EXHIBIT 99.1
For Immediate Release: January 26, 2011
Occidental Petroleum Announces Fourth Quarter and 12 months of 2010 Results
| | Ÿ |
Q4 2010 core income of $1.58 per diluted share (net income $1.49 per share) |
| | Ÿ |
Quarterly oil and gas production average of 753,000 BOE per day |
| | Ÿ |
12-month core income $5.72 per diluted share (net income $5.56 per share) |
| | Ÿ |
Annual production volume growth of 5.0 percent |
LOS ANGELES, January 26, 2011 -- Occidental Petroleum Corporation (NYSE:OXY) announced net income of $1.2 billion ($1.49 per diluted share) for the fourth quarter of 2010, compared with $938 million ($1.15 per diluted share) for the fourth quarter of 2009. Core income for the fourth quarter of 2010 was $1.3 billion ($1.58 per diluted share), compared with $1.1 billion ($1.35 per diluted share) for the fourth quarter of 2009.
Net income for the twelve months of 2010 was $4.5 billion ($5.56 per diluted share), compared with $2.9 billion ($3.58 per diluted share) for 2009. Full year 2010 core results were $4.7 billion ($5.72 per diluted share), compared with $3.2 billion ($3.92 per diluted share) for 2009.
In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, “The 2010 net income of $4.5 billion was 55-percent higher than 2009 and cash flow from operations was $9.3 billion, a 60-percent increase from 2009. Our oil and gas production increased 5 percent on a year-over-year basis to a daily average of 748,000 BOE, the largest in Oxy’s history."
QUARTERLY RESULTS
Oil and Gas
Oil and gas segment earnings were $1.7 billion for the fourth quarter of 2010 and included $275 million of domestic asset impairments. After excluding these asset impairments, oil and gas core results of $1.9 billion for the fourth quarter of 2010 were slightly higher than 2009. The fourth quarter of 2010 results reflect higher crude oil prices, partially offset by higher operating costs and DD&A rates.
For the fourth quarter of 2010, daily oil and gas production volumes, including Argentina, averaged 753,000 barrels of oil equivalent (BOE), compared with 717,000 BOE in the fourth quarter of 2009. Volumes increased 5 percent, primarily in the Middle East/North Africa, with a smaller increase coming from Domestic gas production. The Middle East/North Africa increase included new production from the Bahrain start-up and increased production from the Mukhaizna field in Oman. Production was negatively impacted in the Middle East/North Africa, Long Beach and Colombia resulting from higher year-over-year average oil prices affecting production sharing and similar contracts by 13,000 BOE per day. Daily sales volumes from continuing operat ions were 699,000 BOE in the fourth quarter of 2010 compared to 680,000 BOE in the fourth quarter of 2009.
Oxy's realized price for worldwide crude oil was $79.96 per barrel for the fourth quarter of 2010, compared with $71.74 per barrel for the fourth quarter of 2009. Domestic realized gas prices dropped from $4.37 per MCF in the fourth quarter of 2009 to $4.13 per MCF for the fourth quarter of 2010.
Chemicals
Chemical segment earnings for the fourth quarter 2010 were $111 million, compared with $33 million for the same period in 2009. The fourth quarter of 2010 results reflect improved margins and volumes across all products.
Midstream, Marketing and Other
Midstream segment earnings were $202 million for the fourth quarter of 2010, compared with $81 million for the fourth quarter of 2009. Earnings for the fourth quarter of 2010 reflect higher margins in the trading and marketing businesses.
TWELVE-MONTH RESULTS
Oil and Gas
Oil and gas segment earnings were $7.2 billion for the twelve months of 2010, compared with $5.1 billion for the same period of 2009. Oil and gas core results, after excluding asset impairments and rig termination costs, were $7.4 billion for the twelve months of 2010, compared with $5.1 billion for the same period of 2009. The $2.3 billion increase in the 2010 results reflected higher crude oil and natural gas prices and higher volumes, partially offset by higher operating costs and DD&A rates.
Daily oil and gas production volumes for the twelve months, including Argentina, were 748,000 BOE for 2010, compared with 712,000 BOE for the 2009 period, an increase of 5 percent. Volume increases in the Middle East/North Africa, resulting from the new production in Bahrain and higher production in the Mukhaizna field in Oman, and gas production from the domestic assets were partially offset by a decline in Colombia. Production was negatively impacted in the Middle East/North Africa, Long
Beach and Colombia resulting from higher year-over-year average oil prices affecting production sharing and similar contracts by 16,000 BOE per day. Daily sales volumes, from continuing operations, were 701,000 BOE in the twelve months of 2010, compared with 672,000 BOE for 2009.
