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Inventories

12 Months Ended

Dec. 31, 2014

5. Inventories

Inventories at December 31 were as follows:

	2014		2013
	(In millions)
Crude oil	$	246	$	291
Natural gas and refined petroleum products		—		618
Less: LIFO adjustment		—		(339	)
		246		570
Materials , supplies and merchandise		281		384
Total inventories	$	527	$	954

Inventories related to the downstream businesses, consisting primarily of refined petroleum products and merchandise, were $355 million at December 31, 2013. The percentage of LIFO inventories to total crude oil, refined petroleum products and natural gas inventories was 43% at December 31, 2013. See also Note 2, Discontinued Operations.

- 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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