Conoco Posts Another Record Quarter.Energy Editors HOUSTON--(BUSINESS WIRE)--April 23, 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) Conoco Posts Another Record Quarter -- The first commercial syncrude lift was made from Petrozuata, thus in early April, the royalty rate on syncrude sales was reduced from 16.7 percent to 1.0 percent. The Lake Charles, La., refinery's acidic crude processing facility, commissioned in December, operated well during the quarter and is now processing 60,000 barrels a day of Petrozuata syncrude. -- Discoveries were made in the U.K. and Norwegian sectors of the North Sea. In the U.K., a gas field is expected to yield gross production of more than 80 billion cubic feet, with first production expected in the fourth quarter of 2002. In Norway, an oil discovery was made five miles from the giant Heidrun production platform. -- Significant strides were made toward the realization of Southeast Asia as the company's fourth core business area: -- Final agreements were signed to supply natural gas to Malaysia by pipeline from the Conoco-operated South Natuna Block B fields offshore Indonesia. Under the contract, Petronas, the Malaysia state oil company, will purchase 1.5 trillion cubic feet of natural gas, valued at approximately $4 billion over the next 20 years. -- A development well in Vietnam's Rang Dong field in Block 15-2 increased gross production from 45,000 to 55,000 barrels a day. -- Conoco and Petronas acquired Statoil's interest in the companies' joint-venture refinery at Melaka, Malaysia. -- In the U.K., the modified Banff field production ship returned to location and is currently producing 25,000 barrels of oil per day (bpd). -- Conoco was awarded operatorship and a 40-percent interest in three blocks in the Norwegian North Sea, 30 miles north of the Statfjord field, significantly boosting the company's acreage position in the region. -- In the emerging businesses segment, Conoco signed a 10-year, $17.5 million agreement with Honeywell for automation of the carbon fibers plant under construction in Ponca City, Okla. Completion of the facility is expected by year-end. Plans are being finalized to open an office in Western Europe to serve the carbon fiber application needs of European automotive manufacturers. -- In early April, Conoco purchased Canadian natural gas and natural gas liquids storage and distribution assets from Procor LPG Storage to complement the company's growing asset base in western Canada. -- In recognition of the company's record 2000 performance, Conoco awarded computers and other high-tech learning tools to its worldwide employees to advance their personal growth and, thus, the growth of the company. Conoco (NYSE:COCA) (NYSE:COCB) today said that stronger global natural gas prices, healthy 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 and higher crude oil sales volumes produced record results for the fifth consecutive quarter. Net income before special items for the quarter was $616 million, or 97 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. , 58 percent above the $391 million, or 62 cents per share, earned last year. Net income increased to $653 million, or $1.03 per share, up 64 percent from $399 million, or 63 cents per share, earned during the same period last year. Revenue for the quarter totaled $10.6 billion, up 22 percent from $8.7 billion last year. "We continued to hit on all cylinders in the 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
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in 1998. Equally as impressive, our past five consecutive quarters have established earnings records, reflecting strong prices, volume growth and the benefits of integration," he said. "Exploration has another exciting program planned this year, with 25 wildcat wells Noun 1. wildcat well - an exploratory oil well drilled in land not known to be an oil field wildcat oil well, oiler - a well that yields or has yielded oil and nine appraisal wells scheduled to be drilled. We're we're Contraction of we are. we're we are off to a good start, with two North Sea exploration wells already declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. commercial. Also, a recent development well 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 has significantly increased production in the Rang Dong field," he said. "Elsewhere in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , our movable offshore gas production unit is now on station in Indonesia's Block B field. When production begins in July July: see month. , a vital link will be established between an abundant supply of natural gas and a growing market for clean, efficient fuel," Dunham added. "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.). had exceptionally strong results, even though the market typically is weakest during the first quarter," he continued. "Since our refining operations specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in converting low-cost feedstocks into higher valued products, we took full advantage of the heavy crude oil Heavy crude oil or Extra Heavy oil is any type of crude oil which does not flow easily. It is a relative term, compared to light crude oil, but relates to specific technical issues of its own on production, transportation, and refining. price decline," Dunham said. "Unfortunately, we experienced an explosion and fire in the saturate sat·u·rate v. Abbr. sat. 1. To imbue or impregnate thoroughly. 2. To soak, fill, or load to capacity. 3. To cause a substance to unite with the greatest possible amount of another substance. gas plant in our 230,000-barrel-per-day refinery at Humberside Humberside, former county, NE England. Created in the 1974 local government reorganization, the county was dissolved in 1996 and replaced by four unitary authorities: the East Riding of Yorkshire, Kingston upon Hull, North Lincolnshire, and North East Lincolnshire. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. last week. We are extremely thankful thank·ful adj. 1. Aware and appreciative of a benefit; grateful. 2. Expressive of gratitude: a thankful smile. that no major injuries occurred, and are doing our best to make the plant operational as soon as possible. Since 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. was already scheduled to start this week, the earnings impact of the incident should not be as severe in the second quarter as it otherwise might have been," he said. "In February February: see month. , Petrozuata's heavy crude oil upgrader was inaugurated by Venezuelan President Hugo HUGO - A bytecode-interpreted transaction handler from Geac. Chavez. We have progressed through the start-up Start-up The earliest stage of a new business venture. period during the quarter and today the upgrader is on-line," he concluded. The following table lists highlights for the first quarter 2000 and 2001.
