Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Our inventory amounts by product type were as follows at the dates indicated:

	March 31, 2025		December 31, 2024
NGLs	$	2,405	$	2,768
Petrochemicals and refined products		578		652
Crude oil		240		523
Natural gas		10		12
Total	$	3,233	$	3,955

Cost of Sales and Lower of Cost or Market Adjustments

Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:

	For the Three Months Ended March 31,
	2025			2024
Cost of sales (1)		$	12,005		$	11,405
Lower of cost or net realizable value adjustments recognized in cost of sales			2			1

(1)	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.