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Inventories | 3 Months Ended
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Mar. 31, 2024
Inventories [Abstract] |
Inventories | Note 3. Inventories Our inventory amounts by product type were as follows at the dates indicated:
|  | March 31, 2024 |  |  | December 31, 2023 |
NGLs |  | $ | 2,157 |  |  | $ | 2,392 |
Petrochemicals and refined products |  |  | 345 |  |  |  | 536 |
Crude oil |  |  | 752 |  |  |  | 419 |
Natural gas |  |  | 3 |  |  |  | 5 |
Total |  | $ | 3,257 |  |  | $ | 3,352 |
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
| For the Three Months Ended March 31, |
| 2024 |  | 2023 |
Cost of sales (1) |  | $ | 11,405 |  |  | $ | 9,331 |
Lower of cost or net realizable value adjustments recognized in cost of sales |  |  | 1 |  |  |  | 7 |
(1) | Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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