Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	June 30, 2024		December 31, 2023
Refinery feedstocks	$	2,036	$	2,223
Refined petroleum products and blendstocks	4,307		3,790
Renewable diesel feedstocks and products	1,024		913
Ethanol feedstocks and products	307		313
Materials and supplies	354		344
Inventories	$	8,028	$	7,583

As of June 30, 2024 and December 31, 2023, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $5.3 billion and $4.4 billion, respectively. Our non-LIFO inventories accounted for $1.5 billion of our total inventories as of June 30, 2024 and December 31, 2023.