FINANCIAL AND OPERATING HIGHLIGHTS
(In millions of dollars, except per diluted share and production data)
FIRST QUARTER
2001 2000 Change
---- ---- ------
Net Income Before Special Items 616 391 58%
Net Income Before Special Items ($ per share) .97 .62 56%
Net Income 653 399 64%
Net Income ($ per share) 1.03 .63 63%
Diluted Shares Outstanding (millions of shares) 635 633
Revenues 10,587 8,691 22%
Total Net Production (MBOED) 685 682 0%
Business highlights for the quarter included: -- The first commercial syncrude lift was made from Petrozuata, thus in early April, the royalty rate on syncrude sales was reduced from 16.7 percent to 1.0 percent. The Lake Charles, La., refinery's acidic crude processing facility, commissioned in December, operated well during the quarter and is now processing 60,000 barrels a day of Petrozuata syncrude. -- Discoveries were made in the U.K. and Norwegian sectors of the North Sea. In the U.K., a gas field is expected to yield gross production of more than 80 billion cubic feet, with first production expected in the fourth quarter of 2002. In Norway, an oil discovery was made five miles from the giant Heidrun production platform. -- Significant strides were made toward the realization of Southeast Asia as the company's fourth core business area: -- Final agreements were signed to supply natural gas to Malaysia by pipeline from the Conoco-operated South Natuna Block B fields offshore Indonesia. Under the contract, Petronas, the Malaysia state oil company, will purchase 1.5 trillion cubic feet of natural gas, valued at approximately $4 billion over the next 20 years. -- A development well in Vietnam's Rang Dong field in Block 15-2 increased gross production from 45,000 to 55,000 barrels a day. -- Conoco and Petronas acquired Statoil's interest in the companies' joint-venture refinery at Melaka, Malaysia. -- In the U.K., the modified Banff field production ship returned to location and is currently producing 25,000 barrels of oil per day (bpd). -- Conoco was awarded operatorship and a 40-percent interest in three blocks in the Norwegian North Sea, 30 miles north of the Statfjord field, significantly boosting the company's acreage position in the region. -- In the emerging businesses segment, Conoco signed a 10-year, $17.5 million agreement with Honeywell for automation of the carbon fibers plant under construction in Ponca City, Okla. Completion of the facility is expected by year-end. Plans are being finalized to open an office in Western Europe to serve the carbon fiber application needs of European automotive manufacturers. -- In early April, Conoco purchased Canadian natural gas and natural gas liquids storage and distribution assets from Procor LPG Storage to complement the company's growing asset base in western Canada. -- In recognition of the company's record 2000 performance, Conoco awarded computers and other high-tech learning tools to its worldwide employees to advance their personal growth and, thus, the growth of the company. Special Items The only special item during the quarter was a gain of $37 million, or 6 cents per share, to record a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. transition adjustment for the implementation of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 133 involving the accounting for derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. . This gain is primarily associated with crude oil options entered into in the fourth quarter covering 90 percent of the company's crude oil production over the last nine months of 2001. Special items in the same period in 2000 included a $27 million gain from the sale of 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 assets in the U.S. and a $19 million charge related to downstream 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. provisions and the 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 related refinery assets. The following commentary compares segment results for first quarter with the results for the same period in 2000, 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 $580 million, 40 percent higher than last year, driven by strong worldwide natural gas prices and higher oil volumes. This was partially offset by lower equity earnings and higher transportation and tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic charges, and includes a $43 million charge associated with the change in accounting referenced above. Exploration expenses totaled $37 million, equal to the prior year, as higher exploration expenses were offset by lower dry hole costs. U.S. upstream earned $324 million, up 179 percent, while international upstream earnings decreased 14 percent to $256 million. Petrozuata earnings declined during the quarter, due to the commissioning of the heavy crude oil upgrader and a much lower heavy crude oil price. The company's worldwide net realized crude oil price decreased 8 percent to $23.22 per barrel barrel: see English units of measurement. . The worldwide net realized natural gas price was up 128 percent to $5.31 per thousand cubic feet (mcf). U.S. natural gas prices more than tripled to $6.78 per mcf, while international gas prices were 64 percent higher at $4.09 per mcf. Overall, total