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Inventories | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following:
| Millions of Dollars |  |
| June 30 2020 |  | December 31 2019
Crude oil and petroleum products | $ | 4,806 |  |  | 3,452 |
Materials and supplies | 330 |  |  | 324 |
| $ | 5,136 |  |  | 3,776 |
Inventories valued on the last-in, first-out (LIFO) basis totaled $4,701 million and $3,331 million at June 30, 2020, and December 31, 2019, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $1.4 billion and $4.3 billion at June 30, 2020, and December 31, 2019, 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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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