Conoco Posts Another Record Quarter.Business Editors & Energy Writers HOUSTON--(BUSINESS WIRE)--Jan. 22, 2001 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) -- Major discoveries were made in Vietnam, the Gulf of Mexico and the U.K. -- In Vietnam, a step-out well significantly extended the producing area of the Rang Dong field, testing at 8,500 barrels per day (bpd) from one zone. This was in addition to a significant discovery in Vietnam announced in September. -- In the Gulf of Mexico, commerciality was confirmed on the Magnolia deep-water prospect, which could yield more than 150 million gross barrels of oil equivalent (BOE) in future production. In September, Conoco and Shell announced the Princess sub-salt discovery near the Ursa field, with potential reserves estimated in excess of 200 million BOE. -- In the U.K., appraisal wells confirmed two North Sea discoveries that could yield gross reserves of more than 100 million BOE. -- Conoco acquired major interests in two exploration and production blocks spanning 1.5 million acres offshore Malaysia, and will drill at least four wells in an area where reserves of 13 billion BOE have already been discovered. -- Petrozuata, the company's joint venture in Venezuela, completed construction of its $1.1 billion upgrader facility. Start-up of the upgrading facility is in progress. Production at the Petrozuata field is approaching its target of 120,000 bpd. In Lake Charles, the new acidic crude unit was commissioned in December and is processing 60,000 bpd of heavy crude. The unit will switch to Petrozuata syncrude early in 2001. -- The company's extensive operations in the Far East expanded significantly with the completion of the West Natuna Gas Transportation System's new subsea pipeline, which carried the first natural gas exports from Indonesia to Singapore, months ahead of schedule. -- In the natural gas-rich U.S. Permian Basin, Conoco acquired three natural gas processing plants, a storage facility and 1,200 miles of pipeline that will increase the company's processing capacity in the region by more than 40 percent. -- Construction continues on the 8-million-pound carbon fibers plant in Ponca City, Okla., with mechanical completion expected in late 2001. Plans are under way to scale-up future larger plant design to the commercial production levels required for anticipated customer demand. In December, the company opened its first international carbon fibers sales office in Tokyo to assist customers in their evaluation of the new carbon fiber. -- The company announced plans to acquire a 6-percent interest in the giant Grane Field in the North Sea offshore Norway. The acquisition, expected to be completed in the current quarter, is projected to yield about 50 million BOE of production over its economic life. Grane is Norway's largest oil field currently under development. -- NRG Energy has joined the SRW Cogeneration Limited Partnership by taking a 50-percent interest. SRW owns and will operate the 420-megawatt natural gas-fired cogeneration plant under construction at the DuPont Company's Sabine River Works petrochemical facility near Orange, Texas. -- Conoco and Sonatrach, the national oil company of Algeria, signed a memorandum of understanding to evaluate the potential use of Algerian natural gas reserves to fuel power generation projects in Algeria, Spain and Turkey. -- Conoco won the prestigious "Environment Award" from the United Kingdom Institute of Petroleum for the company's Deir Ez Zor integrated natural gas project (DEZ Gas) in Syria. The 100-year-old institute encourages and facilitates best practices and technical innovation in the international petroleum industry. Conoco (NYSE:COCA)(NYSE:COCB) today said that higher prices, increased production and strong 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 margins produced record-setting results for the fourth consecutive quarter. Net income before special items for the quarter totaled $574 million, or 91 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, 77 percent above the $324 million, or 51 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. , earned last year. Before special items, net income for the year totaled $1.9 billion, or $3.08 per diluted share, 149 percent above 1999. Revenues exceeded $39 billion, 44 percent higher than last year. "It was another spectacular quarter," 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 W. Dunham Dunham is a surname, and may refer to
"During 2000, we significantly accelerated our growth objectives with another year of major discoveries; higher production; the completion of key projects in Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , the U.S., and the Far East; and synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. acquisitions 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. and the North Sea," he said. "We also strengthened the company's balance sheet by further reducing our debt." Dunham said major discoveries were made 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 , the 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 and the U.K. "And, we acquired additional reserves and acreage in Vietnam and the U.K., while capturing highly prospective exploration blocks in 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. , 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. and the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. ," he said. Dunham said the company now expects to exceed the high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. of the range for reserve replacement in 2000, which he earlier estimated to be between 125 to 135 percent of oil and gas produced. "We reached important milestones by completing the $1.1 billion Petrozuata heavy oil upgrading facility in Venezuela and the corresponding modifications to our Lake Charles Lake Charles, city (1990 pop. 70,580), seat of Calcasieu parish, SW La.; inc. 1867. It is located on Lake Charles at the mouth of the Calcasieu River in a rice, timber, oil, and natural gas region. , La., refinery," Dunham noted. "We also completed early the subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". pipeline for the West Natuna Transportation System, enabling the first Indonesian export of natural gas to Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). . "Great strides were made in our emerging, high-technology carbon fibers and natural gas refining businesses by bringing them closer to commercial realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. ," he said. The following table lists highlights for the fourth quarter and the full year 1999 and 2000.
