Occidental Petroleum 2002 Annual Report Download - page 51

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Minority interest 77 143 185
Loss (income) from equity investments 261 504 (67)
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 1,163 1,179 1,557
Discontinued operations, net (79) (1) 13
Cumulative effect of changes in accounting principles, net (95) (24) --
---------- ---------- ----------
NET INCOME 989 1,154 1,570
Effect of repurchase of Trust Preferred Securities -- -- 1
---------- ---------- ----------
EARNINGS APPLICABLE TO COMMON STOCK $ 989 $ 1,154 $ 1,571
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 3.09 $ 3.16 $ 4.22
Discontinued operations, net (0.21) -- 0.04
Cumulative effect of changes in accounting principles, net (0.25) (0.06 ) --
---------- ---------- ----------
BASIC EARNINGS PER COMMON SHARE $ 2.63 $ 3.10 $ 4.26
========== ========== ==========
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations $ 3.07 $ 3.15 $ 4.22
Discontinued operations, net (0.21) -- 0.04
Cumulative effect of changes in accounting principles, net (0.25) (0.06) --
---------- ---------- ----------
DILUTED EARNINGS PER COMMON SHARE $ 2.61 $ 3.09 $ 4.26
====================================================================== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
35
CONSOLIDATED BALANCE SHEETS Occidental Petroleum Corporation
In millions, except share amounts and Subsidiaries
Assets at December 31, 2002 2001
================================================================================ ========== ==========
CURRENT ASSETS
Cash and cash equivalents $ 146 $ 198
Trade receivables, net of reserves of $28 in 2002 and $35 in 2001 608 360
Receivables from joint ventures, partnerships and other 321 266
Inventories 491 414
Assets held for sale -- 131
Income tax receivable 150 35
Prepaid expenses and other 157 153
---------- ----------
TOTAL CURRENT ASSETS 1,873 1,557
---------- ----------
LONG-TERM RECEIVABLES, NET 275 2,185
---------- ----------
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
1,056 993
---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Oil and gas segment, successful efforts method 15,440 14,414
Chemical segment 3,689 3,757
Corporate and other 302 273
---------- ----------
19,431 18,444
Accumulated depreciation, depletion and amortization (6,395) (5,653)
---------- ----------
13,036 12,791