LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced net income of $682
million ($0.84 per diluted share) for the second quarter of 2009,
compared with $2.3 billion ($2.78 per diluted share) for the second
quarter of 2008.
In announcing the results, Dr. Ray R. Irani, Chairman and Chief
Executive Officer, said, "Occidental achieved year-over-year production
growth of 10 percent in the second quarter and nearly nine percent in
the six months of 2009. Our discovery in Kern County, California which
was announced yesterday should also contribute to our future growth."
QUARTERLY RESULTS
Oil and Gas
Oil and gas segment earnings were $1.1 billion for the second quarter of
2009, compared with $3.8 billion for the same period in 2008. The
decrease in the second quarter 2009 segment earnings reflected lower
crude oil and natural gas prices and higher DD&A rates, partially offset
by higher oil and gas sales volumes and lower operating expenses.
For the second quarter of 2009, daily oil and gas sales volumes averaged
649,000 barrels of oil equivalent (BOE), compared with 588,000 BOE sold
in the second quarter of 2008. Volumes increased by approximately 3
percent domestically, mainly from California and Midcontinent/Rockies,
by about 37 percent in Latin America mostly in Argentina, and by 16
percent in the Middle East/North Africa largely in Oman and Dolphin.
California volumes included increases in Long Beach resulting from
economic arrangements similar to a production sharing contract and
production from new exploration wells in Elk Hills.
Oxy's realized price for worldwide crude oil was $52.97 per barrel for
the second quarter of 2009, compared with $110.12 per barrel for the
second quarter of 2008. Domestic realized gas prices decreased from
$9.99 per MCF in the second quarter of 2008 to $2.87 per MCF for the
second quarter of 2009.
Chemicals
Chemical segment earnings for the second quarter 2009 were $115 million,
compared with $144 million for the same period in 2008. The second
quarter of 2009 results reflect the continued weakness in the U.S.
housing, automotive and durable goods sectors resulting in lower volumes
for chlorine, caustic soda and polyvinyl chloride. The lower volumes
were partially offset by lower feedstock and energy costs.
Midstream, Marketing and Other
Midstream segment earnings were $63 million for the second quarter of
2009, compared with $161 million for the second quarter of 2008. The
second quarter of 2009 earnings reflect lower margins in the gas
processing, marketing, and power generation businesses.
SIX MONTH RESULTS
Net income for the six months of 2009 was $1.1 billion ($1.29 per
diluted share), compared with $4.1 billion ($5.00 per diluted share) for
the six months of 2008.
Core results were $1.1 billion ($1.34 per diluted share) for the six
months of 2009, compared with $4.1 billion ($4.97 per diluted share) for
the six months of 2008.
Oil and Gas
Oil and gas segment earnings were $1.6 billion for the six months of
2009, compared with $6.7 billion for the same period of 2008. The
decrease in segment earnings reflected lower crude oil and natural gas
prices and higher DD&A rates, partially offset by increased sales
volumes and lower operating and administrative costs.
Daily oil and gas sales volumes for the first six months was 651,000 BOE
for 2009, compared with 598,000 BOE per day for the same 2008 period.
Volumes increased by approximately 4 percent domestically mainly from
California and Midcontinent/Rockies, by about 26 percent in Latin
America mostly in Argentina, and by 11 percent in the Middle East/North
Africa largely due to Oman and Dolphin. Higher volumes in domestic
assets included production from new exploration wells in California.
Oxy's worldwide crude oil realized price was $46.05 per barrel for the
six months of 2009, compared with $98.16 per barrel for the six months
of 2008. Domestic realized gas prices decreased from $9.09 per MCF in
the six months of 2008 to $3.20 per MCF in the six months of 2009.
Chemicals
Chemical segment earnings for the six months of 2009 were $284 million,
compared with $323 million for the same period of 2008. The 2009 six
month results reflect lower volumes for chlorine, caustic soda and
polyvinyl chloride due to the economic slowdown, partially offset by
lower feedstock and energy costs.
Midstream, Marketing and Other
Midstream segment earnings were $77 million for the six months of 2009,
compared with $284 million for the same period in 2008. The earnings
decline in 2009 reflects lower margins in the gas processing, power
generation, and marketing businesses.
