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Inventory, Linefill and Base Gas and Long-term Inventory
 3 Months Ended
Mar. 31, 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):

 March 31, 2020December 31, 2019
 VolumesUnit of
Measure		Carrying
Value
Price/
Unit (1)
VolumesUnit of
Measure		Carrying
Value
Price/
Unit (1)
Inventory        
Crude oil7,168  barrels$128  $17.86  8,613  barrels$450  $52.25  
NGL3,992  barrels42  $10.52  7,574  barrels142  $18.75  
OtherN/A   11  N/AN/A 12  N/A
Inventory subtotal  181     604   
Linefill and base gas        
Crude oil14,251  barrels804  $56.42  14,316  barrels826  $57.70  
NGL1,640  barrels41  $25.00  1,701  barrels47  $27.63  
Natural gas25,576  Mcf110  $4.30  24,976  Mcf108  $4.32  
Linefill and base gas subtotal  955     981   
Long-term inventory        
Crude oil2,789  barrels55  $19.72  2,598  barrels152  $58.51  
NGL1,579  barrels18  $11.40  1,707  barrels30  $17.57  
Long-term inventory subtotal  73     182   
Total  $1,209     $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 three months ended March 31, 2020 related to the write-down of our crude oil and NGL inventory, of which $40 million is associated with our long-term inventory, due to declines in prices during the first quarter of 2020. 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.