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Inventories
6 Months Ended
Jun. 30, 2011
Inventories  
Inventories

6.       Inventories

 

A portion of inventories is valued under the LIFO method.  The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs.  Inventories as of June 30, 2011 and December 31, 2010 consisted of the following (in millions):

 

 

 

2011

 

2010

 

Raw materials

 

$

69

 

$

63

 

Materials and supplies

 

433

 

414

 

Finished goods

 

772

 

636

 

 

 

1,274

 

1,113

 

LIFO reserve

 

(72

)

(72

)

Total

 

$

1,202

 

$

1,041