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Inventories
 6 Months Ended
Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 consisted of the following (in millions):

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Raw materials

 

$
74

 

$
71

 

Materials and supplies

 
638

 
585

 

Finished goods

 
497

 
485

 

 

 

 

 

 

 

 

 
1,209

 
1,141

 

 

 

 

 

 

 

Revaluation to LIFO

 
(89)

 
(89)

 

 

 

 

 

 

 

Total

 

$
1,120

 

$
1,052