Oxy's realized price for worldwide crude oil was $75.16 per barrel for the twelve months of 2010, compared with $57.31 per barrel for the twelve months of 2009. Domestic realized gas prices increased from $3.46 per MCF in the twelve months of 2009 to $4.53 per MCF in the twelve months of 2010.
Chemicals
Chemical segment earnings were $438 million for the twelve months of 2010, compared with $389 million for the same period in 2009. The 2010 twelve-month results reflect improved market conditions, particularly for exports, driven by favorable feedstock costs in North America versus Europe and Asia. Vinyls exports for 2010 were 125% higher compared to 2009.
Midstream, Marketing and Other
Midstream segment earnings were $472 million for the twelve months of 2010, compared with $235 million for the same period in 2009. The 2010 results reflect higher margins in the marketing and trading businesses.
About Oxy
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.
Forward-Looking Statements
Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; not successfully completing, or any material delay of, any development of new fields, expansion projects, capital expenditures, efficiency-improvement projects, acquisitions or dispositions; potential failure to achieve expected production from existing and future oil and gas development projects or acquisitions; exploration risks such as drilling un successful wells; any
general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation; general domestic and international political conditions; potential disruption or interruption of Occidental’s production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in laws or regulations; or changes in tax rates. Words such as “estimate”, “project”, “predict”, “will”, “would”, “should”, “could”, “may”, “might”, “anticipate”, “plan”, “intend”, “believe”, “expect” or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A “Risk Factors” of the 2009 Form 10-K, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330
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| Contacts: | Richard S. Kline (media) |
| | richard_kline@oxy.com |
| | 310-443-6249 |
| | |
| | Chris Stavros (investors) |
| | chris_stavros@oxy.com |
| | 212-603-8184 |
| | |
| | For further analysis of Occidental's quarterly performance, please visit the web site: www.oxy.com |
| Attachment 1 |
| | | | | | | | | | | | | | | | | |
| SUMMARY OF SEGMENT NET SALES AND EARNINGS |
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | Twelve Months |
| ($ millions, except per-share amounts) | | 2010 | | 2009 | | 2010 | | 2009 |
| SEGMENT NET SALES | | | | | | | | | | | | | | | | |
| Oil and Gas | | $ | 3,759 | | | $ | 3,489 | | | $ | 14,276 | | | $ | 11,009 | |
| Chemical | | | 996 | | | | 780 | | | | 4,016 | | | | 3,225 | |
| Midstream, Marketing and Other | | | 478 | | | | 253 | | | | 1,471 | | | | 1,016 | |
| Eliminations | | | (170 | ) | | | (140 | ) | | | (718 | ) | | | (436 | ) |
| | | | | | | | | | | | | | | | | |
| Net Sales | | $ | 5,063 | | | $ | 4,382 | | | $ | 19,045 | | | $ | 14,814 | |
| | | | | | | | | | | | | | | | | |
| SEGMENT EARNINGS | | | | | | | | | | | | | | | | |
| Oil and Gas (a), (b) | | $ | 1,666 | | | $ | 1,869 | | | $ | 7,151 | | | $ | 5,097 | |
| Chemical | | | 111 | | | | 33 | | | | 438 | | | | 389 | |
| Midstream, Marketing and Other | | | 202 | | | | 81 | | | | 472 | | | | 235 | |
| | | | 1,979 | | | | 1,983 | | | | 8,061 | | | | 5,721 | |
| | | | | | | | | | | | | | | | | |
| Unallocated Corporate Items | | | | | | | | | | | | | | | | |
| Interest expense, net | | | (20 | ) | | | (31 | ) | | | (93 | ) | | | (102 | ) |
| Income taxes (c) | | | (618 | ) | | | (743 | ) | | | (2,995 | ) | | | (2,063 | ) |
| Other (d) | | | (149 | ) | | | (107 | ) | | | (404 | ) | | | (405 | ) |
| | | | | | | | | | | | | | | | | |
| Income from Continuing Operations (a) | | | 1,192 | | | | 1,102 | | | | 4,569 | | | | 3,151 | |
