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Inventories

3 Months Ended

Mar. 31, 2012

6. Inventories.

Inventories consisted of the following components (in millions of dollars):


	At March 31, 2012		At December 31, 2011
Crude oil	$	234	$	204
Petroleum and chemical products		108		120
Coal and coke		—		190
Materials, supplies and other		45		73

	$	387	$	587

In connection with its exit from the refining business, Sunoco reduced crude oil and refined product inventory quantities resulting in LIFO inventory profits of $497 and $42 million ($302 and $26 million after tax) during the first three months of 2012 and 2011, respectively (Note 3). The gain on the liquidation of inventories in 2012 includes $30 million ($18 million after tax) associated with hedging losses. The net gain on divestment of the Toledo refinery recognized during the first quarter of 2011 includes LIFO inventory profits of $535 million ($321 million after tax).

- 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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