FINANCIAL AND OPERATING HIGHLIGHTS
(In millions of dollars,
except per diluted
share and production data) FOURTH QUARTER FULL YEAR
2000 1999 2000 1999
---- ---- ---- ----
Net Income Before Special
Items 574 324 1,948 782
Net Income Before Special
Items ($ per share) .91 .51 3.08 1.23
Net Income 550 324 1,902 744
Net Income ($ per share) .87 .51 3.00 1.17
Diluted Shares
Outstanding (millions
of shares) 633 636 633 636
Revenues 10,393 8,160 39,287 27,309
Total Net Production
(MBOED) 676 641 654 636
Business highlights for the quarter included -- Major discoveries were made in Vietnam, the Gulf of Mexico and the U.K. -- In Vietnam, a step-out well significantly extended the producing area of the Rang Dong field, testing at 8,500 barrels per day (bpd) from one zone. This was in addition to a significant discovery in Vietnam announced in September. -- In the Gulf of Mexico, commerciality was confirmed on the Magnolia deep-water prospect, which could yield more than 150 million gross barrels of oil equivalent (BOE) in future production. In September, Conoco and Shell announced the Princess sub-salt discovery near the Ursa field, with potential reserves estimated in excess of 200 million BOE. -- In the U.K., appraisal wells confirmed two North Sea discoveries that could yield gross reserves of more than 100 million BOE. -- Conoco acquired major interests in two exploration and production blocks spanning 1.5 million acres offshore Malaysia, and will drill at least four wells in an area where reserves of 13 billion BOE have already been discovered. -- Petrozuata, the company's joint venture in Venezuela, completed construction of its $1.1 billion upgrader facility. Start-up of the upgrading facility is in progress. Production at the Petrozuata field is approaching its target of 120,000 bpd. In Lake Charles, the new acidic crude unit was commissioned in December and is processing 60,000 bpd of heavy crude. The unit will switch to Petrozuata syncrude early in 2001. -- The company's extensive operations in the Far East expanded significantly with the completion of the West Natuna Gas Transportation System's new subsea pipeline, which carried the first natural gas exports from Indonesia to Singapore, months ahead of schedule. -- In the natural gas-rich U.S. Permian Basin, Conoco acquired three natural gas processing plants, a storage facility and 1,200 miles of pipeline that will increase the company's processing capacity in the region by more than 40 percent. -- Construction continues on the 8-million-pound carbon fibers plant in Ponca City, Okla., with mechanical completion expected in late 2001. Plans are under way to scale-up future larger plant design to the commercial production levels required for anticipated customer demand. In December, the company opened its first international carbon fibers sales office in Tokyo to assist customers in their evaluation of the new carbon fiber. -- The company announced plans to acquire a 6-percent interest in the giant Grane Field in the North Sea offshore Norway. The acquisition, expected to be completed in the current quarter, is projected to yield about 50 million BOE of production over its economic life. Grane is Norway's largest oil field currently under development. -- NRG Energy has joined the SRW Cogeneration Limited Partnership by taking a 50-percent interest. SRW owns and will operate the 420-megawatt natural gas-fired cogeneration plant under construction at the DuPont Company's Sabine River Works petrochemical facility near Orange, Texas. -- Conoco and Sonatrach, the national oil company of Algeria, signed a memorandum of understanding to evaluate the potential use of Algerian natural gas reserves to fuel power generation projects in Algeria, Spain and Turkey. -- Conoco won the prestigious "Environment Award" from the United Kingdom Institute of Petroleum for the company's Deir Ez Zor integrated natural gas project (DEZ Gas) in Syria. The 100-year-old institute encourages and facilitates best practices and technical innovation in the international petroleum industry. Special Items Fourth quarter net income, including special items, totaled $550 million or $.87 per diluted share. The only special item was 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. The adjustment was necessitated by the reduction in crude oil and petroleum product prices in December December: see month. . There were no special items in the same period in 1999. Full-year net income, including special items, totaled $1.9 billion or $3.00 per diluted share. Including the inventory write-down, special items for the year were a charge of $46 million. Special items for 1999 amounted to a charge of $38 million. The following commentary compares segment results for fourth quarter and full year 2000 with the fourth quarter and full year 1999, after excluding the earnings impact of special items. FOURTH QUARTER 2000 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 $562 million, 62 percent higher than last year, driven by strong natural gas and crude oil prices and increased production