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

3 Months Ended

Mar. 31, 2013

Inventory, Linefill and Base Gas and Long-term Inventory

Components of inventory, linefill and base gas and long-term inventory

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

	March 31, 2013						December 31, 2012
		Unit of	Carrying		Price/			Unit of	Carrying		Price/
	Volumes	Measure	Value		Unit (1)		Volumes	Measure	Value		Unit (1)
Inventory
Crude oil	9,173	barrels	$	780	$	85.03	9,492	barrels	$	737	$	77.64
NGL	2,974	barrels	132		$	44.38	9,472	barrels	388		$	40.96
Natural gas (2)	26,452	Mcf	88		$	3.33	20,374	Mcf	60		$	2.94
Other	N/A		31		N/A		N/A		24		N/A
Inventory subtotal			1,031						1,209

Linefill and base gas
Crude oil	9,946	barrels	582		$	58.52	9,919	barrels	583		$	58.78
NGL	1,400	barrels	68		$	48.57	1,400	barrels	70		$	50.00
Natural gas (2)	15,755	Mcf	54		$	3.43	15,755	Mcf	54		$	3.43
Linefill and base gas subtotal			704						707

Long-term inventory
Crude oil	2,035	barrels	155		$	76.17	1,962	barrels	149		$	75.94
NGL	2,221	barrels	89		$	40.07	3,238	barrels	125		$	38.60
Long-term inventory subtotal			244						274

Total			$	1,979					$	2,190

(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.