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Inventory, Linefill, Base Gas and Long-term Inventory | 9 Months Ended
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Sep. 30, 2012
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 and carrying value in millions):
|  | September 30, 2012 |  | December 31, 2011 |
|  |  |  | Unit of |  | Carrying |  | Price/ |  |  |  | Unit of |  | Carrying |  | Price/ |
|  | Volumes |  | Measure |  | Value |  | Unit (1) |  | Volumes |  | Measure |  | Value |  | Unit (1) |
Inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 7,122 |  | barrels |  | $ | 650 |  | $ | 91.27 |  | 5,361 |  | barrels |  | $ | 483 |  | $ | 90.10 |
NGL |  | 14,683 |  | barrels |  | 604 |  | $ | 41.14 |  | 6,885 |  | barrels |  | 438 |  | $ | 63.62 |
Natural gas (2) |  | 21,800 |  | Mcf |  | 51 |  | $ | 2.34 |  | 16,170 |  | Mcf |  | 51 |  | $ | 3.15 |
Other |  | N/A |  |  |  | 15 |  | N/A |  | N/A |  |  |  | 6 |  | N/A |
Inventory subtotal |  |  |  |  |  | 1,320 |  |  |  |  |  |  |  | 978 |  |  |
Linefill and base gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 9,882 |  | barrels |  | 582 |  | $ | 58.89 |  | 9,366 |  | barrels |  | 514 |  | $ | 54.88 |
Natural gas (2) |  | 15,005 |  | Mcf |  | 51 |  | $ | 3.40 |  | 14,105 |  | Mcf |  | 48 |  | $ | 3.40 |
NGL |  | 1,689 |  | barrels |  | 81 |  | $ | 47.96 |  | 31 |  | barrels |  | 2 |  | $ | 64.52 |
Linefill and base gas subtotal |  |  |  |  |  | 714 |  |  |  |  |  |  |  | 564 |  |  |
Long-term inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 1,916 |  | barrels |  | 143 |  | $ | 74.63 |  | 1,714 |  | barrels |  | 127 |  | $ | 74.10 |
NGL |  | 3,620 |  | barrels |  | 144 |  | $ | 39.78 |  | 150 |  | barrels |  | 8 |  | $ | 53.33 |
Long-term inventory subtotal |  |  |  |  |  | 287 |  |  |  |  |  |  |  | 135 |  |  |
Total |  |  |  |  |  | $ | 2,321 |  |  |  |  |  |  |  | $ | 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. At the end of each reporting period we assess the carrying value of our inventory and make any adjustments necessary to reduce the carrying value to the applicable net realizable value. During the second and third quarters of 2012, we recorded non-cash charges of approximately $121 million and $7 million, respectively, related to the writedown of our crude oil and NGL inventory due to declines in prices during the periods. The recognition of this adjustment, which is a component of “Purchases and related costs” in our accompanying condensed consolidated statement of operations, was substantially offset by the recognition of unrealized gains on derivative instruments being utilized to hedge the future sales of our crude oil and NGL inventory. Substantially all of such unrealized gains were recorded to “Supply and Logistics segment revenues” on our condensed consolidated statement of operations. See Note 11 for discussion of our derivative and risk management activities.

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- Definition The complete disclosure related to inventory, linefill and base gas and long-term inventory. This may include, but is not limited to, the basis of stating inventory, linefill, and base gas and long-term inventory, the method of determining inventory, linefill and base gas and long-term inventory cost, the major classes of inventory, linefill and base gas and long-term inventory, and the nature of the cost elements included in inventory, linefill and base gas and long-term inventory. If inventory, linefill and base gas and long-term inventory is stated above cost, accrued net losses on firm purchase commitments for inventory, linefill and base gas and long-term inventory and losses resulting from valuing inventory, linefill and base gas and long-term inventory at the lower-of-cost-or-market may also be included. + References No definition available. + Details
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