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Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories

Inventories at December 31 were:

			Millions of Dollars
			2023			2022
Crude oil and natural gas			$	676		641
Materials and supplies			722			578
Total inventories			$	1,398		1,219
Inventories valued on the LIFO basis			$	401		396

The estimated excess of current replacement cost over LIFO cost of inventories was approximately $91 million and $149 million at December 31, 2023 and 2022, respectively.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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