Inventories

3 Months Ended

Mar. 31, 2012

Inventories

Inventories

5.             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 March 31, 2012 and December 31, 2011 consisted of the following (in millions):

	2012				2011
Raw materials		$	70			$	69
Materials and supplies		475				443
Finished goods		803				655
		1,348				1,167
LIFO reserve		(98		)		(98		)
Total		$	1,250			$	1,069