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Inventory, Linefill and Base Gas and Long-term Inventory | 6 Months Ended
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Jun. 30, 2015
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 as of the dates indicated (barrels and natural gas volumes in thousands and carrying value in millions):
|  | June 30, 2015 |  |  | December 31, 2014 |
|  |  |  | Unit of |  | Carrying |  | Price/ |  |  |  |  | Unit of |  | Carrying |  | Price/ |
|  | Volumes |  | Measure |  | Value |  | Unit (1) |  |  | Volumes |  | Measure |  | Value |  | Unit (1) |
Inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 12,916 |  | barrels |  | $ | 649 |  | $ | 50.25 |  |  | 6,465 |  | barrels |  | $ | 304 |  | $ | 47.02 |
NGL |  | 12,931 |  | barrels |  |  | 213 |  | $ | 16.47 |  |  | 13,553 |  | barrels |  |  | 454 |  | $ | 33.50 |
Natural gas |  | 16,342 |  | Mcf |  |  | 45 |  | $ | 2.75 |  |  | 32,317 |  | Mcf |  |  | 102 |  | $ | 3.16 |
Other |  | N/A |  |  |  |  | 34 |  |  | N/A |  |  | N/A |  |  |  |  | 31 |  |  | N/A |
Inventory subtotal |  |  |  |  |  |  | 941 |  |  |  |  |  |  |  |  |  |  | 891 |  |  |  |
Linefill and base gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 13,195 |  | barrels |  |  | 790 |  | $ | 59.87 |  |  | 11,810 |  | barrels |  |  | 744 |  | $ | 63.00 |
NGL |  | 1,348 |  | barrels |  |  | 48 |  | $ | 35.61 |  |  | 1,212 |  | barrels |  |  | 52 |  | $ | 42.90 |
Natural gas |  | 29,812 |  | Mcf |  |  | 138 |  | $ | 4.63 |  |  | 28,612 |  | Mcf |  |  | 134 |  | $ | 4.68 |
Linefill and base gas subtotal |  |  |  |  |  |  | 976 |  |  |  |  |  |  |  |  |  |  | 930 |  |  |  |
Long-term inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 2,420 |  | barrels |  |  | 134 |  | $ | 55.37 |  |  | 2,582 |  | barrels |  |  | 136 |  | $ | 52.67 |
NGL |  | 1,652 |  | barrels |  |  | 25 |  | $ | 15.13 |  |  | 1,681 |  | barrels |  |  | 50 |  | $ | 29.74 |
Long-term inventory subtotal |  |  |  |  |  |  | 159 |  |  |  |  |  |  |  |  |  |  | 186 |  |  |  |
Total |  |  |  |  |  | $ | 2,076 |  |  |  |  |  |  |  |  |  | $ | 2,007 |  |  |  |
| (1) |  | Price per unit of measure is comprised of 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. Any resulting adjustments are a component of “Purchases and related costs” on our accompanying Condensed Consolidated Statements of Oper ations. We recorded a charge of $24 million during the six months ended June 30, 2015, which primarily related to the writedown of our NGL inventory due to declines in prices during the first quarter of 2015. The loss was substantially offset by a portion of the derivative mark-to-market gain that was recognized in the fourth quarter of 2014. See Note 8 for discussion of our derivative and risk management activities. During the six months ended June 30, 2014, we recorded a charge of $37 million 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.

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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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