Conoco Announces Fourth Quarter and 2001 Earnings.Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 24, 2002 Conoco (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) -- In partnership with Ocean Energy, Conoco announced it will develop the Magnolia field, located in nearly 4,700 feet of water in the Gulf of Mexico. Total gross production is estimated to be 150 million barrels of oil equivalent (mmboe) with first production expected in the fourth quarter of 2004. Conoco holds a 75-percent working interest in the field. -- Conoco, as a member of the Mackenzie Delta Producers Group, began work on the regulatory application to eventually develop 5.8 trillion cubic feet (tcf) of natural gas reserves in Canada's Mackenzie Delta (1.4 tcf net to Conoco). This would include an onshore pipeline to transport natural gas from the Mackenzie Delta to existing infrastructure in northern Alberta. -- The company purchased Statoil's 50-percent interest in Block 5.3, a 462,000-acre property in Vietnam's Nam Con Son natural gas development, where exploration and appraisal are ongoing. The purchase also included a 16.33-percent ownership interest in the Nam Con Son pipeline, a 240-mile delivery system that will transport natural gas to Ho Chi Minh City. The purchase supports the company's growth plans for Southeast Asia, and its long-term objective to build a sustainable natural gas business in Vietnam. -- The Indonesian government awarded Conoco the Nila block in the West Natuna Sea offshore Indonesia under a production sharing agreement. As 65-percent majority interest holder, Conoco will serve as operator of the block, which is adjacent to the Conoco-operated South Natuna Sea Block B. -- Petrozuata, Conoco's heavy-oil joint venture with PDVSA, achieved a key milestone in December by successfully satisfying all operating performance requirements related to completion tests at the Jose syncrude upgrader. The company produced more than 18 million barrels of syncrude in 2001. Full compliance will allow project-related debt to become non-recourse to Conoco and PDVSA shareholders. -- Commercial operation began at the SRW Cogeneration Limited Partnership facility, a 420-megawatt natural gas-fired cogeneration plant in Orange County, Texas. Conoco supplies natural gas to the plant, which will provide power and steam for DuPont's Sabine River Works facility. The excess power will be marketed in the region. -- Construction has commenced on a 730-megawatt power plant adjacent to Conoco's U.K. Humber refinery. It will supply steam and electricity to Humber, steam to a neighboring refinery and electricity to the National Grid. The plant will be one of the largest, cleanest-burning and most efficient combined heat and power plants in Europe. -- As part of its $1 billion asset disposition program, Conoco completed the sale of several non-strategic Gulf of Mexico oil and natural gas properties, sold 175 company-operated Jet service stations in the U.K. and announced the sale of its 3.75 percent interest in the Jotun field in the Norwegian North Sea. -- Canada's Syncrude Project, of which Conoco holds a 9-percent minority interest, will expand its upgrader and add a second bitumen production train at the Aurora mine in Alberta. The 2002 gross production target range for syncrude is 85 to 90 million barrels of syncrude sweet blend, up from 81 million barrels in 2001. The syncrude sweet blend commands a premium in the market over other sweet and medium sour crude oils. -- Conoco was awarded a patent for a technique expected to improve exploration results and well placement in challenging areas such as the sub-salt province of the Gulf of Mexico and the U.K.'s Atlantic Margin. The technology helps explorers see below salt bodies and lava flows. Conoco (NYSE:COC) today said that higher production and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar volumes were more than offset by significantly lower prices and margins, resulting in lower earnings for the quarter. Net income before special items totaled $197 million, or 31 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, 66 percent below last year's record fourth quarter of $574 million, or 91 cents per diluted share. Revenue for the quarter was $8.5 billion, down 18 percent from $10.4 billion last year on sharply lower prices for refined products, crude oil and natural gas. For the year, net income before special items totaled $1.8 billion, or $2.87 per diluted share, down 6 percent, versus $1.9 billion, or $3.08 per diluted share in 2000. Revenue was a record $39.5 billion, up slightly from last year. "We are pleased with our performance for the year, particularly downstream's record earnings and the significant growth in crude oil and natural gas production. This has been a very busy year with the acquisition of Gulf Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and our pending merger of equals with Phillips Phil·lips A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots. Petroleum," said Conoco Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Archie (ARCHIvE) An earlier Unix utility used to search for file names on Internet FTP sites. Considered by some as the first search engine, in its heyday before the Web, there were approximately 30 Archie servers throughout the Internet that maintained catalogs of files available Dunham Dunham is a surname, and may refer to
"Despite falling prices and margins in the last half of the year due to general economic weakness and unseasonably warm weather in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , we again delivered very strong earnings -- the second-best second best n. One that is next to the best. adv. Next to the best. sec  ond-best year in our history," he said."The company's strong growth continued, with oil and natural gas production increasing 32 percent for the quarter and 18 percent for the year. In addition, this is our fourth consecutive year of excellent exploration results, with discoveries in Vietnam Vietnam (vēĕt`näm), officially Socialist Republic of Vietnam, republic (v), 128,400 sq mi (332,642 sq km), Southeast Asia. Occupying the eastern coastline of the Southeast Asian peninsula, Vietnam is bounded by China on the north, by Laos , Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. , the U.K., Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. , the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and Canada. Our discoveries during the year could result in a potential 440 million barrels of oil equivalent for future development. We estimate that Conoco will replace some 425 percent of its total production with proved reserve additions during 2001," he said. "I am very pleased with the work of the merger integration team and convinced con·vince tr.v. con·vinced, con·vinc·ing, con·vinc·es 1. To bring by the use of argument or evidence to firm belief or a course of action. See Synonyms at persuade. 