LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced record net income
of $5.400 billion ($6.44 per diluted share) for the twelve months of
2007, compared with $4.191 billion ($4.87 per diluted share) for the
twelve months of 2006.
Net income for the fourth quarter of 2007 was $1.452 billion ($1.74 per
diluted share), compared with $930 million ($1.09 per diluted share) for
the fourth quarter of 2006.
In announcing the results, Dr. Ray R. Irani, Chairman and Chief
Executive Officer, said, "Oxy achieved the highest full year net income
in our history and another record quarter core results. Driven largely
by record oil and gas earnings, this achievement reflects the continued
success of our strategy to focus on profitable, long-lived oil and gas
assets, a disciplined investment philosophy and maintaining a strong
balance sheet. We are pleased with the 25.7% return on equity for the
full year of 2007.
"In 2007, Occidental's consolidated subsidiaries preliminary proved
reserve additions from all sources totaled 242 million barrels of oil
equivalent (BOE) compared to production of 209 million BOE, for a
production replacement rate of 116 percent.
"While high commodity prices clearly have boosted earnings throughout
the industry, Oxy has consistently produced top-quartile results in
capturing the value from higher prices on an equivalent barrel basis and
delivering it to the bottom line."
QUARTERLY RESULTS
Oil and Gas
Oil and gas segment earnings were $2.599 billion for the fourth quarter
of 2007, compared with $1.422 billion for the same period in 2006. The
$1.2 billion increase in the fourth quarter 2007 segment earnings
reflected $1.3 billion of increases from record crude oil and higher
natural gas prices and volumes from the Dolphin project in the UAE
coming on line in 2007, partially offset by increased DD&A rates and
higher operating expenses.
The average price for West Texas Intermediate crude oil in the fourth
quarter of 2007 was $90.68 per barrel, compared to $60.20 per barrel in
the fourth quarter of 2006. Oxy's realized price for worldwide crude oil
was $80.30 per barrel for the fourth quarter of 2007, compared with
$52.55 per barrel for the fourth quarter of 2006. The average price for
NYMEX gas in the fourth quarter of 2007 was $7.06 per MCF, compared with
$6.27 per MCF in the fourth quarter of 2006. Domestic realized gas
prices increased from $5.63 per MCF in the fourth quarter of 2006 to
$6.77 per MCF for the fourth quarter of 2007. For the fourth quarter of
2007, daily oil and gas production averaged 590,000 barrels of oil
equivalent (BOE), compared with 561,000 BOE per day produced in the
fourth quarter of 2006.
Chemicals
Chemical segment earnings for the fourth quarter of 2007 were $94
million, compared with $157 million for the same period in 2006. The
fourth quarter of 2007 results reflect lower margins for polyvinyl
chloride.
TWELVE-MONTHS RESULTS
Net income for the twelve months of 2007 was a record $5.400 billion
($6.44 per diluted share), compared with $4.191 billion ($4.87 per
diluted share) for the twelve months of 2006.
Core results were also a record $4.405 billion ($5.25 per diluted share)
for the twelve months of 2007, compared with $4.116 billion ($4.78 per
diluted share) for the twelve months of 2006. See the attached schedule
for a reconciliation of net income to core results.
Oil and Gas
Oil and gas segment earnings were $8.318 billion for the twelve months
of 2007, compared with $6.880 billion for the same period of 2006. Oil
and gas core results were $7.730 billion for the twelve months of 2007
after excluding gains from the sale of Oxy's joint venture in Russia,
sales of exploration properties, net of asset impairments, sales of
domestic oil and gas interests, and litigation settlements. The increase
of $850 million in the twelve months of 2007 core results from $6.880
billion in 2006 reflected $1.3 billion from higher crude oil and natural
gas prices, and increased production, including Dolphin coming on line
in the third quarter of 2007, partially offset by higher DD&A rates,
exploration and operating expenses.
The average price for West Texas Intermediate crude oil in the twelve
months of 2007 was $72.32 per barrel compared to $66.23 per barrel in
the twelve months of 2006. Oxy's realized price for worldwide crude oil
was $64.77 per barrel for the twelve months of 2007, compared with
$57.81 per barrel for the twelve months of 2006. The average price for
NYMEX gas in the twelve months of 2007 was $7.12 per MCF, compared with
$7.82 per MCF in the twelve months of 2006. Domestic realized gas prices
increased slightly from $6.49 per MCF in the twelve months of 2006 to
$6.53 per MCF for the same period of 2007.
