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Inventory, Linefill, Base Gas and Long-term Inventory
6 Months Ended
Jun. 30, 2011
Inventory, Linefill, Base Gas and Long-term Inventory  
Inventory, Linefill, Base Gas and Long-term Inventory

Note 5—Inventory, Linefill, Base Gas and Long-term Inventory

 

Inventory, linefill, base gas and long-term inventory consisted of the following (barrels in thousands, natural gas volumes in thousands of Mcf and total value in millions):

 

 

 

 

June 30, 2011

 

December 31, 2010

 

 

 

 

 

Unit of

 

Total

 

Price/

 

 

 

Unit of

 

Total

 

Price/

 

 

 

Volumes

 

Measure

 

Value

 

Unit (1)

 

Volumes

 

Measure

 

Value

 

Unit (1)

 

Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil

 

11,581

 

barrels

 

$

1,108

 

$

95.67

 

14,132

 

barrels

 

$

1,100

 

$

77.84

 

LPG

 

5,077

 

barrels

 

326

 

$

64.21

 

7,395

 

barrels

 

366

 

$

49.49

 

Natural gas (2)

 

3,006

 

Mcf

 

13

 

$

4.32

 

13

 

Mcf

 

 

$

3.87

 

Other

 

N/A

 

 

 

5

 

N/A

 

N/A

 

 

 

25

 

N/A

 

Inventory subtotal

 

 

 

 

 

1,452

 

 

 

 

 

 

 

1,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linefill and base gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil

 

9,227

 

barrels

 

504

 

$

54.62

 

9,159

 

barrels

 

478

 

$

52.19

 

Natural gas (2)

 

12,425

 

Mcf

 

42

 

$

3.38

 

11,194

 

Mcf

 

37

 

$

3.31

 

LPG

 

56

 

barrels

 

3

 

$

53.57

 

77

 

barrels

 

4

 

$

51.95

 

Linefill and base gas subtotal

 

 

 

 

 

549

 

 

 

 

 

 

 

519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil

 

1,727

 

barrels

 

128

 

$

74.12

 

1,761

 

barrels

 

128

 

$

72.69

 

LPG

 

150

 

barrels

 

8

 

$

53.33

 

505

 

barrels

 

26

 

$

51.49

 

Long-term inventory subtotal

 

 

 

 

 

136

 

 

 

 

 

 

 

154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

$

2,137

 

 

 

 

 

 

 

$

2,164

 

 

 

 

 

(1)                      Price per unit of measure represents a weighted average associated with various grades, qualities and locations; accordingly, these prices may not coincide with any published benchmarks for such products.

 

(2)                      The volumetric ratio of Mcf of natural gas to crude Btu equivalent is 6:1; thus, natural gas volumes can be approximately converted to barrels by dividing by 6.