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Inventories

9 Months Ended

Sep. 30, 2015

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 September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	2015			2014
Raw materials	$	69		$	71
Materials and supplies	601			585
Finished goods	541			485

	1,211			1,141
Revaluation to LIFO	(89		)	(89		)
Total	$	1,122		$	1,052