Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories consist of the following components:

	September 30, 2025		December 31, 2024
	(In millions)
Crude oil	$	791	$	799
Other raw materials and unfinished products (1)	662		656
Finished products (2)	1,421		1,329
Lower of cost or market reserve	(386)		(289)
Crude oil and refined products	2,488		2,495
Process chemicals (3)	46		43
Repair and maintenance supplies and other (4)	249		260
Materials, supplies and other	295		303
Total inventories	$	2,783	$	2,798

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.

(3)Process chemicals include additives and other chemicals.

(4)Includes environmental credits.

The following table is a summary of the lower of cost or market reserve activity:

Lower of Cost or Market Reserve Activity Summary:	Refining		Renewables		Total
	(In millions)
Balance at December 31, 2024	$	189	$	100	$	289
Lower of cost or market inventory valuation adjustments	102		(5)		97
Balance at September 30, 2025	$	291	$	95	$	386