Inventories

9 Months Ended

Sep. 30, 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 September 30, 2012, and December 31, 2011, consisted of the following (in millions):

	2012			2011
Raw materials	$	60		$	69
Materials and supplies	590			443
Finished goods	745			655
	1,395			1,167
LIFO reserve	(98		)	(98		)
Total	$	1,297		$	1,069