Inventory

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventory

NOTE 5 - INVENTORY

Commodity inventory and finished goods primarily represents crude oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the last-in, first-out (LIFO) method. Inventories consisted of the following:

millions	March 31, 2020		December 31, 2019
Raw materials	$	69	$	75
Materials and supplies	902		879
Commodity inventory and finished goods	505		533
	1,476		1,487
Revaluation to LIFO	(40)		(40)
Total	$	1,436	$	1,447

Occidental recognized impairments of $79 million for the three months ended March 31, 2020, due to lower than cost or net realizable value adjustments primarily related to crude oil inventories.