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Inventories

9 Months Ended

Sep. 30, 2014

Inventories

Our inventories (including inventory consigned to others) are stated at the lower of cost or market. Cost is determined under the last-in, first-out (LIFO) method for crude oil, refined products and blendstock inventories. Materials and supplies are stated at average cost.

Carrying value of inventories consisted of the following:



	September 30, 2014		December 31, 2013
Crude oil, refined products and blendstocks	$	28,889	$	25,246
Crude oil inventory consigned to others	20,490		14,214
Materials and supplies	9,436		9,686
Total inventories	$	58,815	$	49,146

Market values of crude oil, refined products and blendstock inventories exceeded LIFO costs by $17,657 and $21,216 at September 30, 2014 and December 31, 2013, respectively.

- 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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