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Inventories

9 Months Ended

Sep. 30, 2014

Note 4—Inventories

Inventories consisted of the following:

	Millions of Dollars
	September 30		December 31
		2014	2013

Crude oil and natural gas	$	536	452
Materials, supplies and other		794	742
	$	1,330	1,194

Inventories valued on the last-in, first-out (LIFO) basis totaled $430 million and $343 million at September 30, 2014 and December 31, 2013, respectively. The estimated excess of current replacement cost over LIFO cost of inventories was approximately $80 million and $160 million at September 30, 2014 and December 31, 2013, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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