production of 685,000 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 rose slightly from 682,000 BOE per day in 2000, and was up 1 percent over the fourth quarter. Worldwide petroleum liquids production of 381,000 bpd was up 2 percent versus the previous year, reflecting increases in Vietnam, 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. and the U.K. Saga acquisition last year. Worldwide natural gas production was 1.8 billion cubic feet per day, down 1 percent from last year, but up 4 percent from the fourth quarter. U.S. natural gas volumes rose 2 percent to 826 million cubic feet per day. International natural gas production averaged 996 million cubic feet per day, down 3 percent, primarily due to natural field decline, but was up 2 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . Net natural gas liquids processed increased 17 percent to 90,000 bpd, reflecting last year's acquisition of the Empress natural gas processing 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 Downstream earned $124 million during the quarter, up $67 million, or 118 percent. U.S. downstream earnings of $71 million were up $63 million from last year. Strong refinery margins were partially offset by higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , particularly energy costs, and lower marketing earnings caused by the company's inability to fully pass on the high cost of finished products to consumers. 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. refinery, despite a partial turnaround in March, benefited significantly from the drop in heavy crude oil prices. International downstream earnings increased 8 percent to $53 million on a small increase in refinery throughputs. Emerging Businesses The cost of growing the company's Emerging Businesses increased as expected to $17 million during the quarter, reflecting higher research and development costs for natural gas refining and development of the carbon fibers ventures. Corporate Corporate operating and non-operating expenses totaled $71 million, essentially flat with the same period last year. Other Financial Highlights During the quarter, the company generated $928 million of cash provided by operations, $459 million more than last year's first quarter. Capital expenditures totaled $406 million, and the company repurchased the minority interest in Conoco Gas Holdings, reducing overall minority interest by $185 million. Cash at quarter-end rose to $561 million, while debt remained unchanged at $4.4 billion. The debt ratio decreased to 42 percent. The company also began implementation of its previously announced three-year, $1 billion stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Near Term Outlook "The second quarter is expected to be another good quarter for earnings, as demand for refined products and natural gas remains strong as we enter the summer season," Dunham said. "An increase in Conoco's worldwide crude oil and natural gas liquids production during the quarter is expected to offset the anticipated seasonal decrease in North Sea gas production. As a result, worldwide production should be up about 5 percent over last year's second quarter." "In downstream, margins are particularly robust in the U.S. and 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). , but our greatest uncertainty is related to the cost and
timing necessary to resume operations at the 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. ," he
concluded.Conoco is a major, integrated energy company 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 9:30 a.m. Central 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, 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 changes in crude oil and natural gas prices; changes in 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; unexpected delays or difficulties in constructing or repairing company manufacturing and refining facilities; 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 "expected to yield gross production" 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
March 31
-----------------------
2001 2000
--------- ---------
Sales and Other Operating Revenues (a) 10,535 8,524
Income from Equity Affiliates 21 80
Other Income 31(1) 87(2)
--------- ---------
Total Revenues 10,587 8,691
Cost of Goods Sold 6,529 5,124
Operating Expenses 614 506(3)
Selling, General and Administrative
Expenses 196 188
Exploration Expenses (b) 37 37
Depreciation, Depletion,
and Amortization 353 339(4)
Taxes Other Than On Income (a) 1,638 1,702
Interest and Debt Expense 75 83
--------- ---------
Income Before Income Taxes 1,145 712
Provision for Income Taxes 529 313
--------- ---------
Income Before Accounting Change 616 399
--------- ---------
Cumulative Effect of Accounting Change 37(1) --
--------- ---------
Net Income 653 399
========= =========
Earnings Before Accounting Change
Per Share of Common Stock:
Basic $.99 $.64
Diluted $.97 $.63
Earnings Per Share of Common Stock:
Basic $1.04 $.64
Diluted $1.03 $.63
Earnings Before Special Items
Per Share of Common Stock:
Basic $.99 $.63
Diluted $.97 $.62
Average Shares of Stock Outstanding:
Basic 624,701,151 625,616,017
Diluted 635,007,496 633,313,676
(a) Includes Petroleum Excise Taxes.
