Inventories

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories

2.  Inventories

Inventories consisted of the following:

	June 30, 2020		December 31, 2019
	(In millions)
Crude oil and natural gas liquids	$	204	$	92
Materials and supplies	156		169
Total Inventories	$	360	$	261

We have chartered three very large crude carriers (VLCCs) to load a total of approximately 6 million barrels of oil during May through August to sell in Asian markets later this year. During the second quarter, the Corporation loaded 3.7 million barrels of Bakken crude oil on VLCCs and included costs of the produced volumes totaling $113 million in crude oil inventories with a corresponding reduction to Marketing, including purchased oil and gas. In the first quarter of 2020, we recognized charges of $53 million ($52 million after income taxes) recorded in Marketing, including purchased oil and gas to reflect crude oil inventories at net realizable value.