Conoco Delivers Record Earnings.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Oct. 23, 2000 Conoco (NYSE NYSE See: New York Stock Exchange :COCA coca (kō`kə), common name for shrubs of the genus Erythroxylum, particularly E. coca, of the family Erythroxylaceae, and found abundantly in upland regions and on mountain slopes of South America, as well as in Australia, India, ) (NYSE:COCB) -- The company completed the previously announced acquisition of Saga U.K. Ltd. from Norsk Hydro for about $500 million, increasing the company's total estimated reserves in the U.K. North Sea by almost 15 percent or 113 million barrels of oil equivalent (BOE). The purchase increases the company's equity interest in the Britannia and Alba fields to 51 percent and 23 percent respectively, while expanding the company's U.K. oil production by about 35 percent and gas production by 11 percent. -- An estimated 200 million-plus barrel oil field was discovered just three miles north of the giant Ursa field in the deepwater Gulf of Mexico. The Princess discovery lies in about 3,600 feet of water, 130 miles southeast of New Orleans. Conoco holds a 16-percent interest in Ursa and Princess, both operated by Shell. -- The U.K. North Sea Vixen natural gas field began production in August with a flow rate of 140 million cubic feet per day, 16 percent higher than anticipated. The $36 million cost was 11 percent under budget and the project was completed ahead of schedule. Conoco is operator and holds a 50 percent interest in the field. -- The company further strengthened its position in the Asia Pacific region, as its first exploratory well drilled on Block 15-1 offshore Vietnam in the Cuu Long Basin resulted in an oil discovery with an estimated flow rate of 17,800 barrels of oil per day from a total of six zones. -- A Heads of Agreement was signed between Malaysia and Indonesia designating Conoco and its Block B partners as suppliers of 1.5 trillion cubic feet of natural gas for export from Indonesia to Malaysia over 20 years, beginning in 2002. This is the company's second contract to export natural gas from Indonesia by pipeline in the last two years. -- Conoco was included in the Dow Jones Sustainability Group Index, which provides investors transparent measurements of sustainability performance. The index includes about 200 companies selected from 60 industries worldwide. -- Conoco and Bell Geospace signed a contract to conduct a large-scale program of gathering gravity gradiometry data in the Gulf of Mexico. The data will greatly enhance the value of seismic information obtained from the region. -- Equity positions were taken in several e-commerce companies that use Internet capabilities to enhance worldwide trading functions, one of which will use Conoco's Crude Oil Information Network (COIN) to facilitate Web-based crude oil trading. The company also became a charter supplier on the American Petroleum Exchange, an Internet-based trading vehicle for refined products. -- Conoco recently performed the first commercial transaction through Trade-Ranger, a giant independent online exchange for the procurement of energy and petrochemical industry goods and services launched this year by 14 global energy and petrochemical companies, including Conoco. The new exchange helps buyers and sellers save time and money by simplifying transaction processes and broadening access to larger numbers of suppliers and customers. -- Conoco placed first in exploration and production results for the period 1995-1999, according to Prudential Securities, which ranked 13 major energy companies based on nine performance criteria. This is the second consecutive year for Conoco to be ranked first. -- Long-term financing was obtained for a 420-megawatt natural gas-fired cogeneration plant in Orange, Texas. Conoco's Global Power subsidiary is managing construction of the $260 million plant. Conoco (NYSE:COCA)(NYSE:COCB) today said higher natural gas and crude oil prices, coupled with strong margins for refined products and record refinery throughputs, produced record-setting results for the third consecutive quarter. Net income before special items totaled $523 million, or $.83 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, double that of third quarter 1999 and 14 percent above the second quarter 2000. "The quarter was an extraordinary success," said 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 W. Dunham Dunham is a surname, and may refer to
adj. Of, relating to, or carried on in waters of a relatively great depth: a deep-water port; deep-water drilling for oil. Adj. 1. 