Occidental Petroleum 2002 Annual Report Download - page 101

Download and view the complete annual report

Please find page 101 of the 2002 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 149

  • 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
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149

Russia - Occidental net interest 27 27 26
Yemen - Occidental net interest 1 -- --
---------- ---------- ----------
Other interests 23 24 21
---------- ---------- ----------
Total worldwide production 515 476 461
======================================================= ========== ========== ==========
81
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Occidental Petroleum Corporation
In millions and Subsidiaries
Additions
-----------------------
Balance at Charged to Charged to Balance at
Beginning Costs and Other End of
of Period Expenses Accounts Deductions Period
========================================================= ========== ========== ========== ========== ==========
2002
Allowance for doubtful accounts $ 35 $ -- $ -- $ (7) $ 28
========== ========== ========== ========== ==========
Environmental $ 454 $ 25 $ -- $ (86)(a) $ 393
Foreign and other taxes, litigation and other reserves 930 8 193 (27) 1,104
---------- ---------- ---------- ---------- ----------
$ 1,384 $ 33 $ 193 $ (113) $ 1,497 (b)
========================================================= ========== ========== ========== ========== ==========
2001
Allowance for doubtful accounts $ 25 $ 12 $ -- $ (2) $ 35
========== ========== ========== ========== ==========
Environmental $ 402 $ 111 $ 16 $ (75)(a) $ 454
Foreign and other taxes, litigation and other reserves 1,001 10 27 (108)(c) 930
---------- ---------- ---------- ---------- ----------
$ 1,403 $ 121 $ 43 $ (183) $ 1,384 (b)
========================================================= ========== ========== ========== ========== ==========
2000
Allowance for doubtful accounts $ 24 $ 2 $ -- $ (1) $ 25
========== ========== ========== ========== ==========
Environmental $ 454 $ 2 $ 31 $ (85)(a) $ 402
Foreign and other taxes, litigation and other reserves 857 42 231 (129)(d) 1,001
---------- ---------- ---------- ---------- ----------
$ 1,311 $ 44 $ 262 $ (214) $ 1,403 (b)
========================================================= ========== ========== ========== ========== ==========
(a) Primarily represents payments.
(b) Of these amounts, $160 million, $165 million and $143 million in 2002, 2001
and 2000, respectively, is classified as current.
(c) Included a reclassification of $46 million to the "Deferred and other
domestic and foreign income taxes" account.
(d) Included a $52 million credit to the consolidated income statement, which
reflects a reduction in abandonment liabilities, mainly from the GOM
transactions discussed in Note 3.
82
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
There is hereby incorporated by reference the information regarding
Occidental's directors appearing under the caption "Election of Directors" in
Occidental's definitive proxy statement filed in connection with its April 25,
2003, Annual Meeting of Stockholders (the "2003 Proxy Statement"). See also the
list of Occidental's executive officers and related information under "Executive