INVENTORIES

Inventories consisted of the following:



September 30, 2013
	Titled Inventory		Inventory Supply and Offtake Arrangements		Total
Crude oil and feedstocks	$	541,097	$	95,371	$	636,468
Refined products and blendstocks	471,289		331,626		802,915
Warehouse stock and other	33,254		—		33,254
	$	1,045,640	$	426,997	$	1,472,637



December 31, 2012
	Titled Inventory		Inventory Supply and Offtake Arrangements		Total
Crude oil and feedstocks	$	384,441	$	257,947	$	642,388
Refined products and blendstocks	405,545		417,865		823,410
Warehouse stock and other	31,321		—		31,321
	$	821,307	$	675,812	$	1,497,119

The inventory offtake agreements at the Paulsboro and Delaware City refineries were terminated on July 1, 2013 and separate inventory intermediation agreements for these refineries became effective upon the termination (see Note 5 Inventory Intermediation Agreements).

Inventory under inventory supply and offtake arrangements includes crude oil stored at the Company’s Paulsboro and Delaware City refineries' storage facilities that the Company will purchase as it is consumed in connection with the crude supply agreements; feedstocks and blendstocks sold to counterparties that the Company will repurchase for further blending into finished products; lube products sold to a counterparty that the Company will repurchase; and light finished products sold to counterparties in connection with the offtake and intermediation agreements and stored in the Paulsboro and Delaware City refineries' storage facilities.

At September 30, 2013 and December 31, 2012, the replacement value of inventories exceeded the LIFO carrying value by approximately $72,689 and $79,859, respectively.