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 . In the North Sea, we completed the Norsk Hydro Norsk Hydro ASA (OSE: NHY, NYSE: NHY) is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. producing properties acquisition and brought 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. the Vixen vixen female fox. natural gas field. We also announced a groundbreaking 20-year supply contract to deliver Indonesian natural gas to 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. ," he said. "Great strides are being achieved in exploration. We are extremely encouraged by the Magnolia Magnolia, city, United States Magnolia (măgnō`lyə), city (1990 pop. 11,151), seat of Columbia co., SW Ark.; inc. 1855. Its oil industry has been important since 1938. appraisal well currently being drilled in the Gulf of Mexico. In addition, we unveiled the industry's most powerful exploration supercomputer supercomputer, a state-of-the-art, extremely powerful computer capable of manipulating massive amounts of data in a relatively short time. Supercomputers are very expensive and are employed for specialized scientific and engineering applications that must handle very that allows more cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. seismic data analysis. In a related step, we began a massive geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. over 2,000 deep-water blocks in the Gulf of Mexico, using gravity gradiometry Gravity Gradiometry is the study and measurement of variations in the acceleration due to gravity. technology once used exclusively by the military," he said. "Gratifyingly grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. , Conoco was named the best exploration and production company in the world by Prudential Prudential is the name of two different companies and buildings named after them: Companies:
"Downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. in the North Sea caused a temporary 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. in our quarterly production increases. Nevertheless, we remain confident about continued, profitable production growth over the long term," he said. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in also very pleased with the performance of our 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 and marketing operations. Record worldwide refinery operating levels reflect the significant improvements in plant reliability achieved over a number of years and allow Conoco to help satisfy rising global energy needs," he said. "Modifications are nearly complete at our 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 to allow the processing of Venezuelan 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. from Conoco's Petrozuata joint venture. We expect to commence commercial processing early in 2001. These modifications will increase the refinery's capacity and enhance Conoco's ability to competitively supply the domestic market with additional refined products. The refinery will be down for a major turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in the fourth quarter as this upgrade is completed," Dunham concluded. For the first nine months of the year, net income before special items totaled $1.37 billion, or $2.17 per diluted share, compared to $458 million or $.72 per diluted share in 1999. Revenues rose to a new quarterly high of $10.7 billion, up $3.2 billion or 43 percent over 1999. Revenues for the first nine months totaled $28.9 billion. The following table lists highlights for the third quarter and the first nine months of 2000 and 1999.
FINANCIAL AND OPERATING HIGHLIGHTS THIRD QUARTER NINE MONTHS
----------------------------------- ------------- -----------
(In millions of dollars, except per
diluted share and production data) 2000 1999 2000 1999
---- ---- ---- ----
Net Income Before Special Items 523 261 1,374 458
Net Income Before Special Items
($ per share) .83 .41 2.17 .72
Net Income 497 223 1,352 420
Net Income ($ per share) .79 .35 2.14 .66
Diluted Shares Outstanding
(millions of shares) 632 637 633 637
Revenues 10,697 7,485 28,894 19,149
Total Net Production (MBOED) 619 643 648 634
Business highlights included: -- The company completed the previously announced acquisition of Saga U.K. Ltd. from Norsk Hydro for about $500 million, increasing the company's total estimated reserves in the U.K. North Sea by almost 15 percent or 113 million barrels of oil equivalent (BOE). The purchase increases the company's equity interest in the Britannia and Alba fields to 51 percent and 23 percent respectively, while expanding the company's U.K. oil production by about 35 percent and gas production by 11 percent. -- An estimated 200 million-plus barrel oil field was discovered just three miles north of the giant Ursa field in the deepwater Gulf of Mexico. The Princess discovery lies in about 3,600 feet of water, 130 miles southeast of New Orleans. Conoco holds a 16-percent interest in Ursa and Princess, both operated by Shell. -- The U.K. North Sea Vixen natural gas field began production in August with a flow rate of 140 million cubic feet per day, 16 percent higher than anticipated. The $36 million cost was 11 percent under budget and the project was completed ahead of schedule. Conoco is operator and holds a 50 percent interest in the field. -- The company further strengthened its position in the Asia Pacific region, as its first exploratory well drilled on Block 15-1 offshore Vietnam in the Cuu Long Basin resulted in an oil discovery with an estimated flow rate of 17,800 barrels of oil per day from a total of six zones. -- A Heads of Agreement was signed between Malaysia and Indonesia designating Conoco and its Block B partners as suppliers of 1.5 trillion cubic feet of natural gas for export from Indonesia to Malaysia over 20 years, beginning in 2002. This is the company's second contract to export natural gas from Indonesia by pipeline in the last