v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories at June 30, 2025, and December 31, 2024, consisted of the following (in thousands):
Titled Inventory
Inventory Financing Agreements (1)
Total
June 30, 2025
Crude oil and feedstocks$159,527 $127,080 $286,607 
Refined products and blendstock490,853 — 490,853 
Warehouse stock and other (2)246,479 17,540 264,019 
Total$896,859 $144,620 $1,041,479 
December 31, 2024
Crude oil and feedstocks$124,910 $178,070 $302,980 
Refined products and blendstock504,456 — 504,456 
Warehouse stock and other (2)281,882 — 281,882 
Total$911,248 $178,070 $1,089,318 
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(1)Please read Note 8—Inventory Financing Agreements for further information.
(2)Includes $171.2 million and $195.0 million of Renewable Identification Numbers (“RINs”) and environmental credits, reported at the lower of cost or net realizable value, as of June 30, 2025, and December 31, 2024, respectively. Our renewable volume obligation and other gross environmental credit obligations of $301.2 million and $232.0 million are included in Other accrued liabilities on our condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, respectively.
As of June 30, 2025, there was no reserve for the lower of cost or net realizable value of inventory. As of December 31, 2024, there was $2.3 million reserved for the lower of cost or net realizable value of inventory. As of June 30, 2025, and December 31, 2024, the current replacement cost exceeded the LIFO inventory carrying value by approximately $25.5 million and $31.9 million, respectively.