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Inventories

6 Months Ended

Jun. 30, 2012

Inventory consists of the following components:



	June 30, 2012		December 31, 2011
	(In thousands)
Crude oil	$	471,228	$	400,952
Other raw materials and unfinished products⁽¹⁾	164,730		137,356
Finished products⁽²⁾	617,849		513,776
Process chemicals⁽³⁾	2,943		1,180
Repairs and maintenance supplies and other	53,069		61,355
Total inventory	$	1,309,819	$	1,114,619


(1)	Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.


(2)	Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.


(3)	Process chemicals include additives and other chemicals.

- 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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