Occidental Petroleum 2002 Annual Report Download - page 22
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Gain on sale of interest in the
Indonesian Tangguh LNG Project (a) -- 399 --
-------- -------- --------
Segment Core Earnings $ 1,707 $ 2,446 $ 2,417
----------------------------------------- -------- -------- --------
CHEMICAL
Segment Results $ 275 $ (399) $ 141
Less:
Gain on sale of Equistar investment (a) 164 -- --
Equistar writedown -- (412) --
Writedown of intermediates -- -- (140)
-------- -------- --------
Segment Core Earnings $ 111 $ 13 $ 281
----------------------------------------- -------- -------- --------
CORPORATE
Results $ (993) $ (1,292) $ (988)
Less:
Loss on sale of pipeline-owning
entity (a) -- (272) --
Settlement of state tax issue -- 70 --
Gain on sale of CanadianOxy
investment -- -- 493
Changes in accounting principles,
net (a) (95) (24) --
Discontinued operations, net (a) (79) (1) 13
Tax effect of pre-tax adjustments -- 148 (145)
----------------------------------------- -------- -------- --------
TOTAL CORE EARNINGS $ 999 $ 1,246 $ 1,349
========================================= ======== ======== ========
(a) These amounts are shown after-tax.
CONSOLIDATED OPERATIONS
SELECTED REVENUE ITEMS
In millions 2002 2001 2000
======================================== ======== ======== ========
Net sales $ 7,338 $ 8,102 $ 8,504
Interest, dividends and other income $ 143 $ 223 $ 263
Gains on disposition of assets, net $ 10 $ 10 $ 639
---------------------------------------- -------- -------- --------
The decrease in sales in 2002, compared to 2001, primarily reflects lower
natural gas and chemical prices and lower natural gas and chemical volumes,
partially offset by higher crude oil prices and higher crude oil production.
The decrease in sales in 2001, compared to 2000, primarily reflects lower
crude oil and chemical prices, partially offset by higher natural gas prices.
Interest, dividends and other income in 2002, 2001 and 2000 includes
interest income on the notes receivable from the Altura partners of $21 million,
$102 million and $106 million, respectively. Occidental exercised an option in
May 2002 to redeem the sellers' remaining partnership interests in exchange for
the notes receivable.
Gains on disposition of assets in 2001 includes the pre-tax gain of $454
million on the sale of the interest in the Tangguh LNG project and the pre-tax
loss of $459 million on the sale of its interests in a subsidiary that owned a
Texas intrastate pipeline system. Gains on disposition of assets in 2000
includes the pre-tax gain of $493 million on the sale of the CanadianOxy
investment, the pre-tax gain of $61 million on the partial sale of the Gulf of
Mexico assets, the pre-tax gain of $63 million on the receipt of contingency
payments related to a prior-year sale of a Dutch North Sea subsidiary and the
pre-tax gain of $34 million on the sale of the Durez business.