0000007694-98-000120 5 1 19980930 19981030 NYSE

ASHLAND INC 0000007694 2911 610122250 KY 0930

5 34 001-02918 98733704

1000 ASHLAND DRIVE RUSSELL KY 41169 6063293333

P O BOX 391 ASHLAND KY 41101

ASHLAND OIL INC 19920703

ASHLAND OIL & REFINING CO 19700806

OBRIEN JAMES J /KY 0001023582 OFFICER

PO BOX 14000 LEXINGTON KY 40512 6063294784

C/O ASHLAND INC 1000 ASHLAND DRIVE PO BOX 391 RUSSELL KY 41169

5 1 000000769498000120-001-seq1-5.txt FORM 5 - SEPTEMBER 30, 1998