Occidental Petroleum 2001 Annual Report Download - page 31

In millions 2001 2000
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Trade receivables, net $ 360 $ 809
Receivables from joint ventures, partnerships
and other $ 327 $ 517
Long-term receivables, net $ 2,186 $ 2,119
Equity investments $ 993 $ 1,327
Property, plant and equipment, net $ 12,858 $ 13,471
Current maturities of long-term debt and capital
lease liabilities $ -- $ 258
Accounts payable $ 720 $ 1,091
Accrued liabilities $ 858 $ 1,089
Current obligation under natural gas delivery
commitment $ 137 $ 129
Long-term debt, net $ 4,065 $ 3,285
Altura non-recourse debt $ -- $ 1,900
Long-term obligation under natural gas delivery
commitment $ 145 $ 282
Other deferred credits and liabilities $ 2,326 $ 2,415
Minority interest $ 2,224 $ 2,265
Trust Preferred Securities $ 463 $ 473
Stockholders' equity $ 5,634 $ 4,774
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The lower balance in trade receivables at December 31, 2001, compared with
December 31, 2000, reflected lower product prices during the fourth quarter of
2001 versus 2000. The decrease in receivables from joint ventures, partnerships
and other was due to lower mark-to-market adjustments on derivative financial
instruments in the oil and gas trading group. The lower balance in equity
investments primarily reflected the write-down of the equity investment in
Equistar in December 2001. The decrease in the net balance in property, plant
and equipment reflected depreciation, depletion and amortization and the sale of
the entity that owns pipelines in Texas, offset in part by capital spending.
The decrease in current maturities of long-term debt reflected a
reclassification of the current portion of long-term debt, since it is
management's intention to refinance the amount on a long-term basis by issuing
long-term debt. The decrease in accounts payable was due to lower trade payable
balances in the oil and gas marketing and trading operations. The decrease in
accrued liabilities was due to lower mark-to-market adjustments on derivative
financial instruments in the oil and gas trading group, a lower accrual for
interest expense and other miscellaneous items. The increase in long-term debt
primarily reflected the $800 million senior notes that were issued in 2001
mainly to extinguish the non-recourse debt, which was originally incurred as a
result of the Altura acquisition. The non-recourse debt was extinguished in 2001
using free operating cash flow and senior-note proceeds. The long-term balance
of the obligations under the natural gas delivery commitment decreased from
December 31, 2000, which reflected the reduction in the overall amount of the
obligation. Other deferred credits and liabilities included deferred
compensation, primarily other post-retirement benefits, environmental reserves,
contract advances, deferred revenue and other deferred items. The decrease in
this account was primarily the result of the decrease in deferred revenue from
the GOM monetization. The increase in stockholders' equity primarily reflected
net income, partially offset by dividends on common stock.
The table below presents principal amounts, by currency and by year of
maturity for Occidental's long-term debt obligations, excluding $9 million in
unamortized discount, at December 31, 2001:
DEBT CURRENCY DENOMINATIONS AND INTEREST RATES
In millions of U.S. dollars, except rates
U.S. Dollar U.S. Dollar
Year of Maturity Fixed Rate Variable Rate(a) Grand Total(b)
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2003 $ 507 $ -- $ 507
2004 324 -- 324