(b) Includes Exploration O&O, Dry Hole Costs, Depreciation, Impairment
of Unproved Properties and Taxes Other Than On Income.
Pretax Impact of Special Items:
(1) 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 a $69 pretax expense ($43
after-tax) related to changes in the fair value of these same
crude oil put options from January 1 to the March 31 reporting
date.
(2) Includes $42 in gains from the sale of natural gas processing
assets in the U.S.
(3) Includes $25 of U.S. Downstream litigation provisions.
(4) Includes $5 write-down of certain refinery assets in the U.S.
EARNINGS BY SEGMENT (unaudited)
(millions of dollars)
Three Months Ended
March 31
-----------------
2001 2000
------ ------
Upstream
United States 332(1) 143(4)
International 288(2) 297
------ ------
Total Upstream 620 440
Downstream
United States 68(3) (11)(5)
International 53 49
------ ------
Total Downstream 121 38
Emerging Businesses (17) (7)
Corporate (24) (22)
------ ------
Total ATOI 700 449
Non-Operating (47) (50)
------ ------
Net Income 653 399
====== ======
(1) Includes $8 gain from transition adjustment for
implementation of SFAS 133 and 138.
(2) Includes $32 gain from transition adjustment for
implementation of SFAS 133 and 138.
(3) Includes $3 charge from transition adjustment for
implementation of SFAS 133 and 138.
(4) Includes $27 in gains from the sale of natural gas processing
assets in the U.S.
(5) Includes $16 of litigation provisions and $3 for the write-down of
related U.S. refinery assets.
EARNINGS BY SEGMENT BEFORE SPECIAL ITEMS (unaudited)
(millions of dollars)
Three Months Ended
March 31
-----------------
2001 2000
------ ------
Upstream
United States 324 116
International 256 297
------ ------
Total Upstream 580 413
Downstream
United States 71 8
International 53 49
------ ------
Total Downstream 124 57
Emerging Businesses (17) (7)
Corporate (24) (22)
------ ------
Total ATOI 663 441
Non-Operating (47) (50)
------ ------
Net Income 616 391
====== ======
CAPITAL EXPENDITURES AND INVESTMENTS (unaudited)
(millions of dollars)
Three Months Ended
March 31
-----------------
2001 2000
------ ------
Upstream
United States 122 83
International 177 257
------ ------
Total Upstream 299 340
Downstream
United States 26 58
International 41 64
------ ------
Total Downstream 67 122
Emerging Businesses 34 26
Corporate 6 1
------ ------
Total 406 489
====== ======
NET EXPLORATION INVESTMENT (unaudited)
(millions of dollars)
Three Months Ended
March 31
-----------------
2001 2000
------ ------
Cash Expense
United States 10 14
International 20 10
------ ------
Total Cash Expense 30 24
Capital
United States 10 1
International 16 5
------ ------
Total Capital 26 6
Total Exploration Outlays 56 30
Exploration Asset Sales (4) (1)
------ ------
Net Exploration Investment 52 29
====== ======
OPERATING DATA AND PRICES (unaudited)
Three Months Ended
March 31
-----------------
2001 2000
------ ------
Net Realized Crude Oil Prices ($/Bbl)(1)
United States 25.29 26.60
International 22.86 25.13
Worldwide 23.22 25.34
Net Realized Natural Gas Prices ($/MCF)(1)
United States 6.78 2.12
International 4.09 2.49
Worldwide 5.31 2.33
Net Petroleum Liquids Production (MBD)(1)
United States 73 74
International 308 301
------ ------
Total Net Petroleum Liquids Production 381 375
Net Natural Gas Production (MMCFD)(1)
United States 826 813
International 996 1,029
------ ------
Total Net Natural Gas Production 1,822 1,842
Total Net Production (MBOED)(1) 685 682
Net NGLs Processed (MBD)(1)
United States 43 55
International 47 22
------ ------
Total Net NGLs Processed 90 77
Refinery Inputs Processed (MBD)(1)
United States 542 548
International 370 360
------ ------
Total Refinery Inputs Processed 912 908
Refined Product Sales (MBD)
United States 907 878
International 570 491
------ ------
Total Refined Product Sales 1,477 1,369
(1) Prices and volumes include equity affiliates.
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