Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	March 31, 2023		December 31, 2022
Refinery feedstocks	$	1,820	$	1,949
Refined petroleum products and blendstocks	4,120		3,579
Renewable diesel feedstocks and products	827		583
Ethanol feedstocks and products	366		328
Materials and supplies	322		313
Inventories	$	7,455	$	6,752

As of March 31, 2023 and December 31, 2022, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $6.0 billion and $6.3 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.6 billion of our total inventories as of March 31, 2023 and December 31, 2022, respectively.