v3.26.1
Inventories
6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
(Millions of dollars)June 30,
2026
December 31,
2025
Crude oil and other feedstocks$3,067 $3,272 
Refined products5,495 5,350 
Materials and supplies1,411 1,507 
Total$9,973 $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.