volumes. Natural gas and gas processing operations also significantly improved, reflecting higher processed volumes and stronger margins. Exploration expenses increased $18 million to $103 million for the quarter. U.S. upstream earnings were $226 million, up 67 percent, while international upstream earnings increased 58 percent to $336 million. The company's worldwide net realized crude oil price increased 24 percent to $29.15 per barrel barrel: see English units of measurement. . The worldwide net realized natural gas price was up 65 percent to $4.11 per thousand cubic feet (mcf). U.S. natural gas prices rose 102 percent to $5.06 per mcf, while international gas prices were 36 percent higher at $3.37 per mcf. Overall, total production of 676,000 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 rose 5 percent. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , production climbed 9-percent above third quarter levels. Worldwide petroleum liquids production of 383,000 bpd was up 7 percent versus the previous year, primarily in Vietnam and the U.K. Domestic production increased 4 percent to 79,000 bpd as a result of higher production 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 rose 4 percent to 1.8 billion cubic feet (bcf) per day. U.S. natural gas volumes fell 7 percent to 779 million cubic feet per day due to natural decline and the sale of the company's interest in the Grand Isle Grand Isle can refer to:
Net natural gas liquids processed increased 65 percent to 102,000 bpd, 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. 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 $90 million during the quarter, up $18 million, or 25 percent. U.S. downstream earnings of $11 million were down $8 million from last year. Earnings were impaired See assistive technology. $45 million, or 7 cents a share, due to the downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. needed to commission the Lake Charles refinery's acidic acidic /acid·ic/ (ah-sid´ik) of or pertaining to an acid; acid-forming. acidic, adj having the properties of an acid; acid-forming properties. crude unit. Otherwise, improved refinery margins were partially offset by weaker co-product margins and higher refinery energy costs. International downstream earnings increased 49 percent to $79 million on stronger refining margins. Throughputs fell 6 percent to 340,000 bpd, largely because of planned 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. activity 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. refinery in Malaysia. Corporate and Other Corporate and Other operating and non-operating expenses totaled $78 million, 18 percent below last year on lower overhead costs overhead costs see fixed costs. and exchange gains. FULL YEAR 2000 Upstream For the year, Upstream earned a record $1.8 billion, up 116 percent on higher crude oil and natural gas prices, increased volumes and lower dry hole costs. U.S. earnings were $679 million, up 118 percent, due to strong prices. International upstream earned $1.1 billion, up 115 percent, as a result of higher prices and accretive acquisitions Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. in Vietnam, Canada and the U.K., plus increased production from the U.K.'s Britannia Bri·tan·nia n. 1. A female personification of Great Britain or the British Empire. 2. also britannia Britannia metal. field. Worldwide net realized crude oil prices increased 58 percent for the year to $27.67 per barrel. Worldwide net realized natural gas prices of $3.06 per mcf were 44 percent above last year. Overall, the company's total production was up 3 percent to 654,000 BOE per day, helped by various acquisitions, additional production from the Ursa field in the Gulf of Mexico and the Vampire vampire, in folklore, animated corpse that sucks the blood of humans. Belief in vampires has existed from the earliest times and has given rise to an amalgam of legends and superstitions. field in the U.K., partially offset by downtime at the U.K.'s 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. Worldwide natural gas production rose to 1.7 bcf per day, as international gas volumes jumped 14 percent, with increased 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. and U.K. production. Net petroleum liquids production was up 3 percent to 370,000 bpd, with U.S. production rising 8 percent. Downstream Downstream earned $437 million, up 71 percent on stronger refining margins partly offset by weaker co-product margins, lower European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. marketing earnings, and higher energy costs. U.S. downstream earnings rose 45 percent to $183 million, while international earnings were $254 million, up 97 percent. Worldwide refinery inputs were 871,000 bpd, essentially flat versus last year despite significant downtime at the Lake Charles refinery. Corporate and Other Corporate and Other operating and non-operating expenses were $316 million for the year, essentially flat versus 1999, as higher corporate charges were offset by exchange gains. Other Financial