2. that the merger with Phillips is good for our nation's energy security and the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of consumer," Dunham added. "The timing couldn't could·n't Contraction of could not. couldn't could not be better because the synergies we expect to quickly achieve will offset the impact of weak markets. ConocoPhillips ConocoPhillips (NYSE: COP) is an international energy corporation with its headquarters located in Houston, Texas. It was created through the merger of Conoco Inc. and the Phillips Petroleum Company on August 30, 2002. will have an attractive global portfolio, plus the muscle and financial strength to compete aggressively for opportunities in all regions in the world, thus generating significant shareholder value." Special Items For the quarter, special items resulted in a charge of $70 million, or 11 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , as a gain of $134 million from the sale of several Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east properties was more than offset by: -- a charge of $110 million for write-downs of assets held-for-sale; -- an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of $70 million for a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement for a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: business related to the DuPont Dupont, DuPont, Du Pont, or du Pont may refer to: Companies
agreement (the litigation settlement is dependent upon full and complete resolution of the issue, but excludes anticipated insurance recoveries); and -- a $20 million premium paid for the early retirement of the remainder of the Gulf Canada debt. During the same period last year, a $24 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of inventories in an international refinery venture was recorded. Including special items, net income totaled $127 million, or 20 cents per diluted share, down from $550 million, or 87 cents per diluted share, earned during the same period last year. For the year, net income was $1.6 billion, down 16 percent from $1.9 billion in 2000. The following table lists highlights for the fourth quarter and full-year 2001 and 2000.
FINANCIAL AND OPERATING HIGHLIGHTS
(In millions of dollars, FOURTH QUARTER FULL YEAR
except per diluted 2001 2000 Change 2001 2000 Change
share and production data) ---- ---- ------ ---- ---- ------
Net Income Before Special
Items 197 574 -66% 1,823 1,948 -6%
Net Income Before Special
Items ($ per diluted share) .31 .91 -66% 2.87 3.08 -7%
Net Income 127 550 -77% 1,589 1,902 -16%
Net Income
($ per diluted share) .20 .87 -77% 2.50 3.00 -17%
Diluted Shares Outstanding
(millions of shares) 635 633 635 633
Revenues 8,491 10,393 -18% 39,539 39,287 1%
Total Net Production (MBOED) 891 676 32% 770 654 18%
Note: Table includes Gulf Canada acquisition, starting with third
quarter of 2001.
Gulf Canada Update For the quarter, the Gulf Canada acquisition was accretive to earnings by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 12 cents per diluted share, including the benefit of crude oil and natural gas hedges tied to the acquisition. For the year, accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the totaled about 21 cents per share. To date, $175 million in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta synergies have been identified, up from the earlier projected $150 million. Since the acquisition, more than $750 million of asset dispositions have been completed or announced in connection with the $1 billion disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of program to facilitate debt reduction. Conoco and Phillips Merger Update In December December: see month. , Conoco and Phillips filed a preliminary proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. with the Securities and Exchange Commission (SEC), outlining the terms of the proposed merger. Following SEC clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel , the companies will mail proxies A proxy server that specializes in e-mail transactions. See proxy server. to their shareholders who will use the information to vote on the merger proposal at special stockholders' meetings expected to be conducted in the first quarter. Also in December, the companies made their initial filings with the Federal Trade Commission (FTC FTC See Federal Trade Commission (FTC). ) under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the , and have now progressed to the second phase request from the FTC for additional information. Similar filings are being made in other countries. Transition team leaders from both companies are determining the most effective way to integrate the two companies and achieve the expected $750 million in annual synergies. The merger is expected to be completed in the second half of 2002. Other Key Quarterly Highlights -- In partnership with Ocean Energy, Conoco announced it will develop the Magnolia field, located in nearly 4,700 feet of water in the Gulf of Mexico. Total gross production is estimated to be 150 million barrels of oil equivalent (mmboe) with first production expected in the fourth quarter of 2004. Conoco holds a 75-percent working interest in the field. -- Conoco, as a member of the Mackenzie Delta Producers Group, began work on the regulatory application to eventually develop 5.8 trillion cubic feet (tcf) of natural gas reserves in Canada's Mackenzie Delta (1.4 tcf net to Conoco). This would include an onshore pipeline to transport natural gas from the Mackenzie Delta to existing infrastructure in northern Alberta. -- The company purchased Statoil's 50-percent interest in Block 5.3, a 462,000-acre property in Vietnam's Nam Con Son natural gas development, where exploration and appraisal are ongoing. The purchase also included a 16.33-percent ownership interest in the Nam Con Son pipeline, a 240-mile delivery system that will transport natural gas to Ho Chi Minh City. The purchase supports the company's growth plans for Southeast Asia, and its long-term objective to build a sustainable natural gas business in Vietnam. -- The Indonesian government awarded Conoco the Nila block in the West Natuna Sea offshore Indonesia under a production sharing agreement. As 65-percent majority interest holder, Conoco will serve as operator of the block, which is adjacent to the Conoco-operated South Natuna Sea Block B. -- Petrozuata, Conoco's heavy-oil joint venture with PDVSA, achieved a key milestone in December by successfully satisfying all operating performance requirements related to completion tests at the Jose syncrude upgrader. The company produced more than 18 million barrels of syncrude in 