SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549

                                     FORM 10-Q/A
                                   AMENDMENT NO. 1


              X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                        OF THE SECURITIES EXCHANGE ACT OF 1934
                    For the quarterly period ended December 31, 1994

                                         OR


                     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                         OF THE SECURITIES EXCHANGE ACT OF 1934


                              Commission File Number 1-2918

                                       ASHLAND INC.
                                (Formerly Ashland Oil, Inc.)

                  (Exact name of registrant as specified in its charter)



          Kentucky                                          61-0122250
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                          Identification No.)

1000 Ashland Drive, Russell, Kentucky                           41169
(Address of principal executive offices)                      (Zip Code)

P.O. Box 391, Ashland, Kentucky                                  41114
        (Mailing Address)                                      (Zip Code)


          Registrant's  telephone  number,  including area code (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 January 31, 1995,  there were  60,766,604  shares of Registrant's
          Common  Stock  outstanding.   One-half  of  one  Right  to  purchase
          one-tenth of a share of Cumulative  Preferred Stock,  Series of 1987
          accompanies each outstanding share of Registrant's Common Stock.




                                 EXPLANATORY NOTE

         This  Amendment to the quarterly  report on Form 10-Q for the quarter
ended December 31, 1994, 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    April 28, 1995                     /s/ James G. Stephenson
                                           ----------------------------
                                             James G. Stephenson
                                             Vice President - Law