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Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following components:
June 30, 2025December 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 products2,512 2,495 
Process chemicals (3)
52 43 
Repair and maintenance supplies and other (4)
250 260 
Materials, supplies and other302 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 RenewablesTotal
(In millions)
Balance at December 31, 2024$189 $100 $289 
Lower of cost or market inventory valuation adjustments56 (25)31 
Balance at June 30, 2025
$245 $75 $320