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Inventories

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013 consisted of the following (in millions):

	2014			2013
Raw materials	$	78		$	74
Materials and supplies		643			628
Finished goods		693			589
		1,414			1,291
LIFO reserve		(91	)		(91	)
Total	$	1,323		$	1,200

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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