2001. Full compliance will allow project-related debt to become non-recourse to Conoco and PDVSA shareholders. -- Commercial operation began at the SRW Cogeneration Limited Partnership facility, a 420-megawatt natural gas-fired cogeneration plant in Orange County, Texas. Conoco supplies natural gas to the plant, which will provide power and steam for DuPont's Sabine River Works facility. The excess power will be marketed in the region. -- Construction has commenced on a 730-megawatt power plant adjacent to Conoco's U.K. Humber refinery. It will supply steam and electricity to Humber, steam to a neighboring refinery and electricity to the National Grid. The plant will be one of the largest, cleanest-burning and most efficient combined heat and power plants in Europe. -- As part of its $1 billion asset disposition program, Conoco completed the sale of several non-strategic Gulf of Mexico oil and natural gas properties, sold 175 company-operated Jet service stations in the U.K. and announced the sale of its 3.75 percent interest in the Jotun field in the Norwegian North Sea. -- Canada's Syncrude Project, of which Conoco holds a 9-percent minority interest, will expand its upgrader and add a second bitumen production train at the Aurora mine in Alberta. The 2002 gross production target range for syncrude is 85 to 90 million barrels of syncrude sweet blend, up from 81 million barrels in 2001. The syncrude sweet blend commands a premium in the market over other sweet and medium sour crude oils. -- Conoco was awarded a patent for a technique expected to improve exploration results and well placement in challenging areas such as the sub-salt province of the Gulf of Mexico and the U.K.'s Atlantic Margin. The technology helps explorers see below salt bodies and lava flows. The following commentary compares segment results for the fourth quarter and full-year 2001 with the results for the same periods in 2000, excluding the earnings impact of special items. Fourth quarter 2001 earnings, prices and volumes include Gulf Canada. FOURTH QUARTER 2001 Upstream From the consumer to the provider. See downstream. (networking) upstream - Fewer network hops away from a backbone or hub. For example, a small ISP that connects to the Internet through a larger ISP that has their own connection to the backbone is downstream from the larger Upstream earned $302 million, down 47 percent from last year, as a result of weaker worldwide crude oil and natural gas prices; increased operating costs operating costs npl → gastos mpl operacionales ; higher depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization; and increased exploration expenses. The increased costs are mainly associated with the Gulf Canada transaction. Increased production partly offset the fall in prices and higher costs. Gains on natural gas and crude oil hedges added $101 million to earnings during the quarter. Exploration expense totaled $176 million, up 71 percent, reflecting the addition of Gulf Canada and higher dry hole costs, including wells in Barbados Barbados (bärbā`dōz), island state (2005 est. pop. 279,300), 166 sq mi (430 sq km), in the West Indies. The capital and largest city is Bridgetown. Land, People, and Economy The island, E of St. and Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. . U.S. upstream earned $141 million, down 39 percent, while international upstream earnings decreased 52 percent to $161 million. The company's worldwide net realized crude oil price decreased 36 percent to $16.88 per barrel barrel: see English units of measurement. . Worldwide net realized natural gas price declined 38 percent to $2.54 per thousand cubic feet (mcf). In the U.S., the natural gas price declined by 50 percent to $2.54 per mcf, while the international gas price of $2.54 per mcf fell 25 percent. Overall, total production (including Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. syncrude This article is about Syncrude Canada Ltd.. For synthetic crude oil, see synthetic crude. Syncrude Canada Ltd. is the world's largest producer of synthetic crude oil from oil sands and the largest single source producer in Canada. ) of 891,000 boe per day rose 32 percent from 676,000 boe per day during the same period last year. The Gulf Canada acquisition added about 224,000 boe per day, in line with expectations. Elsewhere, production increases at the U.K. Banff Banff, former county, Scotland Banff, former county, Scotland: see Banffshire. Banff (bămf, bănf), town (1991 pop. 5,688), SW Alta., Canada, in the Rocky Mts., on the Bow River and the Trans-Canada Highway. field and Norway's Huldra
In Scandinavian folklore, the huldra (Norwegian, derived from a root meaning "covered" or "secret") is a seductive forest creature. field, which came onstream OnStream Holdings of the Netherlands was spun off from Philips in 1998 and went bankrupt for a second time in 2003. [1] As a result of its first bankruptcy in 2001, the company was split into two parts, OnStream Data and OnStream MST. during the year, were more than offset by normal field declines in the U.S. and the U.K. North Sea. Including Canadian syncrude, worldwide petroleum liquids production of 485,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. (bpd) was up 27 percent. Worldwide natural gas production was 2.4 billion cubic feet (bcf) per day, up 39 percent from 2000. U.S. natural gas volumes increased 3 percent to 799 million cubic feet (mmcf) per day. International natural gas production averaged 1.6 bcf per day, up 68 percent, reflecting an additional 678 mmcf per day from the Gulf Canada acquisition. Downstream From the provider to the customer. Downloading files and Web pages from the Internet is the downstream side. The upstream is from the customer to the provider (requesting a Web page, sending e-mail, etc.). Downstream earnings of $23 million decreased 76 percent, due to much lower refining margins and higher costs, partly offset by improved co-product margins and increased refinery volumes. In the U.S., downstream broke even, as increased refinery throughputs and improved co-product margins offset very weak refining spreads and higher costs. Results included the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of an e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. trading venture. Domestic refinery throughputs of 524,000 bpd were up 20 percent on increased volumes at the Lake Charles Lake Charles, city (1990 pop. 70,580), seat of Calcasieu parish, SW La.; inc. 1867. It is located on Lake Charles at the mouth of the Calcasieu River in a rice, timber, oil, and natural gas region. , La., refinery, which was down during the fourth quarter of last year for upgrades to process Petrozuata heavy syncrude. International downstream earned $23 million, down $56 million, due to weaker refining margins in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Asia. The decline in margins
