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Inventories

12 Months Ended

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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- 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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