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Inventory, Linefill and Base Gas and Long-term Inventory

9 Months Ended

Sep. 30, 2017

Inventory, Linefill and Base Gas and Long-term Inventory

Inventory, Linefill and Base Gas and Long-term Inventory

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):

	September 30, 2017														December 31, 2016
	Volumes			Unit of Measure		Carrying Value				Price/ Unit (1)					Volumes			Unit of Measure		Carrying Value				Price/ Unit (1)
Inventory
Crude oil	10,632			barrels		$	480			$	45.15				23,589			barrels		$	1,049			$	44.47
NGL	16,604			barrels		390				$	23.49				13,497			barrels		242				$	17.93
Natural gas	—			Mcf		—				N/A					14,540			Mcf		32				$	2.20
Other	N/A					14				N/A					N/A					20				N/A
Inventory subtotal						884														1,343
Linefill and base gas
Crude oil	12,477			barrels		729				$	58.43				12,273			barrels		710				$	57.85
NGL	1,630			barrels		47				$	28.83				1,660			barrels		45				$	27.11
Natural gas	24,976			Mcf		108				$	4.32				30,812			Mcf		141				$	4.58
Linefill and base gas subtotal						884														896
Long-term inventory
Crude oil	1,800			barrels		86				$	47.78				3,279			barrels		163				$	49.71
NGL	2,120			barrels		49				$	23.11				1,418			barrels		30				$	21.16
Long-term inventory subtotal						135														193
Total						$	1,903													$	2,432

⁽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 $35 million during the nine months ended September 30, 2017 primarily related to the writedown of our crude oil inventory due to a decline in prices. Substantially all of this inventory valuation adjustment was offset by the recognition of gains on derivative instruments being utilized to hedge future sales of our crude oil inventory. Such gains were recorded to “Supply and Logistics segment revenues” in our accompanying Condensed Consolidated Statements of Operations. See Note 10 for discussion of our derivative and risk management activities. We recorded an inventory valuation adjustment of $3 million during the nine months ended September 30, 2016.

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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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