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Inventory, Linefill and Base Gas and Long-term Inventory

6 Months Ended

Jun. 30, 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):

		June 30, 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		6,233		barrels		$	579		$	92.89			6,951		barrels		$	540		$	77.69
NGL		10,591		barrels		444			$	41.92			8,061		barrels		352			$	43.67
Natural gas		10,824		Mcf		50			$	4.62			40,505		Mcf		150			$	3.70
Other		N/A				23			N/A				N/A				23			N/A
Inventory subtotal						1,096											1,065
Linefill and base gas
Crude oil		11,211		barrels		713			$	63.60			10,966		barrels		679			$	61.92
NGL		1,214		barrels		56			$	46.13			1,341		barrels		62			$	46.23
Natural gas		26,612		Mcf		126			$	4.73			16,615		Mcf		57			$	3.43
Linefill and base gas subtotal						895											798
Long-term inventory
Crude oil		2,712		barrels		220			$	81.12			2,498		barrels		202			$	80.86
NGL		1,681		barrels		67			$	39.86			1,161		barrels		49			$	42.20
Long-term inventory subtotal						287											251
Total						$	2,278										$	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 six months ended June 30, 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 first quarter of 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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