives [Member] | Not Designated as Hedging Instrument [Member] | Current Assets [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5] | 65,000,000 | [6],[7] | | 65,000,000 | [6],[7] | | 79,000,000 | [8],[9] | |
Derivative Liabilities Fair Value | [5] | 2,000,000 | [6],[7] | | 2,000,000 | [6],[7] | | 14,000,000 | [8],[9] | |
Natural gas derivatives [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5] | 58,000,000 | [6],[7] | | 58,000,000 | [6],[7] | | 24,000,000 | [8],[9] | |
Derivative Liabilities Fair Value | [5] | 2,000,000 | [6],[7] | | 2,000,000 | [6],[7] | | 5,000,000 | [8],[9] | |
Natural gas derivatives [Member] | Not Designated as Hedging Instrument [Member] | Current Liabilities [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5] | 27,000,000 | [6],[7] | | 27,000,000 | [6],[7] | | 2,000,000 | [8],[9] | |
Derivative Liabilities Fair Value | [5] | 55,000,000 | [6],[7] | | 55,000,000 | [6],[7] | | 43,000,000 | [8],[9] | |
Natural gas derivatives [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative Assets Fair Value | [5] | 9,000,000 | [6],[7] | | 9,000,000 | [6],[7] | | 0 | [8],[9] | |
Derivative Liabilities Fair Value | [5] | 25,000,000 | [6],[7] | | $ 25,000,000 | [6],[7] | | $ 5,000,000 | [8],[9] | |
Natural gas derivatives [Member] | Long [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Derivative gross volume notional amount (in Bcf) | Bcf | | | | | 46 | | | 59 | | |
Natural Gas Distribution [Member] | 2017to2018 [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Weather hedge bilateral cap amount | | | | | $ 8,000,000 | | | | | |
August [Member] | Treasury Lock [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Aggregate notional amount | | $ 150,000,000 | | | 150,000,000 | | | | | |
Effective portion of realized losses | | | | | $ 1,500,000 | | | | | |
Senior Notes [Member] | | | | | | | | | | |
Derivatives, Fair Value [Line Items] | | | | | | | | | | |
Principal amount of debt issued | | | | | | | | | | $ 300,000,000 |
| |
[1] | No derivatives were designated as fair value hedges as of December 31, 2016. | |
[2] | Hedge ineffectiveness results from the basis ineffectiveness discussed above, and excludes the impact to natural gas expense from timing ineffectiveness. Timing ineffectiveness arises due to changes in the difference between the spot price and the futures price, as well as the difference between the timing of the settlement of the futures and the valuation of the underlying physical commodity. As the commodity contract nears the settlement date, spot-to-forward price differences should converge, which should reduce or eliminate the impact of this ineffectiveness on natural gas expense. | |
[3] | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |
[4] | The derivative assets and liabilities on the Condensed Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |
[5] | Derivative Assets and Derivative Liabilities include no material amounts related to physical forward transactions with Enable. | |
[6] | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets as they are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading natural gas derivative assets and liabilities was a $93 million asset as shown on CERC’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above, impacted by collateral netting of $13 million. | |
[7] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 1,866 Bcf or a net 46 Bcf long position. Certain natural gas contracts hedge basis risk only and lack a fixed price exposure. | |
[8] | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets as they are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading natural gas derivative assets and liabilities was a $24 million asset as shown on CERC’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above, impacted by collateral netting of $14 million. | |
[9] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 1,035 Bcf or a net 59 Bcf long position. | |