Occidental Petroleum 2003 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2003 Occidental Petroleum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 158

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158

Property, plant and equipment additions, net (h) $ 1,038 $ 109 $ 89 $ 1,236
=========== =========== =========== ===========
Depreciation, depletion and amortization $ 819 $ 183 $ 10 $ 1,012
=========== =========== =========== ===========
Total assets $ 12,407 $ 3,069 $ 1,072 $ 16,548
============================================================= =========== =========== =========== ===========
YEAR ENDED DECEMBER 31, 2001
Net sales $ 5,134 (a) $ 2,968 (b) $ -- $ 8,102
=========== =========== =========== ===========
Pretax operating profit(loss) $ 3,292 $ (442) $ (1,115)(d) $ 1,735
Income taxes (447) 43 (152)(e) (556)
Discontinued operations, net -- -- (1) (1)
Cumulative effect of changes in accounting principles, net -- -- (24) (24)
----------- ----------- ----------- -----------
Net income(loss) (c, f) $ 2,845 $ (399) $ (1,292)(g) $ 1,154
=========== =========== =========== ===========
Unconsolidated equity investments $ 75 $ 663 $ 255 $ 993
=========== =========== =========== ===========
Property, plant and equipment additions, net (h) $ 1,138 $ 112 $ 58 $ 1,308
=========== =========== =========== ===========
Depreciation, depletion and amortization $ 750 $ 184 $ 31 $ 965
=========== =========== =========== ===========
Total assets $ 13,316 $ 3,943 $ 591 $ 17,850
============================================================= =========== =========== =========== ===========
Footnotes:
----------
(a) Oil sales represented approximately 74 percent, 77 percent and 60 percent
of net oil and gas sales for the periods ended December 31, 2003, 2002 and
2001, respectively.
(b) Total product sales for the chemical segment were as follows:
Basic Chemicals Commodity Vinyl Resins Performance Chemicals
====================== ====================== ======================
YEAR ENDED DECEMBER 31, 2003 35% 54% 11%
Year ended December 31, 2002 37% 50% 13%
Year ended December 31, 2001 38% 48% 14%
63
Footnotes continued:
--------------------
(c) Segment earnings include charges and credits for major infrequently
occurring transactions in lieu of U.S. federal income taxes. In 2003, the
amounts allocated to the oil and gas segment were charges of $6 million. In
2002, the amounts allocated to the segments were charges of $1 million and
a credit of $403 million in oil and gas and chemical, respectively. In
2001, the amounts allocated to the segments were charges of $56 million and
a credit of $42 million in oil and gas and chemical, respectively.
(d) Includes unallocated net interest expense, administration expense,
environmental remediation and other items. 2001 also includes pipeline
lease income and pipeline depreciation expense.
(e) Includes unallocated income taxes.
(f) Oil and gas includes the 2001 gain on sale of interest in Indonesian
Tangguh LNG project of $399 million, net of tax. Chemicals includes the
2002 gain on sale of Equistar investment of $164 million, net of tax, and
the 2001 writedown of Equistar of $240 million, net of tax.
(g) Includes the following significant items affecting earnings for the years
ended December 31:
Benefit (Charge) (In millions) 2003 2002 2001
======================================================= ========== ========== ==========
CORPORATE
Debt repayment charge $ (61) $ -- $ --
Loss on sale of pipeline-owning entity * -- -- (272)