Production
For the twelve months of 2007, daily oil and gas production averaged
570,000 BOE, compared with 545,000 BOE per day produced from continuing
operations in the twelve months of 2006.
Chemicals
Chemical segment earnings for the twelve months of 2007 were $601
million, compared with $906 million for the same period in 2006. The
2007 results reflect lower margins for polyvinyl chloride.
About Oxy
Occidental Petroleum Corporation is an international oil and gas
exploration and production company with operations in the United States,
Middle East/North Africa and Latin America regions. Oxy is the fourth
largest U.S. oil and gas company, based on equity market capitalization.
Oxy's wholly owned subsidiary, OxyChem, manufactures and markets
chlor-alkali products and vinyls. Occidental is committed to
safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.
Forward-Looking Statements
Statements in this release that contain words such as "will," "expect"
or "estimate," or otherwise relate to the future, are forward-looking
and involve risks and uncertainties that could significantly affect
expected results. Factors that could cause results to differ materially
include, but are not limited to: exploration risks, such as drilling of
unsuccessful wells; global commodity pricing fluctuations and
supply/demand considerations for oil, gas and chemicals;
higher-than-expected costs; political risk; operational interruptions;
changes in tax rates and not successfully completing (or any material
delay in) any expansion, capital expenditure, acquisition, or
disposition. You should not place undue reliance on these
forward-looking statements which speak only as of the date of this
release. Unless legally required, Occidental does not undertake any
obligation to update any forward-looking statements as a result of new
information, future events or otherwise. U.S. investors are urged to
consider carefully the disclosure in our Form 10-K, available through
the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383)
or on the Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.
For further analysis of Occidental's quarterly performance, please visit
the web site: www.oxy.com
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|
|
|
|
|
|
|
|
SUMMARY OF SEGMENT NET SALES AND EARNINGS
|
|
|
|
|
|
Fourth Quarter
|
|
Twelve Months
|
|
(Millions, except per-share amounts)
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
SEGMENT NET SALES
|
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
|
4,321
|
|
|
$
|
2,946
|
|
|
$
|
13,918
|
|
|
$
|
12,190
|
|
|
Chemical
|
|
|
1,134
|
|
|
|
1,036
|
|
|
|
4,664
|
|
|
|
4,815
|
|
|
Other
|
|
|
62
|
|
|
|
56
|
|
|
|
202
|
|
|
|
170
|
|
|
Net sales
|
|
$
|
5,517
|
|
|
$
|
4,038
|
|
|
$
|
18,784
|
|
|
$
|
17,175
|
|
|
SEGMENT EARNINGS
|
|
|
|
|
|
|
|
|
|
Oil and Gas (a)
|
|
$
|
2,599
|
|
|
$
|
1,422
|
|
|
$
|
8,318
|
|
|
$
|
6,880
|
|
|
Chemical
|
|
|
94
|
|
|
|
157
|
|
|
|
601
|
|
|
|
906
|
|
|
|
|
|
2,693
|
|
|
|
1,579
|
|
|
|
8,919
|
|
|
|
7,786
|
|
|
Unallocated Corporate Items
|
|
|
|
|
|
|
|
|
|
Interest expense, net (b)
|
|
|
(13
|
)
|
|
|
(51
|
)
|
|
|
(199
|
)
|
|
|
(131
|
)
|
|
Income taxes
|
|
|
(1,057
|
)
|
|
|
(771
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)
|
|
|
(3,507
|
)
|
|
|
(3,354
|
)
|
|
Other (c)
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|
|
(175
|
)
|
|
|
113
|
|
|
|
(135
|
)
|
|
|
(99
|
)
|
|
|
|
Income from Continuing Operations
|
|
|
1,448
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|
|
|
870
|
|
|
|
5,078
|
|
|
|
4,202
|
|
|
Discontinued operations, net (d)
|
|
4
|
|
|
|
