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Inventories
9 Months Ended
Sep. 30, 2011
Inventories 
Inventories

 

6.       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 September 30, 2011 and December 31, 2010 consisted of the following (in millions):

 

 

 

2011

 

2010

 

Raw materials

 

$

68

 

$

63

 

Materials and supplies

 

459

 

414

 

Finished goods

 

794

 

636

 

 

 

1,321

 

1,113

 

LIFO reserve

 

(72

)

(72

)

Total

 

$

1,249

 

$

1,041