Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

2.  Inventories

Inventories consisted of the following:

	September 30, 2021		December 31, 2020
	(In millions)
Crude oil and natural gas liquids	$	76	$	226
Materials and supplies	186		152
Total Inventories	$	262	$	378

At December 31, 2020, crude oil inventories included $164 million associated with the cost of 4.2 million barrels of crude oil transported and stored on two chartered very large crude carriers (VLCCs) for sale in Asian markets. The two VLCC cargos were sold in the first quarter of 2021.

In the first quarter of 2020, we recognized charges of $53 million ($52 million after income taxes) in Marketing, including purchased oil and gas to reflect crude oil inventories at net realizable value.