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Inventories | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
Inventories | Note 2—Inventories Inventories at December 31 were:
| Millions of Dollars
| 2024 | 2023
Crude oil and natural gas | $ | 907 |  | 676 |
Materials and supplies | 902 |  | 722 |
Total inventories | $ | 1,809 |  | 1,398 |
Inventories valued on the LIFO basis | $ | 578 |  | 401 |
The estimated excess of current replacement cost over LIFO cost of inventories was approximately $113 million and $91 million at December 31, 2024 and 2023, respectively.

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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 + Details
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