| Discontinued operations, net | | | 20 | | | | (164 | ) | | | (39 | ) | | | (236 | ) |
| | | | | | | | | | | | | | | | | |
| NET INCOME (a) | | $ | 1,212 | | | $ | 938 | | | $ | 4,530 | | | $ | 2,915 | |
| | | | | | | | | | | | | | | | | |
| BASIC EARNINGS PER COMMON SHARE | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 1.47 | | | $ | 1.35 | | | $ | 5.62 | | | $ | 3.88 | |
| Discontinued operations, net | | | 0.02 | | | | (0.20 | ) | | | (0.05 | ) | | | (0.29 | ) |
| | | $ | 1.49 | | | $ | 1.15 | | | $ | 5.57 | | | $ | 3.59 | |
| | | | | | | | | | | | | | | | | |
| DILUTED EARNINGS PER COMMON SHARE | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 1.47 | | | $ | 1.35 | | | $ | 5.61 | | | $ | 3.87 | |
| Discontinued operations, net | | | 0.02 | | | | (0.20 | ) | | | (0.05 | ) | | | (0.29 | ) |
| | | $ | 1.49 | | | $ | 1.15 | | | $ | 5.56 | | | $ | 3.58 | |
| AVERAGE BASIC COMMON SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
| BASIC | | | 812.6 | | | | 811.8 | | | | 812.5 | | | | 811.3 | |
| DILUTED | | | 813.7 | | | | 813.5 | | | | 813.8 | | | | 813.8 | |
| | | | | | | | | | | | | | | | | |
(a) Net Income - Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $14 million for the fourth quarter of 2010 and $16 million for the fourth quarter of 2009 and $72 million and $51 million for the twelve months of 2010 and 2009, respectively. Oil and gas segment earnings are presented net of these non-controlling interest amounts. |
| |
(b) Oil and Gas - The fourth quarter and twelve months of 2010 include pre-tax charges for asset impairments for $275 million. The twelve months of 2009 include a pretax charge of $8 million for rig contract terminations. |
| |
(c) Unallocated Corporate Items - Taxes - The fourth quarter and twelve months of 2010 include an $80 million benefit related to foreign tax credit carry-forwards. |
| |
(d) Unallocated Corporate Items - Other - The twelve months of 2009 includes pre-tax charges of $40 million for severance and $15 million for railcar leases. |
| Attachment 2 |
| | | | | | | | | | | | | | | | | |
| SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE |
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | Twelve Months |
| ($ millions) | | 2010 | | 2009 | | 2010 | | 2009 |
| CAPITAL EXPENDITURES | | $ | 1,360 | | | $ | 840 | | | $ | 3,940 | | | $ | 3,245 | |
| | | | | | | | | | | | | | | | | |
| DEPRECIATION, DEPLETION AND | | | | | | | | | | | | | | | | |
| AMORTIZATION OF ASSETS | | $ | 799 | | | $ | 703 | | | $ | 3,153 | | | $ | 2,687 | |
| Attachment 3 |
| |
| SUMMARY OF OPERATING STATISTICS - SALES |
| | | | | | | | | | | | | |
| | | Fourth Quarter | | Twelve Months |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| NET OIL, GAS AND LIQUIDS SALES PER DAY | | | | | | | | | | | | |
| United States | | | | | | | | | | | | |
| Crude Oil and Liquids (MBBL) | | | | | | | | | | | | |
| California | | 90 | | | 92 | | | 92 | | | 93 | |
| Permian | | 163 | | | 164 | | | 161 | | | 164 | |
| Midcontinent Gas | | 19 | | | 15 | | | 18 | | | 14 | |
| Total | | 272 | | | 271 | | | 271 | | | 271 | |
| | | | | | | | | | | | | |
| Natural Gas (MMCF) | | | | | | | | | | | | |
| California | | 259 | | | 282 | | | 280 | | | 250 | |
| Permian | | 154 | | | 122 | | | 133 | | | 125 | |
| Midcontinent Gas | | 286 | | | 241 | | | 264 | | | 260 | |
| Total | | 699 | | | 645 | | | 677 | | | 635 | |
| | | | | | | | | | | | | |
| Latin America | | | | | | | | | | | | |
| Crude Oil (MBBL) | | | | | | | | | | | | |
| Colombia | | 31 | | | 36 | | | 32 | | | 39 | |
| | | | | | | | | | | | | |
| Natural Gas (MMCF) | | | | | | | | | | | | |
| Bolivia | | 18 | | | 12 | | | 16 | | | 16 | |
| | | | | | | | | | | | | |
| Middle East / North Africa | | | | | | | | | | | | |
| Crude Oil and Liquids (MBBL) | | | | | | | | | | | | |
| Bahrain | | 3 | | | 1 | | | 3 | | | - | |
| Dolphin | | 23 | | | 26 | | | 24 | | | 25 | |
| Libya | | 12 | | | 15 | | | 13 | | | 12 | |
| Oman | | 63 | | | 54 | | | 61 | | | 50 | |
