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Inventories

9 Months Ended

Sep. 30, 2018

Inventories [Abstract]

Inventories

Note 4—Inventories
Inventories consisted of the following:
	Millions of Dollars
	September 30			December 31
		2018		2017
Crude oil and natural gas	$	673		512
Materials and supplies		566		548
	$	1,239		1,060

Inventories valued on the last-in, first-out (LIFO) basis totaled $283 million and $341 million at September 30, 2018 and December 31, 2017, respectively. The estimated excess of current replacement cost over LIFO cost of inventories was $100 million and $124 million at September 30, 2018 and December 31, 2017, respectively.

As of September 30, 2018, crude oil and natural gas inventory includes $139 million of inventory received as part of a settlement agreement reached with Petróleos de Venezuela, S.A. (PDVSA) under an International Chamber of Commerce arbitration award. As of the end of October 2018, substantially all of the inventory recognized during the third quarter related to this settlement has been sold. For information about the settlement, see Note 13—Contingencies and Commitments.

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- References

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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