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Inventory, Linefill and Base Gas and Long-term Inventory | 6 Months Ended
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Jun. 30, 2020
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, 2020 |  |  |  |  |  |  |  |  | December 31, 2019 |  |  |  |  |  |
| Volumes |  | Unit of Measure |  | Carrying Value |  | Price/ Unit (1) |  |  | Volumes |  | Unit of Measure |  | Carrying Value |  | Price/ Unit (1)
Inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil | 20,306 |  |  | barrels |  | $ | 512 |  |  | $ | 25.21 |  |  |  | 8,613 |  |  | barrels |  | $ | 450 |  |  | $ | 52.25 |
NGL | 10,923 |  |  | barrels |  | 140 |  |  | $ | 12.82 |  |  |  | 7,574 |  |  | barrels |  | 142 |  |  | $ | 18.75 |
Other | N/A |  |  |  | 10 |  |  | N/A |  |  | N/A |  |  |  | 12 |  |  | N/A
Inventory subtotal |  |  |  |  | 662 |  |  |  |  |  |  |  |  |  | 604 |  |  |
Linefill and base gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil | 14,491 |  |  | barrels |  | 810 |  |  | $ | 55.90 |  |  |  | 14,316 |  |  | barrels |  | 826 |  |  | $ | 57.70 |
NGL | 1,645 |  |  | barrels |  | 42 |  |  | $ | 25.53 |  |  |  | 1,701 |  |  | barrels |  | 47 |  |  | $ | 27.63 |
Natural gas | 25,576 |  |  | Mcf |  | 110 |  |  | $ | 4.30 |  |  |  | 24,976 |  |  | Mcf |  | 108 |  |  | $ | 4.32 |
Linefill and base gas subtotal |  |  |  |  | 962 |  |  |  |  |  |  |  |  |  | 981 |  |  |
Long-term inventory |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil | 2,747 |  |  | barrels |  | 104 |  |  | $ | 37.86 |  |  |  | 2,598 |  |  | barrels |  | 152 |  |  | $ | 58.51 |
NGL | 1,579 |  |  | barrels |  | 21 |  |  | $ | 13.30 |  |  |  | 1,707 |  |  | barrels |  | 30 |  |  | $ | 17.57 |
Long-term inventory subtotal |  |  |  |  | 125 |  |  |  |  |  |  |  |  |  | 182 |  |  |
Total |  |  |  |  | $ | 1,749 |  |  |  |  |  |  |  |  |  | $ | 1,767 |  |  |
(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 $232 million during the first quarter of 2020 related to the write-down of our crude oil and NGL inventory, of which $40 million was associated with our long-term inventory, due to declines in prices. A portion 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 and NGL inventory. Such gains were recorded to “Supply and Logistics segment revenues” in our accompanying Consolidated Statement of Operations. See Note 10 for discussion of our derivative and risk management activities.

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- Definition 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. + References No definition available. + Details
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