OXY » Topics » NOTE 4 INVENTORIES

These excerpts taken from the OXY 10-K filed Feb 24, 2009.

INVENTORIES

For the oil and gas segment, materials and supplies are valued at the lower of average cost or market and are reviewed periodically for obsolescence. Oil inventories and natural gas trading and storage inventory are valued at the lower of cost or market.

For the chemical segment, Occidental values most of its domestic inventories, other than materials and supplies, using the last-in, first-out (LIFO) method as it better matches current costs and current revenue. For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable). Occidental accounts for materials and supplies using a weighted-average cost method.

 

NOTE 4    INVENTORIES

 

Net carrying values of inventories valued under the LIFO method were approximately $166 million and $190 million at December 31, 2008 and 2007, respectively. Inventories consisted of the following:

 

Balance at December 31, (in millions)

 

2008

 

2007

 

Raw materials

 

$

123

 

$

92

 

Materials and supplies

 

 

412

 

 

349

 

Finished goods

 

 

494

 

 

571

 

 

 

 

1,029

 

 

1,012

 

LIFO reserve

 

 

(71

)

 

(102

)

Total

 

$

958

 

$

910

 

 

This excerpt taken from the OXY 10-K filed Feb 22, 2008.

NOTE 4    INVENTORIES

Inventories of approximately $190 million and $204 million were valued under the LIFO method at December 31, 2007 and 2006, respectively. Inventories consisted of the following:

Balance at December 31, (in millions)

 

2007

 

2006

 

Raw materials

 

$

92

 

$

70

 

Materials and supplies

 

 

349

 

 

304

 

Finished goods

 

 

571

 

 

525

 

 

 

 

1,012

 

 

899

 

LIFO reserve

 

 

(102

)

 

(74

)

Total

 

$

910

 

$

825

 

48

This excerpt taken from the OXY 10-K filed Feb 27, 2007.

NOTE 4    INVENTORIES

Inventories of approximately $204 million and $157 million were valued under the LIFO method at December 31, 2006 and 2005, respectively. Inventories consisted of the following:

Balance at December 31, (in millions)

 

2006

 

2005

 

Raw materials

 

$

70

 

$

81

 

Materials and supplies

   

304

   

177

 

Finished goods

   

525

   

558

 
     

899

   

816

 

LIFO reserve

   

(74

)

 

(100

)

Total

 

$

825

 

$

716

 

51

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