Occidental Petroleum 2002 Annual Report Download - page 93

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PRETAX INCOME 16.17 4.38 19.95 16.13 6.30 15.66
Income tax expense 4.33 1.62 11.50 (a) 5.69 2.80 5.55 (a)
----------- ----------- ----------- ----------- ----------- ----------
RESULTS OF OPERATIONS $ 11.84 $ 2.76 $ 8.45 $ 10.44 $ 3.50 $ 10.11
=========================================== =========== =========== =========== =========== =========== ==========
FOR THE YEAR ENDED DECEMBER 31, 2000
Revenues from net production
Oil ($/bbl.) $ 26.66 $ 25.92 $ 38.29 (a) $ 30.19 $ 18.62 $ 29.31 (a)
=========== =========== =========== =========== =========== ==========
Natural gas ($/Mcf) $ 3.65 $ -- $ 1.99 $ 3.53 $ -- $ 3.53
=========== =========== =========== =========== =========== ==========
Barrel of oil equivalent ($/bbl.)(b,c) $ 25.42 $ 25.92 $ 36.23 (a) $ 27.96 $ 18.62 $ 27.46 (a)
Production costs 4.97 3.64 2.87 4.33 7.14 4.50
Exploration expenses 0.46 1.59 0.34 0.56 -- 0.54
Other operating expenses 1.30 1.38 0.99 1.24 0.93 1.23
Depreciation, depletion and amortization 4.09 2.05 4.36 3.91 1.55 3.79
----------- ----------- ----------- ----------- ----------- ----------
PRETAX INCOME 14.60 17.26 27.67 17.92 9.00 17.40
Income tax expense 3.37 8.30 13.19 (a) 6.21 3.41 6.02 (a)
----------- ----------- ----------- ----------- ----------- ----------
RESULTS OF OPERATIONS $ 11.23 $ 8.96 $ 14.48 $ 11.71 $ 5.59 $ 11.38
=========================================== =========== =========== =========== =========== =========== ==========
(a) Revenues and income tax expense include taxes owed by Occidental but paid
by governmental entities on its behalf.
(b) Natural gas volumes have been converted to equivalent barrels based on
energy content of six Mcf of gas to one barrel of oil.
(c) Revenues from net production exclude royalty payments and other
adjustments.
(d) Includes results of operations for equity investees in Russia and Yemen.
(e) The computation of results per unit of production included in the
denominator 4.2 mmboe, 7.8 mmboe and 5.7 mmboe produced by Occidental that
were subject to volumetric production payments for the years 2002, 2001 and
2000, respectively.
72
2002 QUARTERLY FINANCIAL DATA (Unaudited) Occidental Petroleum Corporation
In millions, except per-share amounts and Subsidiaries
Three months ended MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
============================================================= ============ ============ ============ ============
Segment net sales
Oil and gas $ 958 $ 1,165 $ 1,224 $ 1,287
Chemical 565 702 739 698
------------ ------------ ------------ ------------
Net sales $ 1,523 $ 1,867 $ 1,963 $ 1,985
============ ============ ============ ============
Gross profit $ 536 $ 742 $ 838 $ 856
============ ============ ============ ============
Segment earnings(loss)
Oil and gas $ 306 $ 421 $ 490 $ 490
Chemical (31) 34 214 58
------------ ------------ ------------ ------------
275 455 704 548
Unallocated corporate items
Interest expense, net (56) (66) (73) (58)
Income taxes (44) (101) (105) (114)
Trust preferred distributions and other (11) (12) (12) (12)
Other (41) (35) (38) (41)
------------ ------------ ------------ ------------
Income from continuing operations 123 241 476 323
Discontinued operations, net (3) (1) (74) (1)
Cumulative effect of changes in accounting principles, net (95) -- -- --
------------ ------------ ------------ ------------
Net income $ 25 $ 240 $ 402 (a) $ 322
============ ============ ============ =============
Basic earnings per common share
Income from continuing operations $ .33 $ .64 $ 1.26 $ .85
Discontinued operations, net (.01) -- (.19) --
Cumulative effect of changes in accounting principles, net (.25) -- -- --
------------ ------------ ------------ ------------
Basic earnings per common share $ .07 $ .64 $ 1.07 $ .85
============ ============ ============ ============
Diluted earnings per common share
Income from continuing operations $ .33 $ .63 $ 1.25 $ .84
Discontinued operations, net (.01) -- (.19) --
Cumulative effect of changes in accounting principles, net (.25) -- -- --