Occidental Petroleum 2002 Annual Report Download - page 53

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Dividends on common stock -- (92) (277) --
Issuance of common stock 1 40 -- --
Exercises of options and other, net -- 8 -- --
----------------------------------------------------- ------------- ------------- ------------- -------------
BALANCE, DECEMBER 31, 2000 $ 74 $ 3,743 $ 1,007 $ (50)
Net income -- -- 1,154 --
Other comprehensive income, net of tax -- -- -- (36)
Dividends on common stock -- -- (373) --
Issuance of common stock -- 19 -- --
Exercises of options and other, net 1 95 -- --
----------------------------------------------------- ------------- ------------- ------------- -------------
BALANCE, DECEMBER 31, 2001 $ 75 $ 3,857 $ 1,788 $ (86)
Net income -- -- 989 --
Other comprehensive income, net of tax -- -- -- 59
Dividends on common stock -- -- (474) --
Issuance of common stock -- 22 -- --
Exercises of options and other, net -- 88 -- --
----------------------------------------------------- ------------- ------------- ------------- -------------
BALANCE, DECEMBER 31, 2002 $ 75 $ 3,967 $ 2,303 $ (27)
===================================================== ============= ============= ============= =============
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
In millions
For the years ended December 31, 2002 2001 2000
================================================================= ========== ========== ==========
Net income $ 989 $ 1,154 $ 1,570
Other comprehensive income items:
Foreign currency translation adjustments 5 (12) 2
Derivative mark-to-market adjustments (6) (20) --
Minimum pension liability adjustments (5) (6) 2
Unrealized gains(losses) on securities 65 2 (3)
---------- ---------- ----------
Other comprehensive income, net of tax 59 (36) 1
---------- ---------- ----------
Comprehensive income $ 1,048 $ 1,118 $ 1,571
================================================================= ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
38
CONSOLIDATED STATEMENTS OF CASH FLOWS Occidental Petroleum Corporation
In millions and Subsidiaries
For the years ended December 31, 2002 2001 2000
================================================================================ ========== ========== ==========
CASH FLOW FROM OPERATING ACTIVITIES
Income from continuing operations $ 1,163 $ 1,179 $ 1,557
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets 1,012 965 894
Amortization of debt discount and deferred financing costs 7 5 7
Deferred income tax (benefit) provision (141) (183) 413
Other noncash charges to income 62 106 169
Gains on disposition of assets, net and litigation settlement (10) (10) (639)
Loss (income) from equity investments 261 504 (67)
Dry hole and impairment expense 96 99 41
Changes in operating assets and liabilities:
Decrease (increase) in accounts and notes receivable (342) 1,085 (201)
Decrease (increase) in inventories (73) 37 (39)
Decrease (increase) in prepaid expenses and other assets (39) 72 34
Increase (decrease) in accounts payable and accrued liabilities 172 (1,150) 367
Increase (decrease) in current domestic and foreign income taxes 115 4 (53)
Other operating, net (174) (152) (155)
---------- ---------- ----------
Operating cash flow from continuing operations 2,109 2,561 2,328
Operating cash flow from discontinued operations (9) 5 20
---------- ---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,100 2,566 2,348
---------- ---------- ----------
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures (1,236) (1,308) (892)
Sale of businesses and disposal of property, plant and equipment, net 41 852 1,488
Purchase of businesses, net (492) (46) (3,715)
Equity investments and other, net (5) (141) 82
---------- ---------- ----------
Investing cash flow from continuing operations (1,692) (643) (3,037)
Investing cash flow from discontinued operations (4) (8) (7)
---------- ---------- ----------
NET CASH USED BY INVESTING ACTIVITIES (1,696) (651) (3,044)
---------- ---------- ----------