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Inventory, Linefill and Base Gas and Long-term Inventory

3 Months Ended

Mar. 31, 2014

Inventory, Linefill and Base Gas and Long-term Inventory

Inventory, Linefill and Base Gas and Long-term Inventory

Note 4—Inventory, Linefill and Base Gas and Long-term Inventory

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

		March 31, 2014											December 31, 2013
				Unit of		Carrying			Price/						Unit of		Carrying			Price/
		Volumes		Measure		Value			Unit (1)				Volumes		Measure		Value			Unit (1)
Inventory
Crude oil		7,274		barrels		$	645		$	88.67			6,951		barrels		$	540		$	77.69
NGL		3,846		barrels		181			$	47.06			8,061		barrels		352			$	43.67
Natural gas		12,660		Mcf		61			$	4.82			40,505		Mcf		150			$	3.70
Other		N/A				27			N/A				N/A				23			N/A
Inventory subtotal						914											1,065
Linefill and base gas
Crude oil		11,031		barrels		681			$	61.74			10,966		barrels		679			$	61.92
NGL		1,431		barrels		61			$	42.63			1,341		barrels		62			$	46.23
Natural gas		25,612		Mcf		122			$	4.76			16,615		Mcf		57			$	3.43
Linefill and base gas subtotal						864											798
Long-term inventory
Crude oil		2,655		barrels		214			$	80.60			2,498		barrels		202			$	80.86
NGL		1,210		barrels		50			$	41.32			1,161		barrels		49			$	42.20
Long-term inventory subtotal						264											251
Total						$	2,042										$	2,114

(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. We recorded a charge of approximately $37 million during the three months ended March 31, 2014 related to the writedown of our natural gas inventory that was purchased in conjunction with managing natural gas storage deliverability requirements during the extended period of severe cold weather in the three months ended March 31, 2014. This adjustment is a component of “Purchases and related costs” in our accompanying condensed consolidated statements of operations.

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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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