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Inventory, Linefill and Long-term Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory, linefill and long-term inventory consisted of the following (barrels in thousands and carrying value in millions):

			March 31, 2024																											December 31, 2023
			Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)									Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)
Inventory
Crude oil			5,578						barrels						$	374					$	67.05								5,877						barrels						$	383					$	65.17
NGL			2,604						barrels						68						$	26.11								5,957						barrels						154						$	25.85
Other			N/A												11						N/A									N/A												11						N/A
Inventory subtotal															453																											548
Linefill
Crude oil			15,541						barrels						914						$	58.81								15,409						barrels						909						$	58.99
NGL			2,242						barrels						67						$	29.88								2,168						barrels						67						$	30.90
Linefill subtotal															981																											976
Long-term inventory
Crude oil			3,279						barrels						262						$	79.90								3,256						barrels						232						$	71.25
NGL			1,325						barrels						37						$	27.92								1,326						barrels						33						$	24.89
Long-term inventory subtotal															299																											265
Total															$	1,733																										$	1,789

(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.

Schedule of Linefill and Long-Term Inventory

Inventory, linefill and long-term inventory consisted of the following (barrels in thousands and carrying value in millions):

			March 31, 2024																											December 31, 2023
			Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)									Volumes						Unit of Measure						Carrying Value						Price/ Unit (1)
Inventory
Crude oil			5,578						barrels						$	374					$	67.05								5,877						barrels						$	383					$	65.17
NGL			2,604						barrels						68						$	26.11								5,957						barrels						154						$	25.85
Other			N/A												11						N/A									N/A												11						N/A
Inventory subtotal															453																											548
Linefill
Crude oil			15,541						barrels						914						$	58.81								15,409						barrels						909						$	58.99
NGL			2,242						barrels						67						$	29.88								2,168						barrels						67						$	30.90
Linefill subtotal															981																											976
Long-term inventory
Crude oil			3,279						barrels						262						$	79.90								3,256						barrels						232						$	71.25
NGL			1,325						barrels						37						$	27.92								1,326						barrels						33						$	24.89
Long-term inventory subtotal															299																											265
Total															$	1,733																										$	1,789

(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.

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Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
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-Section S99
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-Topic 210
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-Section S99
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483489/210-10-50-1

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Tabular disclosure of inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle including inventoried costs relating to long-term contracts or programs.

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