Occidental Petroleum 2001 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2001 Occidental Petroleum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

FOR THE YEAR ENDED DECEMBER 31, 1999
Revenues from net production
Oil ($/bbl.) $ 16.56 $ 12.84 $ 20.32 (a) $ 17.06
========== ========== ========== ==========
Natural gas ($/Mcf) $ 2.09 $ -- $ 1.17 $ 2.02
========== ========== ========== ==========
Barrel of oil equivalent ($/bbl.)(b,c) $ 14.24 $ 12.84 $ 19.66 (a) $ 15.74
Production costs 3.07 2.63 2.68 2.84
Exploration expenses .56 .25 .50 .47
Other operating expenses .69 1.25 1.45 1.07
Other expense--asset write-downs -- 1.25 -- .28
Depreciation, depletion and amortization 4.09 1.63 3.90 3.48
---------- ---------- ---------- ----------
PRETAX INCOME 5.83 5.83 11.13 7.60
Income tax expense .48 2.30 4.73 (a) 2.30
---------- ---------- ---------- ----------
RESULTS OF OPERATIONS $ 5.35 $ 3.53 $ 6.40 $ 5.30
========================================================== ========== ========== ========== ==========
(a) Revenues and income tax expense include taxes owed by Occidental but paid
by governmental entities on its behalf; however, oil revenues from net
production per barrel, as shown in the "Management's Discussion and
Analysis," excludes these taxes.
(b) Natural gas volumes have been converted to equivalent barrels based on
energy content of six Mcf of gas to one barrel of oil.
(c) Revenues from net production exclude royalty payments and other
adjustments.
68
2001 QUARTERLY FINANCIAL DATA (Unaudited) Occidental Petroleum Corporation
In millions, except per-share amounts and Subsidiaries
Three months ended MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
======================================================== ============ ============ ============ ============
Segment net sales
Oil and gas $ 3,612 $ 2,964 $ 2,521 $ 1,796
Chemical 863 881 764 584
------------ ------------ ------------ ------------
Net sales $ 4,475 $ 3,845 $ 3,285 $ 2,380
============ ============ ============ ============
Gross profit $ 1,186 $ 1,095 $ 868 $ 413
============ ============ ============ ============
Segment earnings(loss)
Oil and gas $ 946 $ 806 $ 927 $ 166
Chemical (79) 58 40 (413)
------------ ------------ ------------ ------------
867 864 967 (247)
Unallocated corporate items
Interest expense, net (76) (71) (60) (56)
Income taxes (175) (249) (129) 187
Trust preferred distributions and other (16) (14) (13) (13)
Other (89) (57) (321) (113)
------------ ------------ ------------ ------------
Income before extraordinary items 511 473 444 (242)
Extraordinary loss, net (3) -- -- (5)
Cumulative effect of changes in accounting principles,
net (24) -- -- --
------------ ------------ ------------ ------------
Net income $ 484 (a) $ 473 (b) $ 444 (c) $ (247)(d)
============ ============ ============ ============
Basic earnings per common share
Income before extraordinary items $ 1.38 $ 1.27 $ 1.19 $ (.65)
Extraordinary loss, net (.01) -- -- (.01)
Cumulative effect of changes in accounting
principles, net (.06) -- -- --
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.31 $ 1.27 $ 1.19 $ (.66)
============ ============ ============ ============
Diluted earnings per common share
Income before extraordinary items $ 1.37 $ 1.26 $ 1.18 $ (.65)
Extraordinary loss, net (.01) -- -- (.01)
Cumulative effect of changes in accounting
principles, net (.06) -- -- --
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.30 $ 1.26 $ 1.18 $ (.66)
============ ============ ============ ============
Dividends per common share $ .25 $ .25 $ .25 $ .25
============ ============ ============ ============
Market price per common share
High $ 26.39 $ 31.08 $ 28.55 $ 26.93
Low $ 22.10 $ 24.39 $ 21.90 $ 23.56
======================================================== ============ ============ ============ ============
(a) Includes $26 million after-tax in special items for severance and plant
write-downs and an increase in environmental reserves, $24 million
after-tax charge for a change in accounting standards for derivatives.
(b) Includes a $7 million gain, net of tax, from the sale of additional
interest in the Gulf of Mexico.
(c) Includes a net after-tax gain of $127 million from the sale of interest in