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Inventories

6 Months Ended

Jun. 30, 2016

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, 2016, and December 31, 2015, consisted of the following (in millions):

	2016			2015
Raw materials	$	73		$	73
Materials and supplies	502			568
Finished goods	381			395
	956			1,036

Revaluation to LIFO	(50		)	(50		)
Total	$	906		$	986