Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at March 31, 2020 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	34,527	$	73,706	$	108,233
Refined products and blendstock	76,506		72,426		148,932
Warehouse stock and other (2)	62,375		—		62,375
Total	$	173,408	$	146,132	$	319,540

Inventories at December 31, 2019 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreements (1)		Total
Crude oil and feedstocks	$	117,717	$	148,303	$	266,020
Refined products and blendstock	127,966		158,737		286,703
Warehouse stock and other (2)	63,149		—		63,149
Total	$	308,832	$	307,040	$	615,872

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(1) Please read Note 9—Inventory Financing Agreements for further information.

(2) Includes $17.8 million and $19.1 million of RINs and environmental credits as of March 31, 2020 and December 31, 2019, respectively. RINs and environmental obligations of $38.3 million and $22.8 million are included in Other Liabilities on our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, there was a $176.4 million reserve for the lower of cost or net realizable value of inventory. As of December 31, 2019, there was no reserve for the lower of cost or net realizable value of inventory. Our last-in, first-out (“LIFO”) inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of March 31, 2020. As of December 31, 2019, the excess of current replacement cost over the LIFO inventory carrying value at the Washington refinery was approximately $6.4 million.