INVENTORIES

Inventories consisted of the following:



March 31, 2013
	Titled Inventory		Inventory Supply and Offtake Arrangements		Total
Crude oil and feedstocks	$	424,649	$	226,512	$	651,161
Refined products and blendstocks	355,286		411,369		766,655
Warehouse stock and other	32,702		—		32,702
	$	812,637	$	637,881	$	1,450,518



December 31, 2012
	Titled Inventory		Inventory Supply and Offtake Arrangements		Total
Crude oil and feedstocks	$	384,441	$	257,947	$	642,388
Refined products and blendstocks	405,545		417,865		823,410
Warehouse stock and other	31,321		—		31,321
	$	821,307	$	675,812	$	1,497,119

Inventory under inventory supply and offtake arrangements includes crude oil stored at the Company’s Paulsboro and Delaware City refineries' storage facilities that the Company will purchase as it is consumed in connection with the crude supply agreements; feedstocks and blendstocks sold to counterparties that the Company will repurchase for further blending into finished products; lube products sold to a counterparty that the Company will repurchase; and light finished products sold to a counterparty in connection with the offtake agreement and stored in the Paulsboro and Delaware City refineries' storage facilities pending shipment by the counterparty.

At March 31, 2013 and December 31, 2012, the replacement value of inventories exceeded the LIFO carrying value by approximately $137,883 and $79,859, respectively.