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Inventories | 3 Months Ended
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Mar. 31, 2025
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following:
| Millions of Dollars
| March 31 2025 |  | December 31 2024
Crude oil and products | $ | 4,791 |  |  | 3,547 |
Materials and supplies | 449 |  |  | 448 |
| $ | 5,240 |  |  | 3,995 |
Inventories valued on the last-in, first-out (LIFO) basis totaled $4,694 million and $3,443 million at March 31, 2025, and December 31, 2024, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $5.4 billion and $4.9 billion at March 31, 2025, and December 31, 2024, respectively. Certain planned reductions in inventory that are not expected to be replaced by the end of the year cause liquidations of LIFO inventory values. LIFO liquidations did not have a material impact on net income for the three months ended March 31, 2025 and 2024.

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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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