Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

4.    INVENTORIES

Inventories consisted of the following (in millions):

	December 31,
	2023		2022
Refinery feedstocks	$	2,223	$	1,949
Refined petroleum products and blendstocks	3,790		3,579
Renewable diesel feedstocks and products	913		583
Ethanol feedstocks and products	313		328
Materials and supplies	344		313
Inventories	$	7,583	$	6,752

As of December 31, 2023 and 2022, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $4.4 billion and $6.3 billion, respectively.

During the year ended December 31, 2022, we had a liquidation of certain LIFO inventory layers, which was due to weather-related production disruptions that occurred at the end of the year that decreased cost of materials and other by $323 million.

Our non-LIFO inventories accounted for $1.5 billion and $1.6 billion of our total inventories as of December 31, 2023 and 2022, respectively.