60
|
|
|
|
322
|
|
|
|
(11
|
)
|
|
NET INCOME
|
|
$
|
1,452
|
|
|
$
|
930
|
|
|
$
|
5,400
|
|
|
$
|
4,191
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|
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BASIC EARNINGS PER COMMON SHARE
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|
|
|
|
|
|
|
|
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Income from continuing operations
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|
$
|
1.75
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|
|
$
|
1.03
|
|
|
$
|
6.08
|
|
|
$
|
4.93
|
|
|
Discontinued operations, net (d)
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|
|
--
|
|
|
|
0.07
|
|
|
|
0.39
|
|
|
|
(0.01
|
)
|
|
|
|
$
|
1.75
|
|
|
$
|
1.10
|
|
|
$
|
6.47
|
|
|
$
|
4.92
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
1.74
|
|
|
$
|
1.02
|
|
|
$
|
6.05
|
|
|
$
|
4.88
|
|
|
Discontinued operations, net (d)
|
|
|
--
|
|
|
|
0.07
|
|
|
|
0.39
|
|
|
|
(0.01
|
)
|
|
|
|
$
|
1.74
|
|
|
$
|
1.09
|
|
|
$
|
6.44
|
|
|
$
|
4.87
|
|
|
AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
828.4
|
|
|
|
846.4
|
|
|
|
834.9
|
|
|
|
852.6
|
|
|
DILUTED
|
|
|
833.1
|
|
|
|
852.6
|
|
|
|
839.1
|
|
|
|
860.4
|
|
|
(a)
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|
Oil and Gas - The twelve months of 2007 includes pre-tax gains of
$412 million from the sale of Occidental's Russian investment, $112
million resulting from the resolution of certain legal disputes, $35
million from the sale of domestic oil and gas interests and $103
million from the sale of exploration properties, partially offset by
a pre-tax loss of $74 million for the impairment of properties.
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|
|
|
|
|
(b)
|
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Interest Expense, net - Includes pre-tax interest charges for the
purchase of various debt issues in the open market of $167 million
for the twelve months of 2007 and $31 million for the twelve months
of 2006, respectively.
|
|
|
|
|
|
(c)
|
|
Unallocated Corporate Items - Other - The twelve months of 2007
includes a $326 million pre-tax gain from the sale of Occidental's
remaining investment in Lyondell Chemical Company (Lyondell) and a
$47 million pre-tax charge for a plant closure and related
environmental remediation reserve. The fourth quarter of 2006
includes pre-tax gains of $108 million related to litigation
settlements and $90 million from the sale of a portion of
Occidental's investment in Lyondell.
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|
|
|
|
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(d)
|
|
Discontinued Operations, net -- In June 2007, Occidental completed
an exchange of oil and gas interests in Horn Mountain with BP p.l.c.
(BP) for oil and gas interests in the Permian Basin and a gas
processing plant in Texas. Occidental also sold its oil and gas
interests in Pakistan to BP. The twelve months of 2007 includes
after-tax income of $326 million related to these transactions and
their operating results and a $4 million after-tax charge from
assets classified to discontinued operations in 2006.
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|
|
|
In January 2006, Occidental completed the merger of Vintage into a
subsidiary and classified certain assets and liabilities as held for
sale. In May 2006, Ecuador terminated Occidental's contract for the
operation of Block 15. The twelve months of 2006 includes a $253 million
after-tax loss for Ecuador and the properties held for sale and $242
million after-tax income for the operations of Horn Mountain and
Pakistan.
