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Inventories | 6 Months Ended
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Jun. 30, 2025
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consist of the following components:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Crude oil |  | $ | 824 |  |  | $ | 799 |
Other raw materials and unfinished products (1) |  | 751 |  |  | 656 |
Finished products (2) |  | 1,257 |  |  | 1,329 |
Lower of cost or market reserve |  | (320) |  |  | (289) |
Crude oil and refined products |  | 2,512 |  |  | 2,495 |
Process chemicals (3) |  | 52 |  |  | 43 |
Repair and maintenance supplies and other (4) |  | 250 |  |  | 260 |
Materials, supplies and other |  | 302 |  |  | 303 |
Total inventories |  | $ | 2,814 |  |  | $ | 2,798 |
(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 environmental credits. Our Refining and Renewables segment inventories are valued at the lower of last-in, first out cost or market based on market conditions at that time. The following table is a summary of the lower of cost or market reserve activity:
Lower of Cost or Market Reserve Activity Summary: |  | Refining |  | Renewables |  | Total
|  | (In millions)
Balance at December 31, 2024 |  | $ | 189 |  |  | $ | 100 |  |  | $ | 289 |
Lower of cost or market inventory valuation adjustments |  | 56 |  |  | (25) |  |  | 31 |
Balance at June 30, 2025 |  | $ | 245 |  |  | $ | 75 |  |  | $ | 320 |

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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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