Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORIES

3.    INVENTORIES

Inventories consisted of the following (in millions):

	March 31, 2026		December 31, 2025
Refinery feedstocks	$	1,629	$	1,880
Refined petroleum products and blendstocks	4,317		4,182
Renewable diesel feedstocks and products	867		809
Ethanol feedstocks and products	335		314
Materials and supplies	408		406
Inventories	$	7,556	$	7,591

As of March 31, 2026 and December 31, 2025, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $11.2 billion and $2.6 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.2 billion of our total inventories as of March 31, 2026 and December 31, 2025, respectively.