Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	March 31, 2022		December 31, 2021
Refinery feedstocks	$	2,068	$	1,995
Refined petroleum products and blendstocks	4,199		3,567
Renewable diesel feedstocks and products	245		135
Ethanol feedstocks and products	364		273
Materials and supplies	298		295
Inventories	$	7,174	$	6,265

As of March 31, 2022 and December 31, 2021, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $9.3 billion and $5.2 billion, respectively. Our non-LIFO inventories accounted for $1.6 billion and $1.4 billion of our total inventories as of March 31, 2022 and December 31, 2021, respectively.