Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

2.  Inventories

Inventories at December 31 were as follows:

	2020		2019
	(In millions)
Crude oil and natural gas liquids	$	226	$	92
Materials and supplies	152		169
Total Inventories	$	378	$	261

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 at March 31, 2020.

In 2020, we chartered three VLCCs to load and transport a total of 6.3 million barrels of Bakken crude oil for sale in Asian markets. The first VLCC cargo of 2.1 million barrels was sold in September 2020. We have entered into agreements for the sale of the remaining 4.2 million barrels of crude oil loaded on the second and third VLCCs in the first quarter of 2021. At December 31, 2020, crude oil inventories included $164 million associated with the cost of these volumes.