| Qatar | | 74 | | | 80 | | | 76 | | | 79 | |
| Yemen | | 27 | | | 32 | | | 30 | | | 35 | |
| Total | | 202 | | | 208 | | | 207 | | | 201 | |
| | | | | | | | | | | | | |
| Natural Gas (MMCF) | | | | | | | | | | | | |
| Bahrain | | 170 | | | 40 | | | 169 | | | 10 | |
| Dolphin | | 232 | | | 256 | | | 236 | | | 257 | |
| Oman | | 47 | | | 42 | | | 48 | | | 49 | |
| Total | | 449 | | | 338 | | | 453 | | | 316 | |
| | | | | | | | | | | | | |
| Continuing operations | | | | | | | | | | | | |
| Barrels of Oil Equivalent (MBOE) | | 699 | | | 680 | | | 701 | | | 672 | |
| | | | | | | | | | | | | |
| Discontinued operations | | | | | | | | | | | | |
| Crude Oil (MBBL) | | 46 | | | 37 | | | 37 | | | 37 | |
| Natural Gas (MMCF) | | 36 | | | 30 | | | 34 | | | 30 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Total Sales - MBOE | | 751 | | | 722 | | | 744 | | | 714 | |
| Attachment 4 |
| | | | | | | | | | | | | |
| SUMMARY OF OPERATING STATISTICS - PRODUCTION |
| | | | | | | | | | | | | |
| | | Fourth Quarter | | Twelve Months |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| NET OIL, GAS AND LIQUIDS PRODUCTION | | | | | | | | | | | | |
| PER DAY | | | | | | | | | | | | |
| United States | | | | | | | | | | | | |
| Crude Oil and Liquids (MBBL) | | 272 | | | 271 | | | 271 | | | 271 | |
| Natural Gas (MMCF) | | 699 | | | 645 | | | 677 | | | 635 | |
| | | | | | | | | | | | | |
| Latin America | | | | | | | | | | | | |
| Crude Oil (MBBL) | | | | | | | | | | | | |
| Colombia | | 30 | | | 36 | | | 32 | | | 39 | |
| | | | | | | | | | | | | |
| Natural Gas (MMCF) | | 18 | | | 12 | | | 16 | | | 16 | |
| | | | | | | | | | | | | |
| Middle East / North Africa | | | | | | | | | | | | |
| Crude Oil and Liquids (MBBL) | | | | | | | | | | | | |
| Bahrain | | 3 | | | 1 | | | 3 | | | - | |
| Dolphin | | 23 | | | 26 | | | 24 | | | 26 | |
| Iraq | | 11 | | | - | | | 3 | | | - | |
| Libya | | 12 | | | 11 | | | 13 | | | 11 | |
| Oman | | 67 | | | 56 | | | 62 | | | 50 | |
| Qatar | | 75 | | | 78 | | | 76 | | | 79 | |
| Yemen | | 27 | | | 31 | | | 31 | | | 34 | |
| Total | | 218 | | | 203 | | | 212 | | | 200 | |
| | | | | | | | | | | | | |
| Natural Gas (MMCF) | | 449 | | | 338 | | | 453 | | | 316 | |
| | | | | | | | | | | | | |
| Continuing operations | | | | | | | | | | | | |
| Barrels of Oil Equivalent (MBOE) | | 714 | | | 676 | | | 706 | | | 671 | |
| | | | | | | | | | | | | |
| Discontinued operations | | | | | | | | | | | | |
| Crude Oil (MBBL) | | 33 | | | 36 | | | 36 | | | 36 | |
| Natural Gas (MMCF) | | 36 | | | 30 | | | 34 | | | 30 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Total Worldwide Production - MBOE | | 753 | | | 717 | | | 748 | | | 712 | |
| Attachment 5 |
| | | | | | | | | | | | | | | | | |
| SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS |
| | | | | | | | | | | | | | | | | |
| Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core results," which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income in accordance with generally accepted accounting principles. |
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter |
| ($ millions, except per-share amounts) | | 2010 | | Diluted EPS | | 2009 | | Diluted EPS |
| TOTAL REPORTED EARNINGS | | $ | 1,212 | | | $ | 1.49 | | | $ | 938 | | | $ | 1.15 | |
| | | | | | | | | | | | | | | | | |
| Oil and Gas | | | | | | | | | | | | | | | | |
| Segment Earnings | | $ | 1,666 | | | | | | | $ | 1,869 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| Asset impairments | | | 275 | | | | | | | | - | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 1,941 | | | | | | | | 1,869 | | | | | |
| | | | | | | | | | | | | | | | | |
| Chemicals | | | | | | | | | | | | | | | | |
| Segment Earnings | | | 111 | | | | | | | | 33 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| No significant items affecting earnings | | | - | | | | | | | | - | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 111 | | | | | | | | 33 | | | | | |
| | | | | | | | | | | | | | | | | |
