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Inventory, Linefill and Base Gas and Long-term Inventory

6 Months Ended

Jun. 30, 2021

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):

			June 30, 2021																											December 31, 2020
			Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)									Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)
Inventory
Crude oil			9,674						barrels						$	508					$	52.51								13,450						barrels						$	441					$	32.79
NGL			7,097						barrels						162						$	22.83								12,302						barrels						199						$	16.18
Other			N/A												5						N/A									N/A												7						N/A
Inventory subtotal															675																											647
Linefill and base gas
Crude oil			15,164						barrels						864						$	56.98								14,669						barrels						828						$	56.45
NGL			1,636						barrels						45						$	27.51								1,640						barrels						44						$	26.83
Natural gas (2)			—						Mcf						—						$	—								25,576						Mcf						110						$	4.30
Linefill and base gas subtotal															909																											982
Long-term inventory
Crude oil			2,699						barrels						183						$	67.80								2,499						barrels						111						$	44.42
NGL			1,258						barrels						27						$	21.46								1,185						barrels						19						$	16.03
Long-term inventory subtotal															210																											130
Total															$	1,794																										$	1,759

(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.

(2)As of June 30, 2021, $110 million of base gas was classified as held for sale on our Condensed Consolidated Balance Sheet (in “Other current assets”) related to the sale of our Pine Prairie and Southern Pines natural gas storage facilities, which closed on August 2, 2021. See Note 12 for additional information.

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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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