Highlights During the year, the company generated $3.6 billion of cash provided by operations, $1.4 billion more than last year. Capital expenditures totaled $2.8 billion, an increase of $1 billion over last year, including the acquisition of Saga assets in the North Sea. Debt was reduced to $4.4 billion, while the debt ratio decreased from 51 percent to 44 percent. Near-Term near-term adj. Of, for, or involving a short period of time in the near future. Outlook "The first quarter of 2001 is expected to be another very strong quarter for earnings," Dunham said. "Upstream volumes are expected to increase slightly, and downstream refinery runs should return to normal levels following the fourth quarter downtime. If prices and margins remain at current levels, we estimate first quarter earnings could be in the range of $.80 to $.95 per share, compared to 62 cents per share in 2000. Earnings could vary based on actual prices, margins and volumes, including the rate at which Petrozuata's upgrader in Venezuela is brought on-line. For the quarter, no significant turnarounds are scheduled, and five exploration wells are currently drilling or planned," he said. 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 Standard Time. Additional financial and operating results are available on the company's website. 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 in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. 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 Synthetic A financial instrument that is created artificially by simulating another instrument with the combined features of a collection of other assets. Notes: crude oil; general domestic and international economic and political conditions; the ability to meet government regulations; 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 due to accidents or political events and other matters 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 "potential reserves," "future production," "could yield...production," and "could yield...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 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.
CONOCO INC.
STATEMENT OF INCOME (unaudited)
(millions of dollars, except per share)
Three Months Ended Year Ended
December 31 December 31
------------------------ ------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
Sales and Other
Operating
Revenues (a) 10,269 8,067 38,737 27,039
Income from Equity
Affiliates 33(1) 66 277(1) 150
Other Income 91 27 273(2)(3) 120
----------- ----------- ----------- -----------
Total Revenues 10,393 8,160 39,287 27,309
Cost of Goods Sold 6,272 4,646 23,921 14,781
Operating Expenses 642 551 2,215(4) 2,060(5)
Selling, General and
Administrative
Expenses 214 221 794(6) 809(7)
Exploration
Expenses (b) 103 85 279 270
Depreciation,
Depletion, and
Amortization 348 313 1,301(8) 1,193
Taxes Other Than
Income (a) 1,719 1,725 6,981 6,668
Interest and Debt
Expense 88 81 338 311
----------- ----------- ----------- -----------
Income Before Income
Taxes 1,007 538 3,458 1,217
Provision for Income
Taxes 457 214 1,556 473
----------- ----------- ----------- -----------
Net Income 550 324 1,902 744
=========== =========== =========== ===========
Earnings Per Share
of Common Stock:
Basic $ .88 $ .52 $3.05 $1.19
Diluted $ .87 $ .51 $3.00 $1.17
Earnings Before
Special Items Per
Share of Common
Stock:
Basic $ .92 $ .52 $3.12 $1.25
Diluted $ .91 $ .51 $3.08 $1.23
Average Shares of
Stock Outstanding:
Basic 623,744,005 626,481,720 624,354,441 627,233,229
Diluted 633,446,729 636,033,155 632,760,439 636,475,125
(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 $24 write-down of inventories of an international
refinery venture to market value.
(2) Includes $26 write-off for disposal of Conoco's 37.5 percent
interest in a Colombian power venture.
(3) Includes $42 in gains from the sale of natural gas processing
assets in the U.S.
(4) Includes $25 of U.S. Downstream litigation provisions.
(5) Includes $28 of U.S. Downstream litigation provisions.
(6) Includes $6 of settlement costs associated with the
separation agreement with DuPont related to a discontinued
business.
(7) 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.
(8) Includes $5 write-down of certain refinery assets in the U.S.
CONOCO INC.
EARNINGS BY SEGMENT (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
--------------------- -----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Upstream
United States 226 135 706(1) 311
International 336 212 1,148 534
--------- --------- --------- ---------
Total Upstream 562 347 1,854 845
Downstream
United States 11 19 164(2) 108(3)
International 55(4) 53 230(4) 129
--------- --------- --------- ---------
Total Downstream 66 72 394 237
Corporate and Other (29) (35) (142)(5)(6) (111)(7)
--------- --------- --------- ---------
Total ATOI 599 384 2,106 971
Interest and Other (49) (60) (204) (227)
--------- --------- --------- ---------
Net Income 550 324 1,902 744
========= ========= ========= =========
(1) Includes $27 in gains from the sale of natural gas processing
assets in the U.S.
