v3.25.4
Inventories
12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories
Note 2—Inventories
Inventories at December 31 were:
Millions of Dollars
20252024
Crude oil and products$1,000 907 
Materials and supplies873 902 
Total inventories$1,873 1,809 
Inventories valued on the LIFO basis$609 578 
The estimated excess of current replacement cost over LIFO cost of inventories was approximately $65 million and $113 million at December 31, 2025 and 2024, respectively.