UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D. C. 20549

                               --------------
                                  FORM 8-K
                               --------------


                               CURRENT REPORT


                     PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934


     DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 24, 2007


                                ASHLAND INC.
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


                                  Kentucky
               (State or other jurisdiction of incorporation)


         1-32532                                      20-0865835
(Commission File Number)               (I.R.S. Employer Identification No.)

           50 E. RIVERCENTER BOULEVARD, COVINGTON, KENTUCKY 41011
            (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 230.425)

[ ]     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
        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))


                                    -1-

<PAGE>

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On January 24, 2007, Ashland Inc. ("Ashland") posted its first quarter
results,  which are discussed in more detail in the press release  attached
hereto as Exhibit 99.1,  which is  incorporated by reference into this item
2.02.

     The information in this report,  being furnished pursuant to Item 2.02
of Form 8-K,  shall not be deemed to be "filed" for  purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise  subject  to  the  liabilities  of  that  Section,   and  is  not
incorporated  by reference in any filing under the  Securities Act of 1933,
as amended,  or the Exchange Act, except as expressly set forth by specific
reference in such filing.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(d)      Exhibits

99.1    Press Release dated January 24, 2007.




                                    -2-



<PAGE>


                                 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)



January 24, 2007                    /s/ J. Marvin Quin
                                   ----------------------------------------
                                   J. Marvin Quin
                                   Senior Vice President and
                                   Chief Financial Officer




                                    -3-


<PAGE>


                               EXHIBIT INDEX


99.1    Press Release dated January 24, 2007.


                                    -4-
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{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "07548168"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D. C. 20549

                               --------------
                                  FORM 8-K
                               --------------

                               CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934

     DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 24, 2007

                                ASHLAND INC.
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                                  Kentucky
               (State or other jurisdiction of incorporation)

         1-32532                                      20-0865835
(Commission File Number)               (I.R.S. Employer Identification No.)

           50 E. RIVERCENTER BOULEVARD, COVINGTON, KENTUCKY 41011
            (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 230.425)

[ ]     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
        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))

                                    -1-
ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On January 24, 2007, Ashland Inc. ("Ashland") posted its first quarter
results,  which are discussed in more detail in the press release  attached
hereto as Exhibit 99.1,  which is  incorporated by reference into this item
2.02.

     The information in this report,  being furnished pursuant to Item 2.02
of Form 8-K,  shall not be deemed to be "filed" for  purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise  subject  to  the  liabilities  of  that  Section,   and  is  not
incorporated  by reference in any filing under the  Securities Act of 1933,
as amended,  or the Exchange Act, except as expressly set forth by specific
reference in such filing.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(d)      Exhibits

99.1    Press Release dated January 24, 2007.

                                    -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)

January 24, 2007                    /s/ J. Marvin Quin
                                   ----------------------------------------
                                   J. Marvin Quin
                                   Senior Vice President and
                                   Chief Financial Officer

                                    -3-
EXHIBIT INDEX

99.1    Press Release dated January 24, 2007.

                                    -4-