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Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories
Note 3. Inventories
Our inventory amounts by product type were as follows at the dates indicated:
December 31,
20252024
NGLs$2,923 $2,768 
Petrochemicals and refined products665 652 
Crude oil288 523 
Natural gas8 12 
Total$3,884 $3,955 
In those instances where we take ownership of inventory volumes through percent-of-liquids contracts and similar arrangements (as opposed to outright purchases from third parties for cash), these volumes are valued at market-based prices during the month in which they are acquired.
The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the years indicated:
For the Year Ended December 31,
202520242023
Cost of sales (1)$38,566 $42,580 $37,023 
Lower of cost or net realizable value adjustments recognized in cost of sales19 9 31 
(1)Cost of sales is a component of “Operating costs and expenses,” as presented on our 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.
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. These non-cash charges are a component of cost of sales in the period they are recognized. To the extent our commodity hedging strategies address inventory-related price risks and are successful, these inventory valuation adjustments are mitigated or offset. See Note 14 for a description of our commodity hedging activities.