Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	September 30, 2023		December 31, 2022
Refinery feedstocks	$	1,878	$	1,949
Refined petroleum products and blendstocks	4,232		3,579
Renewable diesel feedstocks and products	797		583
Ethanol feedstocks and products	270		328
Materials and supplies	336		313
Inventories	$	7,513	$	6,752

As of September 30, 2023 and December 31, 2022, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $6.1 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 September 30, 2023 and December 31, 2022, respectively.