| Midstream, Marketing and Other | | | | | | | | | | | | | | | | |
| Segment Earnings | | | 202 | | | | | | | | 81 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| No significant items affecting earnings | | | - | | | | | | | | - | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 202 | | | | | | | | 81 | | | | | |
| | | | | | | | | | | | | | | | | |
| Total Segment Core Results | | | 2,254 | | | | | | | | 1,983 | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate | | | | | | | | | | | | | | | | |
| Corporate Results -- | | | | | | | | | | | | | | | | |
| Non Segment * | | | (767 | ) | | | | | | | (1,045 | ) | | | | |
| Add: | | | | | | | | | | | | | | | | |
| Benefit from foreign tax credit carry-forwards | | | (80 | ) | | | | | | | - | | | | | |
| Tax effect of pre-tax adjustments | | | (100 | ) | | | | | | | - | | | | | |
| Discontinued operations, net ** | | | (20 | ) | | | | | | | 164 | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate Core Results - Non Segment | | | (967 | ) | | | | | | | (881 | ) | | | | |
| | | | | | | | | | | | | | | | | |
| TOTAL CORE RESULTS | | $ | 1,287 | | | $ | 1.58 | | | $ | 1,102 | | | $ | 1.35 | |
| | | | | | | | | | | | | | | | | |
| * Interest expense, income taxes, G&A expense and other. | | | | | | | | | | | | | | | | |
| ** Amounts shown after tax. | | | | | | | | | | | | | | | | |
| Attachment 6 |
| | | | | | | | | | | | | | | | | |
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued) |
| | | | | | | | | | | | | | | | | |
| | | Twelve Months |
| ($ millions, except per-share amounts) | | 2010 | | Diluted EPS | | 2009 | | Diluted EPS |
| TOTAL REPORTED EARNINGS | | $ | 4,530 | | | $ | 5.56 | | | $ | 2,915 | | | $ | 3.58 | |
| | | | | | | | | | | | | | | | | |
| Oil and Gas | | | | | | | | | | | | | | | | |
| Segment Earnings | | $ | 7,151 | | | | | | | $ | 5,097 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| Asset impairments | | | 275 | | | | | | | | - | | | | | |
| Rig terminations | | | - | | | | | | | | 8 | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 7,426 | | | | | | | | 5,105 | | | | | |
| | | | | | | | | | | | | | | | | |
| Chemicals | | | | | | | | | | | | | | | | |
| Segment Earnings | | | 438 | | | | | | | | 389 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| No significant items affecting earnings | | | - | | | | | | | | - | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 438 | | | | | | | | 389 | | | | | |
| | | | | | | | | | | | | | | | | |
| Midstream, Marketing and Other | | | | | | | | | | | | | | | | |
| Segment Earnings | | | 472 | | | | | | | | 235 | | | | | |
| Add: | | | | | | | | | | | | | | | | |
| No significant items affecting earnings | | | - | | | | | | | | - | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment Core Results | | | 472 | | | | | | | | 235 | | | | | |
| | | | | | | | | | | | | | | | | |
| Total Segment Core Results | | | 8,336 | | | | | | | | 5,729 | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate | | | | | | | | | | | | | | | | |
| Corporate Results -- | | | | | | | | | | | | | | | | |
| Non Segment * | | | (3,531 | ) | | | | | | | (2,806 | ) | | | | |
| Add: | | | | | | | | | | | | | | | | |
| Severance accruals | | | - | | | | | | | | 40 | | | | | |
| Railcar leases | | | - | | | | | | | | 15 | | | | | |
| Benefit from foreign tax credit carry-forwards | | | (80 | ) | | | | | | | - | | | | | |
| Tax effect of pre-tax adjustments | | | (100 | ) | | | | | | | (22 | ) | | | | |
| Discontinued operations, net ** | | | 39 | | | | | | | | 236 | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate Core Results - Non Segment | | | (3,672 | ) | | | | | | | (2,537 | ) | | | | |
| | | | | | | | | | | | | | | | | |
| TOTAL CORE RESULTS | | $ | 4,664 | | | $ | 5.72 | | | $ | 3,192 | | | $ | 3.92 | |
| | | | | | | | | | | | | | | | | |
| * Interest expense, income taxes, G&A expense and other | | | | | | | | | | | | | | | | |
| ** Amounts shown after tax. | | | | | | | | | | | | | | | | |