(2) Includes $16 of litigation provisions and $3 for the write-down of
related U.S. refinery assets.
(3) Includes $18 of litigation provisions.
(4) Includes $24 write-down of inventories of an international
refinery venture to market value.
(5) Includes $26 write-off for disposal of Conoco's 37.5 percent
interest in a Colombian power venture.
(6) Includes $4 of settlement costs associated with the separation
agreement with DuPont related to a discontinued business.
(7) 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.
EARNINGS BY SEGMENT BEFORE SPECIAL ITEMS (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
--------------------- -----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Upstream
United States 226 135 679 311
International 336 212 1,148 534
--------- --------- --------- ---------
Total Upstream 562 347 1,827 845
Downstream
United States 11 19 183 126
International 79 53 254 129
--------- --------- --------- ---------
Total Downstream 90 72 437 255
Corporate and Other (29) (35) (112) (91)
--------- --------- --------- ---------
Total ATOI 623 384 2,152 1,009
Interest and Other (49) (60) (204) (227)
--------- --------- --------- ---------
Net Income 574 324 1,948 782
========= ========= ========= =========
CONOCO INC.
Capital Expenditures and Investments (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
--------------------- ------------------------
2000 1999 2000 1999
--------- --------- ---------- ---------
Upstream
United States 277 111 667 413
International 197 293 1,486(1) 839
--------- --------- ---------- ---------
Total Upstream 474 404 2,153 1,252
Downstream
United States 163 83 393 214
International 40 81 202 248
--------- --------- ---------- ---------
Total Downstream 203 164 595 462
Corporate and Other 18 36 48 73
--------- --------- ---------- ---------
Total 695 604 2,796 1,787
========= ========= ========== =========
(1) Includes the acquisition of North Sea producing properties
from Norsk Hydro.
Net Exploration Investment (unaudited)
(millions of dollars)
Three Months Ended Year Ended
December 31 December 31
--------------------- -----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Cash Expense
United States 37 13 77 48
International 35 24 114 91
--------- --------- --------- ---------
Total Cash Expense 72 37 191 139
Capital
United States 25 9 65 50
International 21 29 139 106
--------- --------- --------- ---------
Total Capital 46 38 204 156
Total Exploration
Outlays 118 75 395 295
Exploration Asset
Sales (2) (1) (3) (17)
--------- --------- --------- ---------
Net Exploration
Investment 116 74 392 278
========= ========= ========= =========
CONOCO INC.
OPERATING DATA AND PRICES (unaudited)
Three Months Ended Year Ended
December 31 December 31
--------------------- -----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
Net Realized Crude
Oil Prices ($/Bbl)
United States 29.32 22.60 27.72 17.33
International 29.11 23.65 27.65 17.55
Worldwide 29.15 23.48 27.67 17.51
Net Realized Natural
Gas Price ($/MCF)
United States 5.06 2.50 3.42 1.98
International 3.37 2.48 2.75 2.27
Worldwide 4.11 2.49 3.06 2.12
Net Petroleum Liquids
Production (MBD)(1)
United States 79 76 80 74
International 304 283 290 285
--------- --------- --------- ---------
Total Net Petroleum
Liquids Production 383 359 370 359
Net Natural Gas
Production
MMCFD)(1)
United States 779 838 814 880
International 976 850 891 780
--------- --------- --------- ---------
Total Net Natural
Gas Production 1,755 1,688 1,705 1,660
Total Net Production
(MBOED)(1) 676 641 654 636
Net NGLs Processed
(MBD)(1)
United States 51 55 51 58
International 51 7 41 6
--------- --------- --------- ---------
Total Net NGLs
Processed 102 62 92 64
Refinery Inputs
Processed (MBD)(1)
United States 435 508 533 538
International 340 360 338 336
--------- --------- --------- ---------
Total Refinery
Inputs Processed 775 868 871 874
Refined Product
Sales (MBD)
United States 872 788 969 751
International 542 440 516 421
--------- --------- --------- ---------
Total Refined
Product Sales 1,414 1,228 1,485 1,172
(1) Includes volumes from equity affiliates.
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