INVENTORIES

12 Months Ended

Dec. 31, 2011

Inventories consisted of the following:



	December 31,
	2011		2010
	(Thousands of Dollars)
Crude oil	$	157,297	$	122,945
Finished products	421,288		281,197
Materials and supplies	9,200		9,395
Total	$	587,785	$	413,537

Our finished products consist of asphalt, intermediates, gasoline, distillates and other petroleum products. Materials and supplies mainly consist of blending and additive chemicals and maintenance materials used in our transportation and storage segments.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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