was partly offset by increased refining volumes at the Melaka Melaka or Malacca (both: məlăk`ə), state (1991 pop. 504,502), 640 sq mi (1,658 sq km), Malaysia, S Malay Peninsula, on the Strait of Malacca. , Malaysia,
refinery. International throughputs were up 6 percent to 361,000 bpd.Worldwide refined product sales were 1.2 million bpd, up 4 percent, reflecting volume growth in the U.S. and Asia Pacific. Emerging Businesses The cost of expanding the company's emerging businesses increased as expected to $35 million during the quarter, due to construction expenses for the natural gas refining pilot plant in Ponca City Ponca City, city (1990 pop. 26,359), Kay co., N Okla., on the Arkansas River; founded 1893 with the opening of the Cherokee Strip, inc. 1899. It is a trade, processing, and shipping hub in a grain, livestock, and oil area. , Okla., and higher research and development costs for Cevolution(TM), the company's carbon solutions business. The pitch portion of Conoco's carbon fibers plant in Ponca City, Okla., is operational. Commercial production is expected to commence mid-year 2002. Corporate Corporate operating and non-operating expenses totaled $93 million, up $16 million on higher after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . However, despite significantly higher debt levels as a result of the Gulf Canada acquisition, net interest cost declined as a result of debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: and lower after-tax interest rates. FULL YEAR 2001 Upstream For the year, upstream earned $1.7 billion, down 5 percent on lower crude oil prices, as well as higher acquisition-related operating and overhead (O&O) costs and exploration expenses. Year-over-year earnings benefited from higher natural gas prices and increased volumes. U.S. upstream earned $866 million, up 25 percent, due to strong natural gas prices earlier in the year. International upstream earned $879 million, down 23 percent, on declining crude oil prices. Worldwide net realized crude oil prices (excluding Canadian syncrude) decreased 19 percent for the year to $21.14 per barrel. Net realized Canadian syncrude prices averaged $21.98 per barrel in the second half of the year. Worldwide net realized natural gas prices of $3.52 per mcf were 15 percent above 2000. Overall, the company's total production was up 18 percent to 770,000 boe per day. Worldwide natural gas production rose to 2.0 bcf per day, as international gas volumes jumped 37 percent. Net petroleum liquids production (including Canadian syncrude) was up 17 percent to 432,000 bpd, with international production rising 24 percent. Downstream Downstream earned a record $559 million for the year, up 23 percent on strong U.S. refining margins, partly offset by increased utility and other costs. U.S. downstream earnings rose 97 percent to $396 million, while international earnings were $163 million, down 36 percent. In the U.S., the company benefited from a healthy refining environment for much of the year, particularly from strong margins in inland INLAND. Within the same country. 2. It seems not to be agreed whether the term inland applies to all the United States or only to one state. It has been holden in Now York that a bill of exchange by one person in one state, on another person in another, is an markets. Worldwide refinery inputs were 854,000 bpd, down 2 percent from 2000, primarily due to downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. at the U.K. Humber refinery The Humber Refinery is an oil refinery owned by ConocoPhillips. It is located at South Killingholme, North Lincolnshire in the United Kingdom. Situated approximately 10 miles north west of Grimsby, it processes approximately 221,000 barrels of crude oil per day. , while refined product sales increased by 3 percent. Emerging Businesses For the year, the costs of expanding Conoco's emerging businesses increased to $90 million, primarily due to the construction of the natural gas refining pilot plant and higher research and development costs for Cevolution(TM). Corporate Corporate and non-operating expenses totaled $391 million, up 29 percent from the previous year due to lower foreign currency exchange gains, higher interest expense, and increased information technology costs. Other Financial Highlights For the year, the company generated $3.1 billion of cash provided by operations. Capital expenditures, excluding the cost of the Gulf Canada acquisition, totaled $2.8 billion, while proceeds from asset sales totaled $795 million. Cash at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. was $388 million, while debt was $9.4 billion. The net debt ratio at quarter-end was 53 percent, down from 60 percent immediately after the Gulf Canada acquisition. In November November: see month. , Conoco reached a final settlement with DuPont on all remaining separation and tax issues. The cash received in settlement was accounted for as an adjustment to additional-paid-in-capital but had no effect on earnings. Conoco has no material exposure to Enron's bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . Outlook "The year 2002 will be an exciting and challenging year for the company as we seek shareholder approval of the merger with Phillips and make plans to integrate the two companies," Dunham said. "Given the current outlook for the global economy, we expect the downward trend in prices and margins experienced in the last half of 2001 to continue for at least the first half of the year, as industry inventories are drawn down and the U.S. economy begins to turn around," he said. "Capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. this year is estimated to be $2.8 billion, about the same as 2001, despite the inclusion of Gulf Canada for a full year," Dunham said. "The company's hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. program for the Gulf Canada acquisition covers approximately 27 percent of expected total company production and will enable us to maintain our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. spending pattern, while keeping debt on a downward trend. At year-end, the value of the hedges was $429 million," he said. Dunham also noted that total production for 2002 is expected to total 305 to 315 million barrels of oil equivalent, approximately 10 percent over 2001. First quarter production is expected to be up about 20 percent over 2001. "We have an exploration and appraisal program of more than 40 wells planned for 2002 at an estimated cost of $500 million," Dunham said. "We will continue our aggressive development program in Vietnam and will drill several key wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. and appraisal wells in the Gulf of Mexico and Norway." "In downstream, we expect refining throughputs to increase by about 5 percent to record levels, as a result of having a full year of operations at our U.K. Humber refinery. Additionally, we will have the first commercial sales from our new carbon fibers plant in the second half of the year," he concluded. Conoco is a major, integrated energy company active in more than 40 countries. For more information, the company's financial analyst teleconference will be broadcast live today on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.conoco.com, beginning at 9:30 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. (10:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy ). Additional financial and operating results are posted on the company's website. