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Inventory, Linefill and Base Gas and Long-term Inventory

3 Months Ended

Mar. 31, 2016

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):

		March 31, 2016											December 31, 2015
		Volumes		Unit of Measure		Carrying Value			Price/ Unit (1)				Volumes		Unit of Measure		Carrying Value			Price/ Unit (1)
Inventory
Crude oil		21,073		barrels		$	711		$	33.74			16,345		barrels		$	608		$	37.20
NGL		6,512		barrels		102			$	15.66			13,907		barrels		218			$	15.68
Natural gas		17,150		Mcf		34			$	1.98			22,080		Mcf		53			$	2.40
Other		N/A				30			N/A				N/A				37			N/A
Inventory subtotal						877											916
Linefill and base gas
Crude oil		12,060		barrels		711			$	58.96			12,298		barrels		713			$	57.98
NGL		1,348		barrels		47			$	34.87			1,348		barrels		44			$	32.64
Natural gas		30,812		Mcf		141			$	4.58			30,812		Mcf		141			$	4.58
Linefill and base gas subtotal						899											898
Long-term inventory
Crude oil		3,333		barrels		92			$	27.60			3,417		barrels		106			$	31.02
NGL		1,652		barrels		20			$	12.11			1,652		barrels		23			$	13.92
Long-term inventory subtotal						112											129
Total						$	1,888										$	1,943

(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 Operations. We recorded a charge of $24 million during the three months ended March 31, 2015 primarily related to the writedown of our NGL inventory due to declines in prices. 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.

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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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