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|
|
|
|
|
|
|
|
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
|
|
|
|
|
|
Fourth Quarter
|
|
Twelve Months
|
|
($ millions)
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
CAPITAL EXPENDITURES
|
|
$
|
987
|
|
|
$
|
1,010
|
|
|
$
|
3,497
|
|
|
$
|
2,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION, DEPLETION AND AMORTIZATION OF ASSETS
|
|
$
|
639
|
|
|
$
|
562
|
|
|
$
|
2,379
|
|
|
$
|
2,008
|
|
|
|
|
|
|
SUMMARY OF OPERATING STATISTICS
|
|
|
|
Fourth Quarter
|
|
Twelve Months
|
|
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
88
|
|
|
|
94
|
|
|
|
89
|
|
|
|
86
|
|
|
Permian
|
|
|
170
|
|
|
|
167
|
|
|
|
167
|
|
|
|
167
|
|
|
Hugoton and other
|
|
4
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
Total
|
|
|
262
|
|
|
|
264
|
|
|
|
260
|
|
|
|
256
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
250
|
|
|
|
261
|
|
|
|
254
|
|
|
|
256
|
|
|
Hugoton and other
|
|
|
148
|
|
|
|
142
|
|
|
|
153
|
|
|
|
138
|
|
|
Permian
|
|
|
180
|
|
|
|
190
|
|
|
|
186
|
|
|
|
194
|
|
|
Total
|
|
|
578
|
|
|
|
593
|
|
|
|
593
|
|
|
|
588
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
31
|
|
|
|
35
|
|
|
|
32
|
|
|
|
33
|
|
|
Colombia
|
|
|
41
|
|
|
|
44
|
|
|
|
42
|
|
|
|
38
|
|
|
Total
|
|
|
72
|
|
|
|
79
|
|
|
|
74
|
|
|
|
71
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
19
|
|
|
|
17
|
|
|
|
22
|
|
|
|
17
|
|
|
Bolivia
|
|
|
22
|
|
|
|
18
|
|
|
|
18
|
|
|
|
17
|
|
|
Total
|
|
|
41
|
|
|
|
35
|
|
|
|
40
|
|
|
|
34
|
|
|
Middle East/North Africa
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Oman
|
|
|
20
|
|
|
|
19
|
|
|
|
20
|
|
|
|
18
|
|
|
Dolphin
|
|
|
14
|
|
|
|
--
|
|
|
4
|
|
|
|
--
|
|
|
Qatar
|
|
|
52
|
|
|
|
44
|
|
|
|
48
|
|
|
|
43
|
|
|
Yemen
|
|
|
22
|
|
|
|
26
|
|
|
|
25
|
|
|
|
29
|
|
|
Libya
|
|
|
22
|
|
|
|
24
|
|
|
|
22
|
|
|
|
23
|
|
|
Total
|
|
|
130
|
|
|
|
113
|
|
|
|
119
|
|
|
|
113
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Oman
|
|
|
30
|
|
|
|
25
|
|
|
|
30
|
|
|
|
30
|
|
|
Dolphin
|
|
|
133
|
|
|
|
--
|
|
|
|
51
|
|
|
|
--
|
|
|
Total
|
|
|
163
|
|
|
|
25
|
|
|
|
81
|
|
|
|
30
|
|
|
Barrels of Oil Equivalent (MBOE)
|
|
|
|
|
|
|
|
|
|
Subtotal consolidated subsidiaries
|
|
|
594
|
|
|
|
565
|
|
|
|
573
|
|
|
|
549
|
|
|
Colombia-minority interest
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
Yemen-Occidental net interest
|
|
2
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
Total Worldwide Production- MBOE (a)
|
|
|
590
|
|
|
|
561
|
|
|
|
570
|
|
|
|
545
|
|
|
(a)
|
|
Occidental sold its interest in Russia in January 2007. In June
2007, Occidental sold its Pakistan operations to BP and exchanged
its Gulf of Mexico - Horn Mountain operations with BP. Production
from these operations has been excluded from all periods for
comparability.
|
|
|
|
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
Occidental's results of operations often include the effects of
significant transactions and events affecting earnings that vary widely
and unpredictably in nature, timing and amount. Therefore, management
uses a measure called "core results," which excludes those items. This
non-GAAP measure is not meant to disassociate those items from
management's performance, but rather is meant to provide useful
information to investors interested in comparing Occidental's earnings
performance between periods. Reported earnings are considered
representative of management's performance over the long term. Core
results is not considered to be an alternative to operating income in
accordance with generally accepted accounting principles.