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the -- This release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's operations, business plans and the Conoco/Phillips merger. These statements are based on management's current expectations, estimates and projections, are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially. Factors that could cause actual results to differ materially from those described in the forward-looking statements include without limitation changes in crude oil and natural gas prices; unsuccessful exploratory and development drilling; failure to achieve expected reserve or production levels for existing and future projects due to operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , drilling risks, and the inherent engineering uncertainties in estimating oil and gas reserves; difficulties or cost-overruns in constructing production facilities; potential disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. or interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of the Company's facilities and operations due to accidents or political events; and general domestic and international economic and political conditions. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include the risk that Conoco's and Phillips' businesses will not be integrated successfully; costs related to the proposed merger; failure of the Conoco or Phillips stockholders to approve the proposed merger; and other economic, business, competitive and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. factors affecting Conoco's and Phillips' businesses generally as set forth in Conoco's and Phillips' filings with the SEC, including their Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended 2000, especially in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial section, their most recent Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and their Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . Conoco and Phillips are under no obligation to (and expressly disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise. Cautionary Note to U.S. Investors -- The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. that a company has demonstrated by actual production or conclusive Determinative; beyond dispute or question. That which is conclusive is manifest, clear, or obvious. It is a legal inference made so peremptorily that it cannot be overthrown or contradicted. formation tests to be economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: and legally producible under existing economic and operating conditions. Syncrude production is distinguished from oil and gas production because SEC regulations define syncrude as mining-related and not part of conventional oil and natural gas reserves. We use certain terms in this release, such as "...discovered...440 million barrels of oil equivalent," "...estimated to be...150 million barrels of oil equivalent," and "...eventually develop 5.8 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet (tcf) of natural gas reserves..." that the SEC's guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. strictly prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K, File No. 1-14521, available from us at 600 N. Dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. Ashford Ash·ford , Evelyn Born 1957. American athlete. A sprinter on five Olympic track teams, she won nine Olympic medals, including a gold medal in the 100-meter dash and three gold medals in the four-by-100-meter relay. , Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the 77079. You can also obtain this form from the SEC by calling 1-800-SEC-0330. Additional Information In connection with the proposed Conoco/Phillips merger, ConocoPhillips (formerly known as CorvettePorsche Corp.) filed with the Securities and Exchange Commission (the "SEC") on December 7, 2001, a registration Statement on Form S-4 that included the preliminary joint proxy statement of Conoco and Phillips and prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. of ConocoPhillips. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY JOINT PROXY See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. STATEMENT/PROSPECTUS, WHICH IS AVAILABLE NOW, AND THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS, WHEN IT BECOMES AVAILABLE, BECAUSE IT CONTAINS AND WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the preliminary joint proxy statement/prospectus and the definitive joint proxy statement/prospectus (when it is available) and other documents filed by Conoco, Phillips and ConocoPhillips with the SEC at the SEC's Web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The definitive joint proxy statement/prospectus (when it is available) and these other documents may also be obtained for free from Conoco or Phillips by calling Conoco at (281) 293-6800, and through Conoco's Web site at www.conoco.com, or by calling Phillips at (918) 661-3700, and through Phillips' Web site at www.phillips66.com. Conoco, Phillips and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from their respective stockholders in favor of upon the side of; favorable to; for the advantage of. See also: favor the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of Conoco's stockholders in connection with the proposed Conoco/Phillips merger is set forth in Conoco's proxy statement for a special meeting of stockholders, dated August 8, 2001, and filed with the SEC on August 3, 2001, and information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Phillips' stockholders in connection with the proposed Conoco/Phillips merger is set forth in Phillips' proxy statement for its 2001 annual meeting, dated March 29, 2001, and filed with the SEC on March 29, 2001. Additional information is set forth in the preliminary joint proxy statement/prospectus and will be set forth in the definitive preliminary joint proxy statement/prospectus when it is filed with the SEC.