two years. -- Conoco was included in the Dow Jones Sustainability Group Index, which provides investors transparent measurements of sustainability performance. The index includes about 200 companies selected from 60 industries worldwide. -- Conoco and Bell Geospace signed a contract to conduct a large-scale program of gathering gravity gradiometry data in the Gulf of Mexico. The data will greatly enhance the value of seismic information obtained from the region. -- Equity positions were taken in several e-commerce companies that use Internet capabilities to enhance worldwide trading functions, one of which will use Conoco's Crude Oil Information Network (COIN) to facilitate Web-based crude oil trading. The company also became a charter supplier on the American Petroleum Exchange, an Internet-based trading vehicle for refined products. -- Conoco recently performed the first commercial transaction through Trade-Ranger, a giant independent online exchange for the procurement of energy and petrochemical industry goods and services launched this year by 14 global energy and petrochemical companies, including Conoco. The new exchange helps buyers and sellers save time and money by simplifying transaction processes and broadening access to larger numbers of suppliers and customers. -- Conoco placed first in exploration and production results for the period 1995-1999, according to Prudential Securities, which ranked 13 major energy companies based on nine performance criteria. This is the second consecutive year for Conoco to be ranked first. -- Long-term financing was obtained for a 420-megawatt natural gas-fired cogeneration plant in Orange, Texas. Conoco's Global Power subsidiary is managing construction of the $260 million plant. Special Items Third quarter net income, including special items, totaled $497 million or $.79 per diluted share. Last year Conoco earned $223 million or $.35 per diluted share on the same basis. The only special item in the quarter was a 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 $26 million for the disposal of Conoco's 37.5 percent interest in a Colombian power venture, due to a combination of continuing weak demand and unsatisfactory rate regulations. Special items in third quarter 1999 totaled $38 million, related to the settlement of posted price 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. and the resolution of certain liabilities related to 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: businesses once operated by Conoco under terms of the Separation Agreement with DuPont Dupont, DuPont, Du Pont, or du Pont may refer to: Companies
The following commentary compares segment results for current year third quarter with the third quarter of 1999, after excluding the earnings impact of special items. 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 had record earnings of $457 million, 81 percent higher than last year, driven by strong natural gas and crude oil markets. Natural gas and gas processing operations also significantly improved, reflecting higher processed volumes and stronger margins. Exploration expense increased $16 million to $81 million for the quarter. U.S. upstream earnings were $205 million, up 144 percent, while international upstream earnings increased 50 percent to $252 million. The company's worldwide net realized crude oil price increased 45 percent to $28.96 per barrel. The worldwide net realized natural gas price was up 61 percent to $3.30 per thousand cubic feet (mcf). U.S. natural gas prices rose 87 percent to $3.90 per mcf, while international prices were 29 percent higher. Overall, total production of 619,000 barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ) per day for the quarter declined 4 percent versus third quarter last year. The earnings impact of this temporary reduction was minimal. Total production for the first nine months was 2 percent above the same period last year. Third quarter petroleum liquids production, at 365,000 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 down 4 percent, primarily due to downtime in the Britannia Bri·tan·nia n. 1. A female personification of Great Britain or the British Empire. 2. also britannia Britannia metal. and 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. fields in the North Sea. These reductions were partly offset by additional volumes from recently acquired producing properties in the North Sea and Vietnam. U.S. petroleum liquids production was 81,000 bpd, up 4 percent, largely due to increases from the Ursa Ur´sa n. 1. (Astron.) Either one of the Bears. See the Phrases below. Ursa Major the Great Bear, one of the most conspicuous of the northern constellations. field in the Gulf of Mexico. Worldwide natural gas production dropped 2 percent to 1.5 billion cubic feet per day. U.S. natural gas volumes dropped 2 percent to 826 million cubic feet per day, resulting from the late 1999 disposition of the Grand Isle Grand Isle can refer to:
