Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	September 30, 2025		December 31, 2024
Refinery feedstocks	$	1,826	$	2,167
Refined petroleum products and blendstocks	4,035		4,016
Renewable diesel feedstocks and products	840		872
Ethanol feedstocks and products	292		342
Materials and supplies	401		364
Inventories	$	7,394	$	7,761

As of September 30, 2025 and December 31, 2024, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $3.4 billion and $4.0 billion, respectively. Our non-LIFO inventories accounted for $1.2 billion and $1.3 billion of our total inventories as of September 30, 2025 and December 31, 2024, respectively.