Occidental Petroleum 2001 Annual Report Download - page 45

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for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Occidental Petroleum
Corporation and consolidated subsidiaries as of December 31, 2001 and 2000, and
the results of their operations and their cash flows for each of the three years
in the period ended December 31, 2001, in conformity with accounting principles
generally accepted in the United States.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule listed in the exhibit index
of financial statements is presented for purposes of complying with the
Securities and Exchange Commissions rules and is not part of the basic financial
statements. This schedule has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion, fairly
states in all material respects the financial data required to be set forth
therein in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
/s/ ARTHUR ANDERSEN LLP
Los Angeles, California
February 8, 2002
34
CONSOLIDATED STATEMENTS OF OPERATIONS Occidental Petroleum Corporation
In millions, except per-share amounts and Subsidiaries
For the years ended December 31, 2001 2000 1999
====================================================================== ========== ========== ==========
REVENUES
Net sales $ 13,985 $ 13,574 $ 7,820
Interest, dividends and other income 223 263 913
Gains (losses) on disposition of assets, net 10 639 (13)
Income (loss) from equity investments (92) 67 41
---------- ---------- ----------
14,126 14,543 8,761
---------- ---------- ----------
COSTS AND OTHER DEDUCTIONS
Cost of sales 9,488 8,963 5,269
Selling, general and administrative and other operating expenses 675 691 645
Write-down of assets 415 180 212
Depreciation, depletion and amortization of assets 971 901 805
Minority interest 143 185 58
Environmental remediation 109 -- --
Exploration expense 184 94 75
Interest and debt expense, net 392 518 498
---------- ---------- ----------
12,377 11,532 7,562
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES 1,749 3,011 1,199
Provision for domestic and foreign income and other taxes 563 1,442 631
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 1,186 1,569 568
Extraordinary (loss) gain, net (8) 1 (107)
Cumulative effect of changes in accounting principles, net (24) -- (13)
---------- ---------- ----------
NET INCOME 1,154 1,570 448
Effect of repurchase of Trust Preferred Securities -- 1 1
Preferred dividends -- -- (7)
---------- ---------- ----------
EARNINGS APPLICABLE TO COMMON STOCK $ 1,154 $ 1,571 $ 442
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 3.18 $ 4.26 $ 1.58
Extraordinary loss, net (.02) -- (.30)
Cumulative effect of changes in accounting principles, net (.06) -- (.04)
---------- ---------- ----------
BASIC EARNINGS PER COMMON SHARE $ 3.10 $ 4.26 $ 1.24
========== ========== ==========
DILUTED EARNINGS PER COMMON SHARE $ 3.09 $ 4.26 $ 1.24
====================================================================== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
35