EARNINGS BY SEGMENT (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
------------------ --------------------
2001 2000 2001 2000
----- ----- ----- -----
Upstream
United States 275(1) 232 987(1)(2)(3) 719(4)
International 74(5) 336 824(5)(6) 1,148
----- ----- ----- -----
Total Upstream 349 568 1,811 1,867
Downstream
United States 0 18 329(7)(8) 182(9)
International 0 (10) 55(11) 86(10)(12) 230(11)
----- ----- ----- -----
Total Downstream 0 73 415 412
Emerging Businesses (35) (14) (90) (69)(13)
Corporate (118)(14)(15) (28) (201)(14)(15) (104)(16)
----- ----- ----- -----
Total ATOI 196 599 1,935 2,106
Non-Operating (69)(17) (49) (346)(17)(18) (204)
----- ----- ----- -----
Net Income 127 550 1,589 1,902
===== ===== ===== =====
Includes the following Special Items:
(1) $134 gain from the sale of Gulf of Mexico properties.
(2) $44 write-down of certain upstream producing properties
held for sale and $23 gain from the sale of Pocahontas, a
natural gas producing venture.
(3) $8 gain from transition adjustment for implementation of
SFAS 133 and 138.
(4) $27 gain from the sale of natural gas processing assets.
(5) $87 write-down of western Canadian legacy assets held for
sale.
(6) $32 gain from transition adjustment for implementation of
SFAS 133 and 138.
(7) $23 write-down of an equity investment held for sale and $41
charge related to adverse ruling on patent dispute.
(8) $3 charge from transition adjustment for implementation of SFAS
133 and 138.
(9) $16 of litigation provisions and $3 for the write-down of
related U.S. refinery assets.
(10) $23 write-down of an equity investment held for sale.
(11) $24 write-down to market value of inventories in an
international refinery venture.
(12) $54 in costs associated with the Humber refinery incident.
(13) $26 write-off for disposal of Conoco's 37.5 percent interest
in a Colombian power venture.
(14) $4 in costs associated with the ConocoPhillips merger.
(15) $70 in costs for a litigation settlement related to the
DuPont Separation Agreement from a discontinued business.
(16) $4 of settlement costs associated with the Separation
Agreement with DuPont related to a discontinued business.
(17) $20 premium charge on the early retirement of debt related to
the acquisition.
(18) $38 loss from changes in the fair value of Canadian dollar
forward exchange contracts related to the acquisition of Gulf
Canada; and $24 premium charge on the early retirement of debt
related to the acquisition.
