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Inventory, Linefill, Base Gas and Long-term Inventory (Tables)

6 Months Ended

Jun. 30, 2012

Inventory, Linefill, Base Gas and Long Term Inventory

Components of 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, 2012						December 31, 2011
		Unit of	Total		Price/			Unit of	Total		Price/
	Volumes	Measure	Value		Unit (1)		Volumes	Measure	Value		Unit (1)
Inventory
Crude oil	7,786	barrels	$	636	$	81.69	5,361	barrels	$	483	$	90.10
NGL	11,202	barrels	469		$	41.87	6,885	barrels	438		$	63.62
Natural gas (2)	23,530	Mcf	54		$	2.29	16,170	Mcf	51		$	3.15
Other	N/A		13		N/A		N/A		6		N/A
Inventory subtotal			1,172						978

Linefill and base gas
Crude oil	9,278	barrels	517		$	55.72	9,366	barrels	514		$	54.88
Natural gas (2)	14,105	Mcf	49		$	3.47	14,105	Mcf	48		$	3.40
NGL	1,685	barrels	79		$	46.88	31	barrels	2		$	64.52
Linefill and base gas subtotal			645						564

Long-term inventory
Crude oil	1,914	barrels	143		$	74.71	1,714	barrels	127		$	74.10
NGL	3,620	barrels	148		$	40.88	150	barrels	8		$	53.33
Long-term inventory subtotal			291						135

Total			$	2,108					$	1,677

(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.