Inventories
|
| | | | | | | |
| December 31, |
(In millions) | 2013 | | 2012 |
Crude oil and refinery feedstocks | $ | 1,797 |
| | $ | 1,383 |
|
Refined products | 2,367 |
| | 1,761 |
|
Materials and supplies | 425 |
| | 231 |
|
Merchandise | 100 |
| | 74 |
|
Total (at cost) | $ | 4,689 |
| | $ | 3,449 |
|
The LIFO method accounted for 90 percent and 93 percent of total inventory value at December 31, 2013 and 2012, respectively. Current acquisition costs were estimated to exceed the LIFO inventory value at December 31, 2013 and 2012 by $4,084 million and $4,511 million, respectively. There were no liquidations of LIFO inventories in 2013 and 2012. Cost of revenues decreased and income from operations increased by $4 million in 2011 as a result of liquidations of LIFO inventories, excluding inventories liquidated in dispositions.
