Occidental Petroleum 2002 Annual Report Download - page 21
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KEY PRODUCT INDEXES (1987 through
1990 average price = 1.0)
Chlorine 1.01 0.74 1.58
Caustic soda 0.71 1.33 0.69
Ethylene Dichloride 1.01 0.61 1.37
PVC commodity resins (b) 0.73 0.68 0.95
KEY PRODUCT VOLUMES
Chlorine (thousands of tons) (c) 2,807 2,847 2,977
Caustic soda (thousands of tons) 2,717 2,857 3,168
Ethylene Dichloride (thousands of tons) 573 735 979
PVC commodity resins
(millions of pounds) 4,132 3,950 3,902
CAPITAL EXPENDITURES
Basic chemicals $ 50 $ 37 $ 49
Vinyls $ 40 $ 55 $ 61
Specialty businesses $ 16 $ 19 $ 37
Other $ 3 $ 1 $ 1
------------------------------------------ -------- -------- --------
(a) Occidental's results of operations often include the effects of significant
transactions and events affecting earnings that vary widely and
unpredictably in nature, timing and amount. Therefore, management uses a
measure called "core earnings", which excludes those items. This non-GAAP
measure is not meant to disassociate those items from management's
performance, but rather is meant to provide useful information to investors
interested in comparing Occidental's earnings performance between periods.
Core earnings is not considered to be an alternative to operating income in
accordance with generally accepted accounting principles.
(b) Product volumes produced at former PolyOne facilities, now part of
OxyVinyls, are excluded from the product indexes.
(c) Product volumes include products produced and consumed internally.
Core earnings were $111 million in 2002, compared with $13 million in 2001.
The increase in core earnings reflects the impact of higher average prices for
chlorine, EDC and PVC resins and lower raw material costs, partially offset by
lower prices for caustic soda and overall lower volumes.
SIGNIFICANT ITEMS AFFECTING EARNINGS
Occidental's results of operations often include the effects of significant
transactions and events affecting earnings that vary widely and unpredictably in
nature, timing and amount. Therefore, management uses a measure called "core
earnings", which excludes those items. This non-GAAP measure is not meant to
disassociate those items from management's performance, but rather is meant to
provide useful information to investors interested in comparing Occidental's
earnings performance between periods. Reported earnings are considered
representative of management's performance over the long term. Core
15
earnings is not considered to be an alternative to operating income in
accordance with generally accepted accounting principles.
SIGNIFICANT ITEMS AFFECTING EARNINGS
Benefit (Charge) In millions 2002 2001 2000
========================================= ======== ======== ========
TOTAL REPORTED EARNINGS $ 989 $ 1,154 $ 1,570
========================================= ======== ======== ========
OIL AND GAS
Segment Earnings $ 1,707 $ 2,845 $ 2,417
Less: