INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Materials and supplies, which primarily consist of well equipment and tubular goods used in our oil and natural gas operations, are valued at weighted-average cost and are reviewed periodically for obsolescence. Finished goods include produced oil and NGLs in storage, which are valued at the lower of cost or net realizable value. Inventories, by category, are as follows:

	June 30,		December 31,
	2022		2021
	(in millions)
Materials and supplies	$	53	$	54
Finished goods	4		6
Inventories	$	57	$	60