v3.26.1
Inventories
6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following components:
Millions of dollarsJune 30,
2026
December 31,
2025
Finished goods$2,438 $2,238 
Work-in-process131 69 
Raw materials and supplies1,510 1,226 
Total inventories$4,079 $3,533 
During the first six months of 2025, inventory liquidations associated with our exit from the refinery business generated a last-in, first-out (“LIFO”) benefit of $196 million, net of tax, or $0.60 per diluted share. This benefit is reflected in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Income.