Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):

	Titled Inventory		Supply and Offtake Agreement (1)		Total
September 30, 2023
Crude oil and feedstocks	$	268,498	$	126,747	$	395,245
Refined products and blendstock	379,320		144,942		524,262
Warehouse stock and other (2)	307,822		—		307,822
Total	$	955,640	$	271,689	$	1,227,329
December 31, 2022
Crude oil and feedstocks	$	112,082	$	265,536	$	377,618
Refined products and blendstock	188,040		168,624		356,664
Warehouse stock and other (2)	307,701		—		307,701
Total	$	607,823	$	434,160	$	1,041,983

________________________________________________________

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

(2)Includes $223.4 million and $258.2 million of RINs and environmental credits, reported at the lower of cost or net realizable value, as of September 30, 2023 and December 31, 2022, respectively. RINs and environmental credit obligations of $326.6 million and $549.8 million, reported at market value, are included in Other accrued liabilities on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. If we marked our RINs and environmental credits to fair market value, our net environmental credit obligations would have been $91.1 million and $152.6 million as of September 30, 2023 and December 31, 2022, respectively.

As of September 30, 2023 and December 31, 2022, there was no reserve for the lower of cost or net realizable value of inventory. As of September 30, 2023 and December 31, 2022, the excess of current replacement cost over the last-in, first-out (“LIFO”) inventory carrying value at the Washington refinery was approximately $63.4 million and $46.4 million, respectively.