Occidental Petroleum 2003 Annual Report Download - page 85

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---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 11.00 $ 8.38 $ 12.99 $ 2.64 $ 10.70 $ 2.89 $ 10.25
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2002
Revenues from net production
Oil ($/bbl.) $ 23.47 $ 23.26 $ 34.12 (a) $ 22.63 $ 26.20 $ 14.98 $ 25.37 (a)
========== ========= ========= ========== ========= ========= =========
Natural gas ($/Mcf) $ 2.89 $ -- $ -- $ 2.08 $ 2.81 $ -- $ 2.81
========== ========= ========= ========== ========= ========= =========
Barrel of oil equivalent
($/bbl.)(b,c) $ 21.30 $ 23.26 $ 34.12 (a) $ 17.76 $ 23.71 $ 14.98 $ 23.24 (a)
Production costs 6.12 4.72 4.08 2.80 5.46 6.75 5.54
Exploration expenses 0.85 1.39 0.83 2.00 0.95 0.10 0.92
Other operating expenses 1.23 (0.36) 1.76 1.07 1.15 0.78 1.16
Depreciation, depletion and
amortization 4.63 2.11 5.09 3.20 4.39 1.76 4.27
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 8.47 15.40 22.36 8.69 11.76 5.59 11.35
Income tax expense 1.71 5.80 10.63 (a) 3.74 3.86 2.35 3.74 (a)
---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 6.76 $ 9.60 $ 11.73 $ 4.95 $ 7.90 $ 3.24 $ 7.61
=============================== ========== ========= ========= ========== ========= ========= =========
FOR THE YEAR ENDED
DECEMBER 31, 2001
Revenues from net production
Oil ($/bbl.) $ 22.82 $ 19.87 $ 33.47 (a) $ 22.63 $ 25.41 $ 15.70 $ 24.65 (a)
========== ========= ========= ========== ========= ========= =========
Natural gas ($/Mcf) $ 6.40 $ -- $ -- $ 2.29 $ 6.11 $ -- $ 6.11
========== ========= ========= ========== ========= ========= =========
Barrel of oil equivalent
($/bbl.)(b,c) $ 28.34 $ 19.87 $ 33.47 (a) $ 17.99 $ 28.35 $ 15.70 $ 27.69 (a)
Production costs 6.31 5.51 3.49 2.16 5.60 7.20 5.70
Exploration expenses 0.34 7.38 1.54 2.16 1.13 -- 1.02
Other operating expenses 1.15 0.41 1.41 3.60 1.23 0.50 1.19
Depreciation, depletion and
amortization 4.37 2.19 4.99 2.16 4.26 1.70 4.12
---------- --------- --------- ---------- --------- --------- ---------
PRETAX INCOME 16.17 4.38 22.04 7.91 16.13 6.30 15.66
Income tax expense 4.33 1.62 12.40 (a) 6.29 5.69 2.80 5.55 (a)
---------- --------- --------- ---------- --------- --------- ---------
RESULTS OF OPERATIONS $ 11.84 $ 2.76 $ 9.64 $ 1.62 $ 10.44 $ 3.50 $ 10.11
=============================== ========== ========= ========= ========== ========= ========= =========
(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 2.1 mmboe, 4.2 mmboe and 7.8 mmboe produced by Occidental that
were subject to volumetric production payments for the years 2003, 2002 and
2001, respectively.
68
2003 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 $ 1,553 $ 1,440 $ 1,480 $ 1,530
Chemical 790 785 793 810
Other 28 41 46 30
------------ ------------ ------------ ------------
Net sales $ 2,371 $ 2,266 $ 2,319 $ 2,370
============ ============ ============ ============
Gross profit $ 1,073 $ 1,001 $ 1,038 $ 1,087
============ ============ ============ ============
Segment earnings
Oil and gas $ 727 $ 637 $ 660 $ 640
Chemical 35 43 61 71
------------ ------------ ------------ ------------
762 680 721 711
Unallocated corporate items
Interest expense, net (124) (53) (59) (53)
Income taxes (178) (167) (160) (157)
Trust preferred distributions and other (11) (11) (12) (10)
Other (56) (75) (44) (109)
------------ ------------ ------------ ------------
Income from continuing operations 393 374 446 382
Discontinued operations, net -- -- -- --
Cumulative effect of changes in accounting principles, net (68) -- -- --
------------ ------------ ------------ ------------