EARNINGS BY SEGMENT BEFORE SPECIAL ITEMS (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
---------------- -----------------
2001 2000 2001 2000
------ ------ ------ ------
Upstream
United States 141 232 866 692
International 161 336 879 1,148
------ ------ ------ ------
Total Upstream 302 568 1,745 1,840
Downstream
United States 0 18 396 201
International 23 79 163 254
------ ------ ------ ------
Total Downstream 23 97 559 455
Emerging Businesses (35) (14) (90) (43)
Corporate (44) (28) (127) (100)
------ ------ ------ ------
Total ATOI 246 623 2,087 2,152
Non-Operating (49) (49) (264) (204)
------ ------ ------ ------
Net Income 197 574 1,823 1,948
====== ====== ====== ======
STATEMENT OF INCOME (unaudited)
(millions of dollars, except per share)
Three Months Ended Year Ended
December 31 December 31
-------------------- ---------------------
2001 2000 2001 2000
------- ------- -------- -------
Sales and
Other Operating
Revenues (a) 8,108 10,269 38,737 38,737
Income from
Equity
Affiliates 22 33(1) 181 277(1)
Other Income 361(2)(3) 91 621(2)(3) 273(7)
(4)(5) (8)
(6)
------- ------- -------- -------
Total
Revenues 8,491 10,393 39,539 39,287
Cost of Goods
Sold 4,406 6,272 23,043 23,921
Operating
Expenses 903(9)
(10) 642 3,053(5) 2,215(12)
(9)
(10)
(11)
Selling, General
and
Administrative
Expenses 297 214 888 794(13)
Exploration
Expenses (b) 176 103 378 279
Depreciation,
Depletion, and
Amortization 588(14) 348 1,811(14) 1,301(16)
(15)
Taxes Other
Than On Income (a) 1,845 1,719 6,983 6,981
Interest and
Debt Expense 119(17) 88 396(17) 338
------- ------- -------- -------
Income Before
Income Taxes 157 1,007 2,987 3,458
Provision for
Income Taxes 10 457 1,391 1,556
Income Before
Extraordinary
Item
------- ------- -------- -------
and Accounting
Change 147 550 1,596 1,902
------- ------- -------- -------
Extraordinary
Item (20)(17) -- (44)(17) --
Cumulative
Effect of
Accounting
Change -- -- 37(6) --
------- ------- -------- -------
Net Income 127 550 1,589 1,902
======= ======= ======== =======
Earnings Before
Extraordinary
Item and
Accounting
Change
Per Share of
Common Stock:
Basic $.23 $.88 $2.55 $3.05
Diluted $.23 $.87 $2.51 $3.00
Earnings Per
Share of
Common Stock:
Basic $.20 $.88 $2.54 $3.05
Diluted $.20 $.87 $2.50 $3.00
Earnings Before
Special Items
Per Share of
Common Stock:
Basic $.31 $.92 $2.91 $3.12
Diluted $.31 $.91 $2.87 $3.08
Average
Shares
of Stock
Outstanding:
Basic 626,434,578 623,744,005 625,611,182 624,354,441
Diluted 634,534,637 633,446,729 635,094,122 632,760,439
(a) Includes Petroleum Excise Taxes.
(b) Includes Exploration O&O, Dry Hole Costs, Depreciation,
Impairment of Unproved Properties and Taxes Other Than On
Income.
Includes the Pretax Impact of the following Special Items:
(1) $24 write-down to market value of inventories of an
international refinery venture.
(2) $214 gain from the sale of Gulf of Mexico properties.
(3) $23 write-down of a downstream equity investment held for
sale.
(4) $59 loss from changes in the fair value of Canadian dollar
forward exchange contracts related to the acquisition of Gulf
Canada; $35 gain from the sale of Pocahontas, a natural gas
producing venture; and $18 write-down of a downstream equity
investment held for sale.
(5) $50 in costs associated with the Humber refinery incident ($8
in Other Income and $58 in Operating Expenses).
(6) Accounting change is the cumulative transition impact of
adoption on January 1, 2001 of SFAS Nos.133 and 138
"Accounting for Derivative Instruments and Hedging
Activities." This amount primarily reflects a pretax gain of
$64 ($40 after-tax) related to changes in the fair value of
certain crude oil put options from their purchase date to the
January 1 adoption date of these standards. Included in "Other
Income" is an $84 pretax expense ($53 after-tax) related to
changes in the fair value of these same crude oil put options
from Jan 1 to the Dec 31 reporting date.
(7) $26 write-off for disposal of Conoco's 37.5 percent interest
in a Colombian power venture.
(8) $42 in gains from the sale of natural gas processing assets in
the U.S.
(9) $6 costs associated with the ConocoPhillips merger.
(10) $112 in costs for a litigation settlement related to the
DuPont Separation Agreement from a discontinued business.
(11) $65 charge in U.S. Downstream related to adverse ruling on a
patent dispute.
(12) $25 of U.S. Downstream litigation provisions.
(13) $6 of settlement costs associated with the Separation
Agreement from DuPont related to a discontinued business.
(14) $128 write-down of western Canadian legacy assets held for
sale.
(15) $69 write-down of certain U.S. Upstream producing properties
held for sale.
(16) $5 write-down of certain refinery assets in the U.S.
(17) Extraordinary item is a $77 premium charge on the early
retirement of debt related to the acquisition, $36 of which
was recorded in the fourth quarter.
