UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                 FORM 8-K/A
                              AMENDMENT NO. 1

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

      Date of report (Date of earliest event reported): March 18, 2004

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

              1-2918                                         61-0122250
       (Commission File Number)                          (I.R.S. Employer
                                                        Identification No.)


   50 E. RiverCenter Boulevard, Covington, Kentucky          41012-0391
           (Address of principal executive offices)          (Zip Code)


           P.O. Box 391, Covington, Kentucky                 41012-0391
                   (Mailing Address)                         (Zip Code)


        Registrant's telephone number, including area code (859) 815-3333


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))



                                EXPLANATORY NOTE

This amendment to the Current Report on Form 8-K dated March 18, 2004 and
filed March 22, 2004 of Ashland Inc. ("Ashland") is being filed to
reclassify Exhibits 10.1, 10.2, 10.3 and 10.4 as Exhibits 2.2, 2.3, 2.4 and
2.5, respectively. In accordance with Rule 12b-15 under the Securities
Exchange Act of 1934, as amended, the text of the amended item is set forth
in its entirety in the pages attached hereto.


Item 9.01.  Financial Statements and Exhibits

(a) Financial Statements

None.

(b) Pro Forma Financial Information

None.

(c) Exhibits*

2.1      Master  Agreement dated as of March 18, 2004,  among Ashland Inc.,
         ATB  Holdings   Inc.,   EXM  LLC,  New  EXM  Inc.,   Marathon  Oil
         Corporation,  Marathon  Oil  Company,  Marathon  Domestic  LLC and
         Marathon Ashland Petroleum LLC (the "Master Agreement").

2.2      Tax Matters  Agreement  dated as of March 18, 2004,  among Ashland
         Inc.,  ATB  Holdings  Inc.,  EXM LLC,  New EXM Inc.,  Marathon Oil
         Corporation,  Marathon  Oil  Company,  Marathon  Domestic  LLC and
         Marathon Ashland Petroleum LLC.

2.3      Assignment  and  Assumption  Agreement  (VIOC Centers) dated as of
         March 18, 2004, between Ashland Inc. and ATB Holdings Inc.

2.4      Assignment and Assumption  Agreement (Maleic Business) dated as of
         March 18, 2004, between Ashland Inc. and ATB Holdings Inc.

2.5      Amendment  No. 2 dated as of March  18,  2004 to the  Amended  and
         Restated Limited  Liability Company Agreement dated as of December
         31, 1998 of Marathon Ashland Petroleum LLC, by and between Ashland
         Inc. and Marathon Oil Company.


*Ashland agrees to furnish supplementally a copy of any omitted schedule to
the United States Securities and Exchange Commission upon request.


                                    -2-



                                 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:  November 5, 2004                      /s/ J. Marvin Quin
                                          -----------------------------------
                                          Name:     J. Marvin Quin
                                          Title:    Senior Vice President
                                                    and Chief Financial Officer



                               EXHIBIT INDEX*


2.1      Master  Agreement dated as of March 18, 2004,  among Ashland Inc.,
         ATB  Holdings   Inc.,   EXM  LLC,  New  EXM  Inc.,   Marathon  Oil
         Corporation,  Marathon  Oil  Company,  Marathon  Domestic  LLC and
         Marathon Ashland Petroleum LLC (the "Master Agreement").

2.2      Tax Matters  Agreement  dated as of March 18, 2004,  among Ashland
         Inc.,  ATB  Holdings  Inc.,  EXM LLC,  New EXM Inc.,  Marathon Oil
         Corporation,  Marathon  Oil  Company,  Marathon  Domestic  LLC and
         Marathon Ashland Petroleum LLC.

2.3      Assignment  and  Assumption  Agreement  (VIOC Centers) dated as of
         March 18, 2004, between Ashland Inc. and ATB Holdings Inc.

2.4      Assignment and Assumption  Agreement (Maleic Business) dated as of
         March 18, 2004, between Ashland Inc. and ATB Holdings Inc.

2.5      Amendment  No. 2 dated as of March  18,  2004 to the  Amended  and
         Restated Limited  Liability Company Agreement dated as of December
         31, 1998 of Marathon Ashland Petroleum LLC, by and between Ashland
         Inc. and Marathon Oil Company.



*Ashland agrees to furnish supplementally a copy of any omitted schedule to
the United States Securities and Exchange Commission upon request.


                                    -3-