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," "should,"
"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 actual
results to differ materially include, but are not limited to: global
commodity price fluctuations and supply/demand considerations for oil,
gas and chemicals; exploration risks, such as drilling of unsuccessful
wells; not successfully completing (or any material delay in) any
expansions, field development, capital projects, acquisitions, or
dispositions; higher-than-expected costs; political risk; operational
interruptions and changes in tax rates. 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 disclosures 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
|
SUMMARY OF SEGMENT NET SALES AND EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
(Millions, except
|
|
Second Quarter
|
|
Six Months
|
|
per-share amounts)
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
SEGMENT NET SALES
|
|
|
|
|
|
|
|
|
|
Oil and Gas
|
|
$
|
2,726
|
|
|
$
|
5,501
|
|
|
$
|
4,863
|
|
|
$
|
10,019
|
|
|
Chemical
|
|
|
811
|
|
|
|
1,386
|
|
|
|
1,603
|
|
|
|
2,653
|
|
|
Midstream, Marketing and Other
|
|
|
250
|
|
|
|
418
|
|
|
|
478
|
|
|
|
823
|
|
|
Eliminations
|
|
|
(100
|
)
|
|
|
(189
|
)
|
|
|
(184
|
)
|
|
|
(359
|
)
|
|
Net sales
|
|
$
|
3,687
|
|
|
$
|
7,116
|
|
|
$
|
6,760
|
|
|
$
|
13,136
|
|
|
SEGMENT EARNINGS
|
|
|
|
|
|
|
|
|
|
Oil and Gas (a), (b)
|
|
$
|
1,083
|
|
|
$
|
3,806
|
|
|
$
|
1,628
|
|
|
$
|
6,694
|
|
|
Chemical
|
|
|
115
|
|
|
|
144
|
|
|
|
284
|
|
|
|
323
|
|
|
Midstream, Marketing and Other
|
|
|
63
|
|
|
|
161
|
|
|
|
77
|
|
|
|
284
|
|
|
|
|
|
1,261
|
|
|
|
4,111
|
|
|
|
1,989
|
|
|
|
7,301
|
|
|
Unallocated Corporate Items
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(23
|
)
|
|
|
(7
|
)
|
|
|
(43
|
)
|
|
|
(7
|
)
|
|
Income taxes
|
|
|
(455
|
)
|
|
|
(1,671
|
)
|
|
|
(696
|
)
|
|
|
(2,965
|
)
|
|
Other (c)
|
|
|
(99
|
)
|
|
|
(133
|
)
|
|
|
(195
|
)
|
|
|
(210
|
)
|
|
|
|
|
|
Income from Continuing Operations (a)
|
|
684
|
|
|
|
2,300
|
|
|
|
1,055
|
|
|
|
4,119
|
|
|
Discontinued operations, net
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
24
|
|
|
NET INCOME (a)
|
|
$
|
682
|
|
|
$
|
2,297
|
|
|
$
|
1,050
|
|
|
$
|
4,143
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
Income from continuing
|
|
|
|
|
|
|
|
|
|
operations
|
|
$
|
0.84
|
|
|
$
|
2.79
|
|
|
$
|
1.30
|
|
|
$
|
5.00
|
|
|
Discontinued operations, net
|
|
|
--
|
|
|
|
--
|
|
|
|
(0.01
|
)
|
|
|
0.03
|
|
|
|
|
$
|
0.84
|
|
|
$
|
2.79
|
|
|
$
|
1.29
|
|
|
$
|
5.03
|
|
|
DILUTED EARNINGS PER COMMON SHARE (d)
|
|
|
|
|
|
|
|
|
|
Income from continuing
|
|
|
|
|
|
|
|
|
|
operations
|
|
$
|
0.84
|
|
|
$
|
2.78
|
|
|
$
|
1.30
|
|
|
$
|
4.97
|
|
|
Discontinued operations, net
|
|
|
--
|
|
|
|
--
|
|
|
|
(0.01
|
)
|
|
|
0.03
|
|
|
|
|
$
|
0.84
|
|
|
$
|
2.78
|
|
|
$
|
1.29
|
|
|
$
|
5.00
|
|
|
AVERAGE COMMON SHARES OUTSTANDING (d)
|
|
BASIC
|
|
|
811.0
|
|
|
|
821.3
|
|
|
|
810.8
|
|
|
|
822.5
|
|
|
DILUTED
|
|
|
814.0
|
|
|
|
825.2
|
|
|
|
813.7
|
|
|
|
826.6
|
|
(a) Net Income - Net income and income from continuing operations
represent amounts attributable to Common Stock, after deducting
non-controlling interest of $12 million and $37 million for the second
quarter and $21 million and $66 million for the six months ended June
30, 2009 and 2008, respectively. Oil and gas segment earnings are also
presented net of these non-controlling interest amounts.
