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Inventory, Linefill and Base Gas and Long-term Inventory

6 Months Ended

Jun. 30, 2013

Inventory, Linefill and Base Gas and Long-term Inventory

Inventory, Linefill and Base Gas and Long-term Inventory

Note 5—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):

		June 30, 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		5,484		barrels		$	471		$	85.89		9,492		barrels		$	737		$	77.64
NGL		8,366		barrels		316			$	37.77		9,472		barrels		388			$	40.96
Natural gas		23,058		Mcf		78			$	3.38		20,374		Mcf		60			$	2.94
Other		N/A				27			N/A			N/A				24			N/A
Inventory subtotal						892										1,209
Linefill and base gas
Crude oil		10,026		barrels		585			$	58.35		9,919		barrels		583			$	58.78
NGL		1,358		barrels		64			$	47.13		1,400		barrels		70			$	50.00
Natural gas		16,965		Mcf		58			$	3.42		15,755		Mcf		54			$	3.43
Linefill and base gas subtotal						707										707
Long-term inventory
Crude oil		2,038		barrels		157			$	77.04		1,962		barrels		149			$	75.94
NGL		1,162		barrels		50			$	43.03		3,238		barrels		125			$	38.60
Long-term inventory subtotal						207										274
Total						$	1,806									$	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.

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 quarter of 2012, we recorded a non-cash charge of approximately $121 million related to the writedown of our crude oil and NGL inventory due to declines in prices during the period. 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. We did not recognize any writedowns of inventory during 2013.

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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.

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