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Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

			March 31, 2024						December 31, 2023
Refinery feedstocks			$	2,366					$	2,223
Refined petroleum products and blendstocks			3,847						3,790
Renewable diesel feedstocks and products			1,051						913
Ethanol feedstocks and products			300						313
Materials and supplies			348						344
Inventories			$	7,912					$	7,583

As of March 31, 2024 and December 31, 2023, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $6.0 billion and $4.4 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.5 billion of our total inventories as of March 31, 2024 and December 31, 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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