(b) Oil and Gas - The six months of 2009 includes an $8 million pre-tax
charge for rig contract termination costs.
(c) Unallocated Corporate Items - Other - The second quarter of 2009
includes a pre-tax charge of $8 million related to severance. The first
six months of 2009 includes additional pre-tax charges of $32 million
for severance and $15 million for railcar leases.
(d) Earnings Per Share - The 2008 earnings per share amounts reflect the
adoption on January 1, 2009 of FSP NO. EITF 03-06-1 dealing with
participating securities.
|
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
($ millions)
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
CAPITAL EXPENDITURES
|
|
$
|
831
|
|
|
$
|
1,038
|
|
|
$
|
1,902
|
|
|
$
|
1,871
|
|
|
DEPRECIATION, DEPLETION
|
|
|
|
|
|
|
|
|
|
AND AMORTIZATION
|
|
|
|
|
|
|
|
|
|
OF ASSETS
|
|
$
|
742
|
|
|
$
|
621
|
|
|
$
|
1,528
|
|
|
$
|
1,274
|
|
|
|
|
|
|
|
|
|
|
ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS
|
|
|
|
|
|
Income/(Expense)
|
|
Second Quarter
|
|
Six Months
|
|
($ millions)
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Foreign exchange gains and
|
|
|
|
|
|
|
|
|
|
(losses)*
|
|
$
|
(6
|
)
|
|
$
|
(4
|
)
|
|
$
|
31
|
|
|
$
|
(5
|
)
|
|
*Amounts shown after tax.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
NET OIL, GAS AND LIQUIDS
|
|
|
|
|
|
|
|
|
|
SALES PER DAY
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
90
|
|
|
|
84
|
|
|
|
93
|
|
|
|
86
|
|
|
Permian
|
|
|
167
|
|
|
|
169
|
|
|
|
168
|
|
|
|
170
|
|
|
Midcontinent/Rockies
|
|
|
10
|
|
|
5
|
|
|
|
10
|
|
|
4
|
|
|
Total
|
|
|
267
|
|
|
|
258
|
|
|
|
271
|
|
|
|
260
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
California
|
|
|
232
|
|
|
|
238
|
|
|
|
224
|
|
|
|
241
|
|
|
Permian
|
|
|
197
|
|
|
|
190
|
|
|
|
196
|
|
|
|
184
|
|
|
Midcontinent/Rockies
|
|
|
192
|
|
|
|
174
|
|
|
|
201
|
|
|
|
166
|
|
|
Total
|
|
|
621
|
|
|
|
602
|
|
|
|
621
|
|
|
|
591
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
37
|
|
|
|
22
|
|
|
|
41
|
|
|
|
29
|
|
|
Colombia
|
|
|
48
|
|
|
|
43
|
|
|
|
47
|
|
|
|
43
|
|
|
Total
|
|
|
85
|
|
|
|
65
|
|
|
|
88
|
|
|
|
72
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
30
|
|
|
|
14
|
|
|
|
32
|
|
|
|
18
|
|
|
Bolivia
|
|
|
19
|
|
|
|
21
|
|
|
|
17
|
|
|
|
21
|
|
|
Total
|
|
|
49
|
|
|
|
35
|
|
|
|
49
|
|
|
|
39
|
|
|
Middle East/North Africa
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
Oman
|
|
|
38
|
|
|
|
21
|
|
|
|
36
|
|
|
|
20
|
|
|
Dolphin
|
|
|
25
|
|
|
|
