Occidental Petroleum 2008 Annual Report Download - page 87

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2008 Quarterly Financial Data (Unaudited)
In millions, except per-share amounts
Occidental Petroleum Corporation
and Subsidiaries
Three months ended March 31 June 30 September 30 December 31
Segment net sales
Oil and gas $4,518 $5,501 $5,422 $2,746
Chemical 1,267 1,386 1,454 1,005
Midstream, marketing and other 405 418 381 394
Eliminations (170) (189) (197) (124)
Net sales $6,020 $7,116 $7,060 $4,021
Gross profit $3,478 $4,334 $4,118 $1,612
Segment earnings
Oil and gas $2,888 $3,806 $3,618 $339 (a)
Chemical 179 144 219 127 (b)
Midstream, marketing and other 123 161 66 170
3,190 4,111 3,903 636
Unallocated corporate items
Interest expense, net — (7) (3) (16)
Income taxes (1,294) (1,671) (1,546) (118)
Other (77) (133) (82) (54)
Income from continuing operations 1,819 2,300 2,272 448
Discontinued operations, net 27 (3) (1) (5)
Net income $1,846 $2,297 $2,271 $443
Basic earnings per common share
Income from continuing operations $2.21 $2.80 $2.79 $0.55
Discontinued operations, net 0.03 — — —
Basic earnings per common share $2.24 $2.80 $2.79 $0.55
Diluted earnings per common share
Income from continuing operations $2.20 $2.78 $2.78 $0.55
Discontinued operations, net 0.03 — — —
Diluted earnings per common share $2.23 $2.78 $2.78 $0.55
Dividends per common share $0.25 $0.32 $0.32 $0.32
Market price per common share
High $80.83 $100.04 $92.49 $70.11
Low $60.70 $72.23 $63.96 $39.93
(a) Includes a fourth quarter pre-tax charge of $599 million for asset impairments, including undeveloped acreage in Argentina and Yemen and domestic producing
properties (included in depreciation, depletion and amortization expense), and a fourth quarter pre-tax charge of $58 million for rig contract terminations.
(b) Includes a fourth quarter pre-tax charge of $90 million for plant closure and impairments.
73
2007 Quarterly Financial Data (Unaudited) Occidental Petroleum Corporation