Occidental Petroleum 2003 Annual Report Download - page 22

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Segment Results $ 210 $ 275 $ (399)
Less:
Gain on sale of Equistar investment (a) -- 164 --
Equistar writedown -- -- (412)
-------- -------- --------
Segment Core Earnings $ 210 $ 111 $ 13
----------------------------------------- -------- -------- --------
CORPORATE
Results $ (1,347) $ (993) $ (1,292)
Less:
Loss on sale of pipeline-owning
entity (a) -- -- (272)
Settlement of state tax issue -- -- 70
Debt repayment fee (61) -- --
Changes in accounting principles,
net (a) (68) (95) (24)
Discontinued operations, net (a) -- (79) (1)
Tax effect of pre-tax adjustments 21 -- 148
----------------------------------------- -------- -------- --------
TOTAL CORE EARNINGS $ 1,635 $ 999 $ 1,246
========================================= ======== ======== ========
(a) These amounts are shown after-tax.
CONSOLIDATED OPERATIONS
SELECTED REVENUE ITEMS
In millions 2003 2002 2001
==================================== ======== ======== ========
Net sales $ 9,326 $ 7,338 $ 8,102
Interest, dividends and other income $ 89 $ 143 $ 223
Gains on disposition of assets, net $ 32 $ 10 $ 10
------------------------------------ -------- -------- --------
The increase in sales in 2003, compared to 2002, primarily reflects higher
crude oil, natural gas and chemical prices and higher crude oil production
volumes, partially offset by lower natural gas production volumes.
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 production.
Interest, dividends and other income in 2002 and 2001 includes interest
income on the notes receivable from the Altura partners of $21 million and $102
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 2003 include the final gain of $22
million on the sale of the remaining Continental Shelf Gulf of Mexico (GOM)
assets to Apache Corporation. Gains on disposition of assets in 2001 include the
gain of $454 million on the sale of the interest in the Tangguh LNG project and
the loss of $459 million on the sale of its interests in a subsidiary that owned
a Texas natural gas intrastate pipeline system.
16
SELECTED EXPENSE ITEMS
In millions 2003 2002 2001
=================================== ======== ======== ========