Net natural gas processed volumes increased 42 percent driven by the acquisition earlier this year of the Empress natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure plant in Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. , 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 . 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 earned $156 million during the quarter, up $60 million or 63 percent compared to the same period in the previous year, representing the segment's highest quarterly earnings in nearly a decade. U.S. downstream earnings of $69 million were up 11 percent from last year due to strong refining margins and robust throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. , partially offset by the impact of higher crude oil costs that continue to limit co-product earnings. International downstream earnings increased to $87 million, up 156 percent over the prior year. 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). , improved refining margins and
volumes overcame weaker margins for marketing and co-products, such as
premium petroleum coke Petroleum coke (often abbreviated petcoke) is a carbonaceous solid derived from oil refinery coker units or other cracking processes.[1] Other coke has traditionally been derived from coal. . International throughputs were up 4 percent to
339,000 bpd despite a partial turnaround 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 in July July: see month. .Corporate and Other Corporate and other operating and non-operating expenses totaled $90 million, slightly above last year, as somewhat higher costs were partially offset by higher interest income. Other Financial Highlights For the first nine months of the year, the company generated $2.3 billion in cash provided by operations, an increase of about $800 million over the same period last year. Capital expenditures and investments totaled $1.1 billion for the quarter, including the North Sea acquisition, and $2.2 billion for the first nine months of the year. Total debt at the end of the quarter was $4.8 billion, essentially even with the previous quarter and third quarter last year. The debt-to-capital ratio at the end of the quarter declined to slightly less than 49 percent. Near-Term near-term adj. Of, for, or involving a short period of time in the near future. Outlook "The fourth quarter is expected to be another very strong quarter for earnings," Dunham said. "If prices and margins remain at present levels, we estimate that fourth quarter earnings could approach those of the record third quarter. Included in this outlook is planned downtime at our 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 Malaysia refineries and the major turnaround at our Lake Charles refinery. We have an ambitious exploration program under way with 15 wells 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. , Asia Pacific and the North Sea that we are drilling or participating in before the end of the year. Fourth quarter earnings could be impacted by the degree of success of the program. Fourth quarter production is estimated to be about 8 percent above third quarter as major North Sea fields are expected to be on-line for the entire period. Long term, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. production growth is expected to remain at the 4 to 5 percent level," he concluded. Conoco is a major, integrated energy company based in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; and active in more than 40 countries. For more information, the company's financial 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 at 1:30 p.m. Central time. Additional financial and operating results are available on the company's Web site. This release contains forward-looking statements 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. about Conoco's exploration, production, refining, marketing, power and other operating and financial plans and earnings results. These statements 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 accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. Among the factors that could cause such differences are crude oil and natural gas prices; refining and marketing margins; potential failure to achieve, and potential delays in achieving, expected reserve or production levels from existing and future oil and gas development 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 uncertainties in interpreting engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and gas; unsuccessful exploratory drilling activities; failure of new products and services to achieve market acceptance; unexpected cost increases or technical difficulties in constructing or modifying company manufacturing and refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; general domestic and international economic and political conditions; the ability to meet government regulations; and 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 of the Company's facilities due to accidents or political events. Such matters are detailed in Conoco's publicly available filings with the Securities and Exchange Commission. 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. We use certain terms in this press release, such as "estimated reserves" and "estimated . . . barrel oil field," 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 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. , File No. 1-14521, available from us at 600 North 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. Road, 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 800/SEC-0330.
