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Inventories

6 Months Ended

Jun. 30, 2012


4.	INVENTORIES

Inventories consisted of the following (in millions):



	June 30, 2012		December 31, 2011
Refinery feedstocks	$	2,140	$	2,474
Refined products and blendstocks	2,797		2,633
Ethanol feedstocks and products	178		195
Convenience store merchandise	105		103
Materials and supplies	223		218
Inventories	$	5,443	$	5,623

As of June 30, 2012 and December 31, 2011, the replacement cost (market value) of last in, first out (LIFO) inventories exceeded their LIFO carrying amounts by approximately $6.5 billion and $6.8 billion, respectively.

- 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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