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Inventories

9 Months Ended

Sep. 30, 2014

Inventory consists of the following components:



	September 30, 2014		December 31, 2013
	(In thousands)
Crude oil	$	615,245	$	567,281
Other raw materials and unfinished products⁽¹⁾	183,395		154,534
Finished products⁽²⁾	692,678		519,633
Process chemicals⁽³⁾	3,858		3,504
Repair and maintenance supplies and other	84,289		109,295
Total inventory	$	1,579,465	$	1,354,247


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


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


(3)	Process chemicals include additives and other chemicals.

- 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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