10-Q/A

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                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549



                                FORM 10-Q/A
                              AMENDMENT NO. 1


          Quarterly Report Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934



                FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996



                       Commission file number 1-2918



                                ASHLAND INC.
                          (a Kentucky corporation)



                           I.R.S. No. 61-0122250
                             1000 Ashland Drive
                          Russell, Kentucky 41169



                      Telephone Number: (606) 329-3333




                  Indicate  by check mark  whether the  Registrant  (1) has
              filed all reports required to be filed by Section 13 or 15(d)
              of the  Securities  Exchange Act of 1934 during the preceding
              12 months (or for such shorter period that the Registrant was
              required to file such  reports),  and (2) has been subject to
              such  filing  requirements  for the past 90 days.  Yes  __X__
              No___

                  At  July  31,  1996,  there  were  64,413,082  shares  of
              Registrant's Common Stock outstanding.  One Right to purchase
              one-thousandth   of  a  share  of   Series  A   Participating
              Cumulative Preferred Stock accompanies each outstanding share
              of Registrant's Common Stock.


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                             EXPLANATORY NOTE

         This  Amendment  to the  quarterly  report  on Form  10-Q  for the
quarter ended June 30, 1996, of Ashland Inc.  ("Ashland") is being filed by
Ashland to amend Ashland's Exhibit 27 - Financial Data Schedule.

         Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934,
as  amended,  the text of the  amendment  is set forth in its  entirety  as
attached hereto.




                                 SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



                                                  Ashland  Inc.
                                        -------------------------------
                                                  (Registrant)






Date      August 13, 1997                    /s/  Thomas L. Feazell
                                        -------------------------------
                                            Thomas L. Feazell
                                            Senior Vice President,
                                            General Counsel and Secretary



                               EXHIBIT INDEX



Exhibit
   No.                        Description


27       Restated Financial Data Schedule for the quarter ended June 30, 1996

EX-27

 

<ARTICLE>  5
<LEGEND> THIS SCHEDULE  CONTAINS SUMMARY  FINANCIAL  INFORMATION  EXTRACTED
FROM ASHLAND  INC.'S 3RD QUARTER 1997 10-Q WHICH  RESTATED THE PERIOD ENDED
JUNE 30,  1996,  AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-Q
AND NOTE B OF NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS  THAT
EXPLAINS THE RESTATEMENT.
<MULTIPLIER>  1,000,000
       
                                                
<PERIOD-TYPE>                                      9-MOS
<FISCAL-YEAR-END>                                  SEP-30-1996
<PERIOD-END>                                       JUN-30-1996
<CASH>                                                      71
<SECURITIES>                                                 0
<RECEIVABLES>                                            1,685
<ALLOWANCES>                                                27
<INVENTORY>                                                763
<CURRENT-ASSETS>                                         2,763
<PP&E>                                                   6,219
<DEPRECIATION>                                           3,026
<TOTAL-ASSETS>                                           7,107
<CURRENT-LIABILITIES>                                    2,247
<BONDS>                                                  1,752
<COMMON>                                                    65
<PREFERRED-MANDATORY>                                        0
<PREFERRED>                                                293
<OTHER-SE>                                               1,424
<TOTAL-LIABILITY-AND-EQUITY>                             7,107
<SALES>                                                  9,459
<TOTAL-REVENUES>                                         9,515
<CGS>                                                    8,300
<TOTAL-COSTS>                                            8,300
<OTHER-EXPENSES>                                             0
<LOSS-PROVISION>                                             0
<INTEREST-EXPENSE>                                         128
<INCOME-PRETAX>                                            136
<INCOME-TAX>                                                50
<INCOME-CONTINUING>                                         95
<DISCONTINUED>                                              70
<EXTRAORDINARY>                                              0
<CHANGES>                                                    0
<NET-INCOME>                                               165
<EPS-PRIMARY>                                             2.34
<EPS-DILUTED>                                             2.23