19
|
|
|
|
23
|
|
|
|
20
|
|
|
Qatar
|
|
|
50
|
|
|
|
45
|
|
|
|
49
|
|
|
|
46
|
|
|
Yemen
|
|
|
23
|
|
|
|
20
|
|
|
|
27
|
|
|
|
23
|
|
|
Libya
|
|
8
|
|
|
|
27
|
|
|
7
|
|
|
|
23
|
|
|
Total
|
|
|
144
|
|
|
|
132
|
|
|
|
142
|
|
|
|
132
|
|
|
Natural Gas (MMCF)
|
|
|
|
|
|
|
|
|
|
Oman
|
|
|
23
|
|
|
|
25
|
|
|
|
23
|
|
|
|
23
|
|
|
Dolphin
|
|
|
242
|
|
|
|
163
|
|
|
|
224
|
|
|
|
182
|
|
|
Total
|
|
|
265
|
|
|
|
188
|
|
|
|
247
|
|
|
|
205
|
|
|
Barrels of Oil Equivalent (MBOE)
|
|
|
|
|
|
|
|
|
|
Subtotal consolidated subsidiaries
|
|
652
|
|
|
|
593
|
|
|
|
654
|
|
|
|
603
|
|
|
Colombia-minority interest
|
|
|
(6
|
)
|
|
|
(7
|
)
|
|
|
(6
|
)
|
|
|
(7
|
)
|
|
Yemen-Occidental net interest
|
|
3
|
|
|
2
|
|
|
3
|
|
|
2
|
|
|
Total Worldwide Sales Volumes -
|
|
|
|
|
|
|
|
|
|
MBOE
|
|
|
649
|
|
|
|
588
|
|
|
|
651
|
|
|
|
598
|
|
|
|
|
|
|
SUMMARY OF OPERATING STATISTICS - PRODUCTION
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
NET OIL, GAS AND LIQUIDS
|
|
|
|
|
|
|
|
|
|
PRODUCTION PER DAY
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
267
|
|
|
|
258
|
|
|
|
271
|
|
|
|
260
|
|
|
Natural Gas (MMCF)
|
|
|
621
|
|
|
|
602
|
|
|
|
621
|
|
|
|
591
|
|
|
|
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL)
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
|
38
|
|
|
|
24
|
|
|
|
38
|
|
|
|
30
|
|
|
Colombia
|
|
|
47
|
|
|
|
43
|
|
|
|
47
|
|
|
|
42
|
|
|
Total
|
|
|
85
|
|
|
|
67
|
|
|
|
85
|
|
|
|
72
|
|
|
Natural Gas (MMCF)
|
|
|
49
|
|
|
|
35
|
|
|
|
49
|
|
|
|
39
|
|
|
|
|
|
|
Middle East/North Africa
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL)
|
|
|
|
|
|
|
|
|
|
Oman
|
|
|
38
|
|
|
|
21
|
|
|
|
36
|
|
|
|
20
|
|
|
Dolphin
|
|
|
25
|
|
|
|
19
|
|
|
|
23
|
|
|
|
20
|
|
|
Qatar
|
|
|
46
|
|
|
|
48
|
|
|
|
49
|
|
|
|
47
|
|
|
Yemen
|
|
|
26
|
|
|
|
20
|
|
|
|
27
|
|
|
|
23
|
|
|
Libya
|
|
7
|
|
|
|
20
|
|
|
8
|
|
|
|
21
|
|
|
Total
|
|
|
142
|
|
|
|
128
|
|
|
|
143
|
|
|
|
131
|
|
|
Natural Gas (MMCF)
|
|
|
265
|
|
|
|
188
|
|
|
|
247
|
|
|
|
205
|
|
|
|
|
|
|
Barrels of Oil Equivalent (MBOE)
|
|
|
|
|
|
|
|
|
|
Subtotal consolidated subsidiaries
|
|
650
|
|
|
|
590
|
|
|
|
652
|
|
|
|
602
|
|
|
Colombia-minority interest
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
Yemen-Occidental net interest
|
|
3
|
|
|
2
|
|
|
3
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Worldwide Production Volumes - MBOE
|
|
|
647
|
|
|
|
586
|
|
|
|
649
|
|
|
|
598
|
|
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.