STATEMENT OF INCOME (unaudited)
(millions of dollars, except per share)
Three Months Ended Nine Months Ended
September 30 September 30
---------------------- ----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Sales and Other
Operating
Revenues (a) 10,587 7,409 28,468 18,972
Income from Equity
Affiliates 87 51 244 84
Other Income 23(1) 25 182(1)(2) 93
--------- --------- --------- ---------
Total Revenues 10,697 7,485 28,894 19,149
Cost of Goods Sold 6,767 4,212 17,649 10,135
Operating Expenses 520 545(3) 1,573(4) 1,509(3)
Selling, General
and
Administrative
Expenses 199 205(5) 580(6) 588(5)
Exploration
Expenses (b) 81 65 176 185
Depreciation,
Depletion, and
Amortization 305 296 953(7) 880
Taxes Other Than
Income (a) 1,782 1,697 5,262 4,943
Interest and
Debt Expense 78 80 250 230
--------- --------- --------- ---------
Income Before
Income Taxes 965 385 2,451 679
Provision for
Income Taxes 468 162 1,099 259
--------- --------- --------- ---------
Net Income 497 223 1,352 420
========= ========= ========= =========
Earnings Per Share
of Common Stock:
Basic $.80 $.36 $2.16 $.67
Diluted $.79 $.35 $2.14 $.66
Earnings Before
Special Items
Per Share of
Common Stock:
Basic $.84 $.42 $2.20 $.73
Diluted $.83 $.41 $2.17 $.72
Average Shares
of Stock
Outstanding:
Basic 623,482,177 627,355,441 624,559,543 627,486,516
Diluted 632,054,181 637,440,649 632,717,181 636,714,116
(a) Includes Petroleum Excise Taxes.
(b) Includes Exploration O&O, DD&A, Dry Hole Costs and Impairment
of Unproved Properties.
Pretax Impact of Special Items:
(1) Includes $26 write-off for disposal of Conoco's 37.5
percent interest in a Colombian power venture.
(2) Includes $42 in gains from the sale of natural gas processing
assets in the U.S.
(3) Includes $28 of U.S. Downstream litigation provisions.
(4) Includes $25 of U.S. Downstream litigation provisions.
(5) Includes $32 related to the resolution of certain liabilities
associated with the Separation Agreement with DuPont related
to discontinued businesses operated by Conoco in the past.
(6) Includes $6 of settlement costs associated with the Separation
Agreement with DuPont related to a discontinued business.
(7) Includes $5 write-down of certain refinery assets in the U.S.
EARNINGS BY SEGMENT (unaudited)
(millions of dollars)
Three Months Ended Nine Months Ended
September 30 September 30
------------------- -------------------
2000 1999 2000 1999
------ ------ ------ ------
Upstream
United States 205 84 480(1) 176
International 252 168 812 322
------ ------ ------ ------
Total Upstream 457 252 1,292 498
Downstream
United States 69 44(2) 153(3) 89(2)
International 87 34 175 76
------ ------ ------ ------
Total Downstream 156 78 328 165
Corporate and Other (55)(4) (42)(5) (113)(4)(6) (76)(5)
------ ------ ------ ------
Total ATOI 558 288 1,507 587
Interest and Other (61) (65) (155) (167)
------ ------ ------ ------
Net Income 497 223 1,352 420
====== ====== ====== ======
(1) Includes $27 in gains from the sale of natural gas processing
assets in the U.S.
(2) Includes $18 of litigation provisions.
(3) Includes $16 of litigation provisions and $3 for the
write-down of related U.S. refinery assets.
(4) Includes $26 write-off for disposal of Conoco's 37.5
percent interest in a Colombian power venture.
(5) Includes $20 related to the resolution of certain liabilities
associated with the Separation Agreement with DuPont related
to discontinued businesses operated by Conoco in the past.
