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Inventory, Linefill and Base Gas and Long-term Inventory

9 Months Ended

Sep. 30, 2018

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, 2018														December 31, 2017
	Volumes			Unit of Measure		Carrying Value				Price/ Unit (1)					Volumes			Unit of Measure		Carrying Value				Price/ Unit (1)
Inventory
Crude oil	7,020			barrels		$	389			$	55.41				7,800			barrels		$	402			$	51.54
NGL	15,122			barrels		422				$	27.91				10,774			barrels		294				$	27.29
Other	N/A					13				N/A					N/A					17				N/A
Inventory subtotal						824														713
Linefill and base gas
Crude oil	13,033			barrels		756				$	58.01				12,340			barrels		719				$	58.27
NGL	1,764			barrels		50				$	28.34				1,597			barrels		45				$	28.18
Natural gas	24,976			Mcf		108				$	4.32				24,976			Mcf		108				$	4.32
Linefill and base gas subtotal						914														872
Long-term inventory
Crude oil	1,882			barrels		112				$	59.51				1,870			barrels		105				$	56.15
NGL	2,351			barrels		67				$	28.50				2,167			barrels		59				$	27.23
Long-term inventory subtotal						179														164
Total						$	1,917													$	1,749

⁽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” on our accompanying Condensed Consolidated Statements of Operations. See Note 11 for discussion of our derivative and risk management activities. We did not record such charges during 2018.

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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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