Occidental Petroleum 2001 Annual Report Download - page 80

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the Tangguh LNG project and the sale of the entity that leased a pipeline
in Texas to Occidental's former MidCon subsidiary.
(d) Includes a $240 million after-tax write-down related to the agreement in
principle to sell Occidental's interest in Equistar, a $60 million pre-tax
charge for environmental remediation expenses, an $11 million pre-tax
charge to idle a chemical facility in Texas, a $5 million after-tax
extraordinary loss from early debt extinguishments and a $14 million
benefit from lower effective state tax rates.
69
2000 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 $ 1,534 $ 2,128 $ 2,972 $ 3,145
Chemical 1,040 1,067 891 797
------------ ------------ ------------ ------------
Net sales $ 2,574 $ 3,195 $ 3,863 $ 3,942
============ ============ ============ ============
Gross profit $ 787 $ 952 $ 1,036 $ 967
============ ============ ============ ============
Segment earnings(loss)
Oil and gas $ 394 $ 557 $ 696 $ 770
Chemical 143 34 47 (55)
------------ ------------ ------------ ------------
537 591 743 715
Unallocated corporate items
Interest expense, net (99) (104) (97) (80)
Income taxes (150) (349) (169) (193)
Trust preferred distributions and other (17) (16) (17) (17)
Other -- 442 (59) (92)
------------ ------------ ------------ ------------
Income before extraordinary items 271 564 401 333
Extraordinary gain, net -- -- 1 --
------------ ------------ ------------ ------------
Net income $ 271 (a) $ 564 (b) $ 402 (c) $ 333 (d)
============ ============ ============ ============
Basic earnings per common share
Income before extraordinary items $ 0.74 $ 1.53 $ 1.09 $ 0.90
Extraordinary gain, net -- -- -- --
------------ ------------ ------------ ------------
Basic earnings per common share $ 0.74 $ 1.53 $ 1.09 $ 0.90
============ ============ ============ ============
Diluted earnings per common share
Income before extraordinary items $ 0.74 $ 1.53 $ 1.09 $ 0.90
Extraordinary gain, net -- -- -- --
------------ ------------ ------------ ------------
Diluted earnings per common share $ 0.74 $ 1.53 $ 1.09 $ 0.90
============ ============ ============ ============
Dividends per common share $ 0.25 $ 0.25 $ 0.25 $ 0.25
============ ============ ============ ============
Market price per common share
High $ 22.38 $ 24.13 $ 24.46 $ 25.50
Low $ 15.75 $ 20.13 $ 18.69 $ 19.38
=============================================== ============ ============ ============ ============
(a) Includes an insurance dividend of $11 million.
(b) Includes a gain of $493 million related to the sale of CanadianOxy and a
charge of $120 million to write-down the chemical intermediate businesses.
(c) Includes an after-tax gain of $39 million related to the sale of an
interest in Occidental's Gulf of Mexico assets, an after-tax gain of $41
million on the receipt of a contingency payment related to a prior-year
sale of a Dutch North Sea subsidiary, and a charge of $53 million for the
write-down of various oil and gas assets and investments and a write-down
of a building of $21 million.
(d) Includes a $13 million gain on sale of the Durez business, a charge of $17
million related to a litigation settlement, a charge of $15 million related
to a write-down of various chemical assets and an after-tax loss of $2
million on the abandonment of a foreign investment.
70