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Inventories

9 Months Ended

Sep. 30, 2014

5. Inventories

Inventories consisted of the following:

	September 30,			December 31,
	2014			2013
	(In millions)
Crude oil	$	326		$	291
Refined petroleum products and natural gas		217			618
Less: LIFO adjustment		(44	)		(339	)
		499			570
Merchandise, materials and supplies		318			384
Total inventories	$	817		$	954

Inventories related to the E&P segment were $629 million at September 30, 2014 and $599 million at December 31, 2013.

- 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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