
3.	INVENTORIES

Inventories consisted of the following (in millions):



	June 30, 2015		December 31, 2014
Refinery feedstocks	$	2,600	$	2,269
Refined products and blendstocks	3,571		3,926
Ethanol feedstocks and products	206		195
Materials and supplies	241		233
Inventories	$	6,618	$	6,623

As of June 30, 2015 and December 31, 2014, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.0 billion and $857 million, respectively. As of June 30, 2015 and December 31, 2014, our non-LIFO inventories accounted for $927 million and $906 million, respectively, of our total inventories.