Occidental Petroleum 2008 Annual Report Download - page 51

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Consolidated Statements of Income
In millions, except per-share amounts
Occidental Petroleum Corporation
and Subsidiaries
For the years ended December 31, 2008 2007 2006
REVENUES AND OTHER INCOME
Net sales $24,217 $18,784 $17,175
Interest, dividends and other income 236 355 381
Gains on disposition of assets, net 27 874 118
24,480 20,013 17,674
COSTS AND OTHER DEDUCTIONS
Cost of sales (excludes depreciation, depletion and amortization of
$2,664 in 2008, $2,338 in 2007 and $1,978 in 2006) 7,423 6,454 6,009
Selling, general and administrative and other operating expenses 1,257 1,320 1,145
Depreciation, depletion and amortization 2,710 2,379 2,008
Taxes other than on income 588 414 394
Environmental remediation 28 107 47
Exploration expense 327 364 296
Charges for impairments 647 58 —
Interest and debt expense, net 129 339 291
13,109 11,435 10,190
INCOME BEFORE INCOME TAXES AND OTHER ITEMS 11,371 8,578 7,484
Provision for domestic and foreign income taxes 4,629 3,507 3,354
Minority interest 116 75 111
Income from equity investments (213) (82) (183)
INCOME FROM CONTINUING OPERATIONS 6,839 5,078 4,202
Discontinued operations, net 18 322 (11)
NET INCOME $6,857 $5,400 $4,191
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $8.37 $6.08 $4.93
Discontinued operations, net 0.02 0.39 (0.01)
BASIC EARNINGS PER COMMON SHARE $8.39 $6.47 $4.92
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations $8.33 $6.05 $4.88
Discontinued operations, net 0.02 0.39 (0.01)
DILUTED EARNINGS PER COMMON SHARE $8.35 $6.44 $4.87
DIVIDENDS PER COMMON SHARE $1.21 $0.94 $0.80
The accompanying notes are an integral part of these consolidated financial statements.
37
Consolidated Balance Sheets Occidental Petroleum Corporation