The following tables set forth the core results and significant items
affecting earnings for each operating segment and corporate:
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|
|
|
|
|
|
|
|
|
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
($ millions, except
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
per-share amounts)
|
|
2007
|
|
EPS
|
|
2006
|
|
EPS
|
|
TOTAL REPORTED EARNINGS
|
|
$
|
1,452
|
|
|
$
|
1.74
|
|
$
|
930
|
|
|
$
|
1.09
|
|
Oil and Gas
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
2,599
|
|
|
|
|
$
|
1,422
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
2,599
|
|
|
|
|
|
1,422
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
94
|
|
|
|
|
|
157
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
94
|
|
|
|
|
|
157
|
|
|
|
|
Total Segment Core Results
|
|
|
2,693
|
|
|
|
|
|
1,579
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment*
|
|
|
(1,241
|
)
|
|
|
|
|
(649
|
)
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Litigation settlements
|
|
|
--
|
|
|
|
|
|
108
|
|
|
|
|
Gain on sale of Lyondell shares
|
|
|
--
|
|
|
|
|
|
90
|
|
|
|
|
Deferred tax write-off due to compensation program changes**
|
|
|
--
|
|
|
|
|
|
(40
|
)
|
|
|
|
Severance accrual
|
|
|
(25
|
)
|
|
|
|
|
--
|
|
|
|
|
Debt purchase expense
|
|
|
--
|
|
|
|
|
|
(31
|
)
|
|
|
|
Tax effect of pre-tax adjustments
|
|
9
|
|
|
|
|
|
(41
|
)
|
|
|
|
Discontinued operations, net**
|
|
4
|
|
|
|
|
|
60
|
|
|
|
|
Corporate Core Results --
|
|
|
|
|
|
|
|
|
|
Non Segment
|
|
|
(1,229
|
)
|
|
|
|
|
(795
|
)
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
1,464
|
|
|
$
|
1.76
|
|
$
|
784
|
|
|
$
|
0.92
|
|
*
|
|
Interest expense, income taxes, G&A expense and other, and non-core
items.
|
|
**
|
|
Amounts shown after tax.
|
|
|
|
|
|
|
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
|
|
|
|
|
|
|
|
|
|
Twelve Months
|
|
($ millions, except
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
per-share amounts)
|
|
2007
|
|
EPS
|
|
2006
|
|
EPS
|
|
TOTAL REPORTED EARNINGS
|
|
$
|
5,400
|
|
|
$
|
6.44
|
|
$
|
4,191
|
|
|
$
|
4.87
|
|
Oil and Gas
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
8,318
|
|
|
|
|
$
|
6,880
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Gain on sale of Russia
|
|
|
|
|
|
|
|
|
|
Investment**
|
|
|
412
|
|
|
|
|
|
--
|
|
|
|
|
Litigation settlements**
|
|
|
112
|
|
|
|
|
|
--
|
|
|
|
|
Gain on sale of oil and gas interests
|
|
|
35
|
|
|
|
|
|
--
|
|
|
|
|
Gain on sale of exploration properties
|
|
|
103
|
|
|
|
|
|
--
|
|
|
|
|
Impairments
|
|
|
(74
|
)
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
7,730
|
|
|
|
|
|
6,880
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
601
|
|
|
|
|
|
906
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
No significant items affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
601
|
|
|
|
|
|
906
|
|
|
|
|
Total Segment Core Results
|
|
|
8,331
|
|
|
|
|
|
7,786
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment*
|
|
|
(3,519
|
)
|
|
|
|
|
(3,595
|
)
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Gain on sale of Lyondell shares
|
|
|
326
|
|
|
|
|
|
90
|
|
|
|
|
Litigation settlements
|
|
|
--
|
|
|
|
|
|
108
|
|
|
|
|
Debt purchase expense
|
|
|
(167
|
)
|
|
|
|
|
(31
|
)
|
|
|
|
Plant closure
|
|
|
(47
|
)
|
|
|
|
|
--
|
|
|
|
|
Severance accrual
|
|
|
(25
|
)
|
|
|
|
|
--
|
|
|
|
|
Deferred tax write-off due to compensation program changes**
|
|
|
--
|
|
|
|
|
|
(40
|
)
|
|
|
|
Tax effect of pre-tax adjustments
|
|
|
(2
|
)
|
|
|
|
|
(41
|
)
|
|
|
|
Discontinued operations, net**
|
|
|
322
|
|
|
|
|
|
(11
|
)
|
|
|
|
Corporate Core Results --
|
|
|
|
|
|
|
|
|
|
Non Segment
|
|
|
(3,926
|
)
|
|
|
|
|
(3,670
|
)
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
4,405
|
|
|
$
|
5.25
|
|
$
|
4,116
|
|
|
$
|
4.78
|
|
*
|
|
Interest expense, income taxes, G&A expense and other, and non-core
items.
|
|
**
|
|
Amounts shown after tax.
|
|
|
|
|