PRELIMINARY BALANCE SHEET (unaudited)
(billions of dollars)
December 31
------------------------
2001 2000
------ -----
ASSETS
Current Assets
Cash And Cash
Equivalents 0.4 0.3
Other Current Assets 3.9 3.1
------ -----
Total Current Assets 4.3 3.4
Net Property Plant &
Equipment 17.9 12.2
Goodwill 2.9 0.0
Investments in Affiliates
and Other Assets 2.6 2.5
------ -----
Total Assets 27.7 18.1
====== =====
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Short-Term Borrowings 1.1 0.3
Other Accrued Liabilities 4.1 3.9
------ -----
Total Current Liabilities 5.2 4.2
Long-Term Borrowings 8.3 4.1
Deferred Taxes and Other
Liabilities 6.4 3.9
------ -----
Total Liabilities 19.9 12.2
Minority Interests 1.2 0.3
Stockholders' Equity 6.6 5.6
------ -----
Total Liabilities and
Stockholders' Equity 27.7 18.1
====== =====
PRELIMINARY CASH FLOW STATEMENT (unaudited)
(billions of dollars)
Year Ended
December 31
---------------
2001 2000
----- -----
Net Income 1.6 1.9
Non-Cash Charges and Credits 2.0 1.3
Working Capital Changes (0.5) 0.2
----- -----
Cash Provided by Operations 3.1 3.4
Investments (2.8) (2.7)
Purchase of Gulf Canada - Net of Cash Received (4.3) 0.0
Proceeds From Asset Sales 0.8 0.2
----- -----
Cash Used in Investing Activities (6.3) (2.5)
Cash Dividends (0.5) (0.5)
Net Change in Borrowings 3.3 (0.3)
Cash Received from DuPont 0.1 0.0
Other Financing Activities 0.5 (0.1)
----- -----
Cash Used in Financing Activities 3.4 (0.9)
Effect of Exchange Rate Changes on Cash (0.1) (0.0)
----- -----
Increase/(Decrease) in Cash and Cash Equivalents 0.1 (0.0)
===== =====
CAPITAL EXPENDITURES AND INVESTMENTS (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
--------------- ----------------
2001 2000 2001 2000
----- ----- ----- -----
Upstream
United States 378 277 856 667
International 501 197 1,358(1) 1,486
----- ----- ----- -----
Total Upstream 879 474 2,214 2,153
Downstream
United States 67 129 164 344
International 77 39 225 200
----- ----- ----- -----
Total Downstream 144 168 389 544
Emerging Businesses 49 48 196 73
Corporate 8 5 36 26
----- ----- ----- -----
Total 1,080 695 2,835 2,796
===== ===== ===== =====
(1) Excludes acquisition of Gulf Canada of $4.5 billion cash plus
assumed liabilities.
NET EXPLORATION INVESTMENT (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
----------- -----------
2001 2000 2001 2000
---- ---- ---- ----
Cash Expense
United States 28 37 76 77
International 77 35 186 114
---- ---- ---- ----
Total Cash Expense 105 72 262 191
Capital
United States 5 25 68 65
International 114 21 256 139
---- ---- ---- ----
Total Capital 119 46 324 204
Total Exploration Outlays 224 118 586 395
Exploration Asset Sales 0 (2) (4) (3)
---- ---- ---- ----
Net Exploration Investment 224 116 582 392
==== ==== ==== ====
OPERATING DATA AND PRICES (unaudited)
Three Months
Ended Year Ended
December 31 December 31
------------- -------------
2001 2000 2001 2000
----- ----- ----- -----
Net Realized Crude Oil
Prices ($/Bbl) (1) (2)
United States 22.95 29.32 23.95 27.72
International 16.09 26.06 20.72 25.77
Worldwide 16.88 26.56 21.14 26.08
Net Realized Natural Gas
Prices ($/MCF) (1) (2)
United States 2.54 5.08 4.16 3.42
International 2.54 3.37 3.10 2.75
Worldwide 2.54 4.12 3.52 3.07
Net Realized Canadian
Syncrude Prices ($/Bbl) 17.77 -- 21.98 --
Net Petroleum Liquids
Production (MBD) (1)
United States 73 79 73 80
International 390 304 349 290
----- ----- ----- -----
Total Net Petroleum Liquids
Production 463 383 422 370
Net Canadian Syncrude
Production 22 -- 10 --
----- ----- ----- -----
Total Net Petroleum Liquids
Production Including Syncrude 485 383 432 370
Net Natural Gas Production
(MMCFD) (1)
United States 799 779 811 814
International 1,639 976 1,219 891
----- ----- ----- -----
Total Net Natural Gas
Production 2,438 1,755 2,030 1,705
Total Net Production
(MBOED) (1) (3) 891 676 770 654
Net NGLs Processed (MBD) (1)
United States 55 51 52 51
International 47 51 44 41
----- ----- ----- -----
Total Net NGLs Processed 102 102 96 92
Refinery Inputs Processed
(MBD) (1)
United States 524 435 540 533
International 361 340 314 338
----- ----- ----- -----
Total Refinery Inputs
Processed 885 775 854 871
Refined Product Sales
(MBD)
United States -
Downstream 734 719 823 808
International -
Downstream 512 484 481 476
----- ----- ----- -----
Total Refined Product
Sales - Downstream 1,246 1,203 1,304 1,284
NGL Sales 247 211 198 201
----- ----- ----- -----
Total Refined Product Sales 1,493 1,414 1,502 1,485
(1) Prices and volumes include equity affiliates.
(2) 2001 prices include the effect of crude oil and natural gas
hedges associated with the Gulf Canada acquisition.
(3) Includes Canadian Syncrude production.
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