Inventories
Inventories at December 31 consisted of the following:
|
| | | | | | |
| Millions of Dollars |
| 2013 |
| | 2012 |
|
| | | |
Crude oil and petroleum products | $ | 3,093 |
| | 3,138 |
|
Materials and supplies | 261 |
| | 292 |
|
| $ | 3,354 |
| | 3,430 |
|
Inventories valued on the LIFO basis totaled $2,945 million and $2,987 million at December 31, 2013 and 2012, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $7,600 million and $7,700 million at December 31, 2013 and 2012, respectively.
During each of the three years ending December 31, 2013, certain reductions in inventory caused liquidations of LIFO inventory values. These liquidations increased net income by approximately $109 million, $162 million and $155 million in 2013, 2012 and 2011, respectively.
