Inventories

6 Months Ended

Jun. 30, 2024

Inventories consist of the following components:


	June 30, 2024		December 31, 2023

	(In thousands)
Crude oil	$	829,845	$	858,411
Other raw materials and unfinished products (1)	736,298		683,066
Finished products (2)	1,426,590		1,435,817
Lower of cost or market reserve	(109,077)		(331,570)
Process chemicals (3)	48,713		50,917
Repair and maintenance supplies and other (4)	227,789		225,190
Total inventory	$	3,160,158	$	2,921,831

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.

(3)Process chemicals include additives and other chemicals.

(4)Includes RINs.

At June 30, 2024, the LIFO value of our Refining segment inventories was equal to cost. The December 31, 2023 market reserve of $220.6 million reversed resulting in a decrease to cost of sales totaling $220.6 million for the six months ended June 30, 2024. The effect of the change in the lower of cost or market reserve was an increase to cost of sales totaling $26.8 million for both the three and six months ended June 30, 2023.

Our Renewables segment inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $109.1 million and $111.0 million at June 30, 2024 and December 31, 2023, respectively. A new market reserve of $109.1 million as of June 30, 2024 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was a decrease to cost of sales totaling $3.1 million and $34.7 million for the three months ended June 30, 2024 and 2023, respectively. The effect of the change in the lower of cost or market reserve was a decrease to cost of sales totaling $1.9 million and an increase to cost of sales totaling $12.9 million for the six months ended June 30, 2024 and 2023, respectively.