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Inventories

9 Months Ended

Sep. 30, 2012

11. Inventories


(In millions)	September 30, 2012		December 31, 2011
Crude oil and refinery feedstocks	$	1,589	$	1,339
Refined products		2,038		1,725
Merchandise		67		65
Supplies and sundry items		195		191

Total (at cost)	$	3,889	$	3,320

Inventories are carried at the lower of cost or market value. The cost of inventories of crude oil and refinery feedstocks, refined products and merchandise is determined primarily under the last-in, first-out (“LIFO”) method. There were no liquidations of LIFO inventories for the three and nine months ended September 30, 2012 or the three months ended September 30, 2011. Cost of revenues decreased and income from operations increased by less than $1 million for the nine months ended September 30, 2011, as a result of liquidations of LIFO inventories.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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