Occidental Petroleum 2002 Annual Report Download - page 92

Revenues $ 2,622 $ 453 $ 1,279 (a) $ 4,354 $ 107 $ 4,461
Production costs 753 92 158 1,003 61 1,064
Exploration expenses 105 27 43 175 1 176
Other operating expenses 152 (7) 67 212 10 222
Depreciation, depletion and amortization 570 41 195 806 13 819
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PRETAX INCOME 1,042 300 816 2,158 22 2,180
Income tax expense(b) 210 113 385 (a) 708 10 718
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RESULTS OF OPERATIONS $ 832 $ 187 $ 431 $ 1,450 $ 12 $ 1,462
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FOR THE YEAR ENDED DECEMBER 31, 2001
Revenues $ 3,471 $ 245 $ 1,166 (a) $ 4,882 $ 137 $ 5,019
Production costs 773 68 123 964 67 1,031
Exploration expenses 42 91 61 194 (10) 184
Other operating expenses 141 5 65 211 4 215
Depreciation, depletion and amortization 535 27 171 733 14 747
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PRETAX INCOME 1,980 54 746 2,780 62 2,842
Income tax expense(b) 530 20 430 (a) 980 26 1,006
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RESULTS OF OPERATIONS $ 1,450 $ 34 $ 316 $ 1,800 $ 36 $ 1,836
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FOR THE YEAR ENDED DECEMBER 31, 2000
Revenues $ 2,762 $ 506 $ 1,387 (a) $ 4,655 $ 135 $ 4,790
Production costs 540 71 110 721 64 785
Exploration expenses 50 31 13 94 -- 94
Other operating expenses 141 27 38 206 9 215
Depreciation, depletion and amortization 444 40 167 651 10 661
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PRETAX INCOME 1,587 337 1,059 2,983 52 3,035
Income tax expense(b) 366 162 505 (a) 1,033 18 1,051
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RESULTS OF OPERATIONS $ 1,221 $ 175 $ 554 $ 1,950 $ 34 $ 1,984
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(a) Revenues and income tax expense include taxes owed by Occidental but paid
by governmental entities on its behalf.
(b) U.S. federal income taxes reflect expenses allocated for U.S. income tax
purposes only related to oil and gas activities, including allocated
interest and corporate overhead. Foreign income taxes were included in
geographic areas on the basis of operating results.
(c) Includes results of operations for equity investees in Russia and Yemen,
partially offset by minority interest for a Colombian affiliate.
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RESULTS PER UNIT OF PRODUCTION (Unaudited)
Consolidated Subsidiaries
-------------------------------------------------------
Middle East
and Other
United Latin Eastern Other Total
States America Hemisphere Total Interests(d) Worldwide(e)
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FOR THE YEAR ENDED DECEMBER 31, 2002
Revenues from net production
Oil ($/bbl.) $ 23.47 $ 23.26 $ 33.05 (a) $ 26.20 $ 14.98 $ 25.37 (a)
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Natural gas ($/Mcf) $ 2.89 $ -- $ 2.08 $ 2.81 $ -- $ 2.81
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Barrel of oil equivalent ($/bbl.)(b,c) $ 21.30 $ 23.26 $ 31.14 (a) $ 23.71 $ 14.98 $ 23.24 (a)
Production costs 6.12 4.72 3.85 5.46 6.75 5.54
Exploration expenses 0.85 1.39 1.05 0.95 0.10 0.92
Other operating expenses 1.23 (0.36) 1.63 1.15 0.78 1.16
Depreciation, depletion and amortization 4.63 2.11 4.75 4.39 1.76 4.27
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PRETAX INCOME 8.47 15.40 19.86 11.76 5.59 11.35
Income tax expense 1.71 5.80 9.37 (a) 3.86 2.35 3.74 (a)
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RESULTS OF OPERATIONS $ 6.76 $ 9.60 $ 10.49 $ 7.90 $ 3.24 $ 7.61
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FOR THE YEAR ENDED DECEMBER 31, 2001
Revenues from net production
Oil ($/bbl.) $ 22.82 $ 19.87 $ 32.68 (a) $ 25.41 $ 15.70 $ 24.65 (a)
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Natural gas ($/Mcf) $ 6.40 $ -- $ 2.29 $ 6.11 $ -- $ 6.11
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Barrel of oil equivalent ($/bbl.)(b,c) $ 28.34 $ 19.87 $ 31.18 (a) $ 28.35 $ 15.70 $ 27.69 (a)
Production costs 6.31 5.51 3.29 5.60 7.20 5.70
Exploration expenses 0.34 7.38 1.63 1.13 -- 1.02
Other operating expenses 1.15 0.41 1.74 1.23 0.50 1.19
Depreciation, depletion and amortization 4.37 2.19 4.57 4.26 1.70 4.12
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