Occidental Petroleum 2003 Annual Report Download - page 47

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of goodwill and other intangibles. Effective January 1, 2001, the Company
changed its method of accounting for derivative instruments and hedging
activities.
/s/ KPMG LLP
Los Angeles, California
February 13, 2004
32
CONSOLIDATED STATEMENTS OF OPERATIONS Occidental Petroleum Corporation
In millions, except per-share amounts and Subsidiaries
For the years ended December 31, 2003 2002 2001
====================================================================== ========== ========== ==========
REVENUES
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
---------- ---------- ----------
9,447 7,491 8,335
---------- ---------- ----------
COSTS AND OTHER DEDUCTIONS
Cost of sales 3,988 3,385 3,626
Selling, general and administrative and other operating expenses 855 677 668
Depreciation, depletion and amortization 1,177 1,012 965
Environmental remediation 63 23 109
Exploration expense 139 176 184
Interest and debt expense, net 332 295 401
---------- ---------- ----------
6,554 5,568 5,953
---------- ---------- ----------
INCOME BEFORE TAXES AND OTHER ITEMS 2,893 1,923 2,382
Provision for domestic and foreign income and other taxes 1,227 422 556
Minority interest 62 77 143
Loss from equity investments 9 261 504
---------- ---------- ----------
INCOME FROM CONTINUING OPERATIONS 1,595 1,163 1,179
Discontinued operations, net -- (79) (1)
Cumulative effect of changes in accounting principles, net (68) (95) (24)
---------- ---------- ----------
NET INCOME $ 1,527 $ 989 $ 1,154
========== ========== ==========
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 4.16 $ 3.09 $ 3.16
Discontinued operations, net -- (0.21) --
Cumulative effect of changes in accounting principles, net (0.18) (0.25) (0.06)
---------- ---------- ----------
BASIC EARNINGS PER COMMON SHARE $ 3.98 $ 2.63 $ 3.10
========== ========== ==========
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations $ 4.11 $ 3.07 $ 3.15
Discontinued operations, net -- (0.21) --
Cumulative effect of changes in accounting principles, net (0.18) (0.25) (0.06)
---------- ---------- ----------
DILUTED EARNINGS PER COMMON SHARE $ 3.93 $ 2.61 $ 3.09
========== ========== ==========
DIVIDENDS PER COMMON SHARE $ 1.04 $ 1.00 $ 1.00
====================================================================== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
33
CONSOLIDATED BALANCE SHEETS Occidental Petroleum Corporation
In millions, except share amounts and Subsidiaries