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS
|
|
|
|
Second Quarter
|
|
($ millions, except
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
per-share amounts)
|
|
|
2009
|
|
|
EPS
|
|
|
2008
|
|
|
EPS
|
|
TOTAL REPORTED EARNINGS*
|
|
$
|
682
|
|
|
$
|
0.84
|
|
$
|
2,297
|
|
|
$
|
2.78
|
|
Oil and Gas*
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
1,083
|
|
|
|
|
$
|
3,806
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items affecting
|
|
|
|
|
|
|
|
|
|
earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
1,083
|
|
|
|
|
|
3,806
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
115
|
|
|
|
|
|
144
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items
|
|
|
|
|
|
|
|
|
|
affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
115
|
|
|
|
|
|
144
|
|
|
|
|
Midstream, marketing and other
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
63
|
|
|
|
|
|
161
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items
|
|
|
|
|
|
|
|
|
|
affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
63
|
|
|
|
|
|
161
|
|
|
|
|
Total Segment Core Results
|
|
|
1,261
|
|
|
|
|
|
4,111
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment**
|
|
|
(579
|
)
|
|
|
|
|
(1,814
|
)
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Severance accrual
|
|
8
|
|
|
|
|
|
--
|
|
|
|
|
Tax effect of pre-tax
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
|
(3
|
)
|
|
|
|
|
--
|
|
|
|
|
Discontinued operations, net***
|
|
2
|
|
|
|
|
3
|
|
|
|
|
Corporate Core Results --
|
|
|
|
|
|
|
|
|
|
Non Segment
|
|
|
(572
|
)
|
|
|
|
|
(1,811
|
)
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
689
|
|
|
$
|
0.85
|
|
$
|
2,300
|
|
|
$
|
2.78
|
|
*Represents amounts attributable to common stock, after deducting
non-controlling interest of $12 million and $37 million for the
second quarter 2009 and 2008, respectively.
|
|
**Net interest expense, income taxes, G&A expense and other.
|
|
***Amounts shown after tax.
|
|
|
|
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
|
|
|
|
Six Months
|
|
($ millions, except
|
|
|
|
Diluted
|
|
|
|
Diluted
|
|
per-share amounts)
|
|
|
2009
|
|
|
EPS
|
|
|
2008
|
|
|
EPS
|
|
TOTAL REPORTED EARNINGS*
|
|
$
|
1,050
|
|
|
$
|
1.29
|
|
$
|
4,143
|
|
|
$
|
5.00
|
|
Oil and Gas*
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
$
|
1,628
|
|
|
|
|
$
|
6,694
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Rig terminations
|
|
8
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
1,636
|
|
|
|
|
|
6,694
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
284
|
|
|
|
|
|
323
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items
|
|
|
|
|
|
|
|
|
|
affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
284
|
|
|
|
|
|
323
|
|
|
|
|
Midstream, marketing and other
|
|
|
|
|
|
|
|
|
|
Segment Earnings
|
|
|
77
|
|
|
|
|
|
284
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
No significant items
|
|
|
|
|
|
|
|
|
|
affecting earnings
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
Segment Core Results
|
|
|
77
|
|
|
|
|
|
284
|
|
|
|
|
Total Segment Core Results
|
|
|
1,997
|
|
|
|
|
|
7,301
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
Corporate Results --
|
|
|
|
|
|
|
|
|
|
Non Segment**
|
|
|
(939
|
)
|
|
|
|
|
(3,158
|
)
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Severance accruals
|
|
|
40
|
|
|
|
|
|
--
|
|
|
|
|
Railcar leases
|
|
|
15
|
|
|
|
|
|
--
|
|
|
|
|
Tax effect of pre-tax
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
|
(22
|
)
|
|
|
|
|
--
|
|
|
|
|
Discontinued operations, net***
|
|
5
|
|
|
|
|
|
(24
|
)
|
|
|
|
Corporate Core Results --
|
|
|
|
|
|
|
|
|
|
Non Segment
|
|
|
(901
|
)
|
|
|
|
|
(3,182
|
)
|
|
|
|
TOTAL CORE RESULTS
|
|
$
|
1,096
|
|
|
$
|
1.34
|
|
$
|
4,119
|
|
|
$
|
4.97
|
|
*Represents amounts attributable to common stock, after deducting
non-controlling interest of $21 million and $66 million for the
six months 2009 and 2008, respectively.
|
|
**Net interest expense, income taxes, G&A expense and other.
|
|
***Amounts shown after tax.
|