Occidental Petroleum 2003 Annual Report Download - page 84

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Consolidated Subsidiaries
-------------------------------------------------------------------
Other
United Latin Middle Eastern Other Total
In millions States America East Hemisphere Total Interests(c) Worldwide
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2003
Revenues $ 3,637 $ 612 $ 1,341 (a) $ 147 $ 5,737 $ 138 $ 5,875
Production costs 813 122 183 16 1,134 91 1,225
Exploration expenses 79 20 17 23 139 (1) 138
Other operating expenses 207 41 76 13 337 7 344
Depreciation, depletion and
amortization 637 60 209 48 954 17 971
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 1,901 369 856 47 3,173 24 3,197
Income tax expense(b) 500 179 415 (a) 26 1,120 9 1,129
---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 1,401 $ 190 $ 441 $ 21 $ 2,053 $ 15 $ 2,068
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2002
Revenues $ 2,622 $ 453 $ 1,146 (a) $ 133 $ 4,354 $ 107 $ 4,461
Production costs 753 92 137 21 1,003 61 1,064
Exploration expenses 105 27 28 15 175 1 176
Other operating expenses 152 (7) 59 8 212 10 222
Depreciation, depletion and
amortization 570 41 171 24 806 13 819
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 1,042 300 751 65 2,158 22 2,180
Income tax expense(b) 210 113 357 (a) 28 708 10 718
---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 832 $ 187 $ 394 $ 37 $ 1,450 $ 12 $ 1,462
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2001
Revenues $ 3,471 $ 245 $ 1,066 (a) $ 100 $ 4,882 $ 137 $ 5,019
Production costs 773 68 111 12 964 67 1,031
Exploration expenses 42 91 49 12 194 (10) 184
Other operating expenses 141 5 45 20 211 4 215
Depreciation, depletion and
amortization 535 27 159 12 733 14 747
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 1,980 54 702 44 2,780 62 2,842
Income tax expense(b) 530 20 395 (a) 35 980 26 1,006
---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 1,450 $ 34 $ 307 $ 9 $ 1,800 $ 36 1,836
=============================== ========== ========= ========= ========== ========= ========= =========
(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.
67
RESULTS PER UNIT OF PRODUCTION (Unaudited)
Consolidated Subsidiaries
----------------------------------------------------------------
Other
United Latin Middle Eastern Other Total
States America East Hemisphere Total Interests (b) Worldwide (c)
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2003
Revenues from net production
Oil ($/bbl.) $ 28.74 $ 26.98 $ 39.49 (a) $ 26.68 $ 31.02 $ 16.30 $ 29.91 (a)
========== ========= ========= ========== ========= ========= =========
Natural gas ($/Mcf) $ 4.81 $ -- $ -- $ 2.04 $ 4.49 $ -- $ 4.49
========== ========= ========= ========== ========= ========= =========
Barrel of oil equivalent
($/bbl.)(b,c) $ 28.57 $ 26.98 $ 39.49 (a) $ 18.52 $ 29.90 $ 16.30 $ 29.14 (a)
Production costs 6.39 5.38 5.39 2.02 5.91 8.50 6.08
Exploration expenses 0.62 0.88 0.50 2.90 0.72 -- 0.68
Other operating expenses 1.63 1.81 2.24 1.64 1.76 0.79 1.71
Depreciation, depletion and
amortization 5.00 2.64 6.15 6.05 4.97 1.93 4.82
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 14.93 16.27 25.21 5.91 16.54 5.08 15.85
Income tax expense 3.93 7.89 12.22 (a) 3.27 5.84 2.19 5.60 (a)