(6) Includes $4 of settlement costs associated with the Separation
Agreement with DuPont related to a discontinued business.
EARNINGS BY SEGMENT BEFORE SPECIAL ITEMS (unaudited)
(millions of dollars)
Three Months Ended Nine Months Ended
September 30 September 30
----------------- -----------------
2000 1999 2000 1999
------ ------ ------ ------
Upstream
United States 205 84 453 176
International 252 168 812 322
------ ------ ------ ------
Total Upstream 457 252 1,265 498
Downstream
United States 69 62 172 107
International 87 34 175 76
------ ------ ------ ------
Total Downstream 156 96 347 183
Corporate and Other (29) (22) (83) (56)
------ ------ ------ ------
Total ATOI 584 326 1,529 625
Interest and Other (61) (65) (155) (167)
------ ------ ------ ------
Net Income 523 261 1,374 458
====== ====== ====== ======
Capital Expenditures and Investments (unaudited)
(millions of dollars)
Three Months Ended Nine Months Ended
September 30 September 30
----------------- -----------------
2000 1999 2000 1999
------ ------ ------ ------
Upstream
United States 137 95 390 302
International 788(1) 170 1,289(1) 546
------ ------ ------ ------
Total Upstream 925 265 1,679 848
Downstream
United States 110 52 230 131
International 48 48 162 167
------ ------ ------ ------
Total Downstream 158 100 392 298
Corporate and Other 66 24 139 37
------ ------ ------ ------
Total 1,149 389 2,210 1,183
====== ====== ====== ======
(1) Includes the acquisition of North Sea producing properties
from Norsk Hydro.
Net Exploration Investment (unaudited)
(millions of dollars)
Three Months Ended Nine Months Ended
September 30 September 30
----------------- -----------------
2000 1999 2000 1999
------ ------ ------ ------
Cash Expense
United States 12 11 40 35
International 45 26 79 67
------ ------ ------ ------
Total Cash Expense 57 37 119 102
Capital
United States 33 12 40 41
International 37 19 118 77
------ ------ ------ ------
Total Capital 70 31 158 118
Exploration Asset Sales 0 0 (1) (16)
------ ------ ------ ------
Net Exploration
Investment 127 68 276 204
====== ====== ====== ======
OPERATING DATA AND PRICES (unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
---------------- ----------------
2000 1999 2000 1999
------ ------ ------ ------
Net Realized Crude Oil
Prices ($/Bbl)
United States 28.60 19.64 27.17 15.55
International 29.05 20.10 27.13 15.40
Worldwide 28.96 20.02 27.14 15.43
Net Realized Natural Gas
Price ($/MCF)
United States 3.90 2.09 2.90 1.82
International 2.60 2.01 2.51 2.19
Worldwide 3.30 2.05 2.70 1.99
Net Petroleum Liquids
Production (MBD) (1)
United States 81 78 80 74
International 284 304 287 285
------ ------ ------ ------
Total Net Petroleum
Liquids Production 365 382 367 359
Net Natural Gas
Production (MMCFD) (1)
United States 826 843 825 895
International 696 717 863 756
------ ------ ------ ------
Total Net Natural Gas
Production 1,522 1,560 1,688 1,651
Total Net Production
(MBOED) (1) 619 643 648 634
Net NGLs Processed (MBD) (1)
United States 49 60 52 59
International 46 7 37 5
------ ------ ------ ------
Total Net NGLs Processed 95 67 89 64
Refinery Inputs Processed
(MBD) (1)
United States 580 573 566 547
International 339 325 337 328
------ ------ ------ ------
Total Refinery Inputs
Processed 919 898 903 875
Refined Product Sales (MBD)
United States 1,047 788 1,002 740
International 507 402 507 415
------ ------ ------ ------
Total Refined Product Sales 1,554 1,190 1,509 1,155
(1) Includes volumes from equity affiliates.
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