v3.26.1
Inventories
3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
(Millions of dollars)March 31,
2026
December 31,
2025
Crude oil and other feedstocks$3,360 $3,272 
Refined products6,035 5,350 
Materials and supplies1,369 1,507 
Total$10,764 $10,129 
Inventories are carried at the lower of cost or market value. Costs of crude oil and other feedstocks and refined products are aggregated on a consolidated basis for purposes of assessing whether the LIFO cost basis of these inventories may have to be written down to market values.