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Inventories

6 Months Ended

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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- References

No definition available.

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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

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