Exhibit 99.3
SUMMARY OF NET INCOME (LOSS) BY SEGMENT
Millions of Dollars
-----------------------------------------------------------------------------------
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
Income (Loss) from Continuing Operations
U.S. E&P 635 671 701 935 2,942 892 966 1,107 1,325 4,290
International E&P 622 683 719 736 2,760 895 963 1,181 1,105 4,144
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P 1,257 1,354 1,420 1,671 5,702 1,787 1,929 2,288 2,430 8,434
- --------------------------------------------------------------------------- ---------------------------------------
Midstream 55 42 38 100 235 385 68 88 147 688
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M 403 734 505 484 2,126 570 936 1,096 805 3,407
International R&M 61 84 203 269 617 130 174 294 251 849
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M 464 818 708 753 2,743 700 1,110 1,390 1,056 4,256
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment - - - 74 74 110 148 267 189 714
Chemicals 39 46 81 83 249 133 63 13 114 323
Emerging Businesses (22) (29) (27) (24) (102) (8) (8) - (4) (20)
Corporate and Other (190) (218) (209) (177) (794) (184) (179) (242) (150) (755)
- --------------------------------------------------------------------------- ---------------------------------------
Consolidated 1,603 2,013 2,011 2,480 8,107 2,923 3,131 3,804 3,782 13,640
=========================================================================== =======================================
Cumulative Effect of Accounting Changes
U.S. E&P - - - - - - - - (2) (2)
International E&P - - - - - - - - (2) (2)
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P - - - - - - - - (4) (4)
- --------------------------------------------------------------------------- ---------------------------------------
Midstream - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M - - - - - - - - (78) (78)
International R&M - - - - - - - - (5) (5)
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M - - - - - - - - (83) (83)
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment - - - - - - - - - -
Chemicals - - - - - - - - - -
Emerging Businesses - - - - - - - - (1) (1)
Corporate and Other - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Consolidated - - - - - - - - (88) (88)
=========================================================================== =======================================
Income (Loss) from Discontinued Operations
Corporate and Other 13 62 (5) (48) 22 (11) 7 (4) (15) (23)
=========================================================================== =======================================
Net Income (Loss)
U.S. E&P 635 671 701 935 2,942 892 966 1,107 1,323 4,288
International E&P 622 683 719 736 2,760 895 963 1,181 1,103 4,142
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P 1,257 1,354 1,420 1,671 5,702 1,787 1,929 2,288 2,426 8,430
- --------------------------------------------------------------------------- ---------------------------------------
Midstream 55 42 38 100 235 385 68 88 147 688
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M 403 734 505 484 2,126 570 936 1,096 727 3,329
International R&M 61 84 203 269 617 130 174 294 246 844
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M 464 818 708 753 2,743 700 1,110 1,390 973 4,173
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment - - - 74 74 110 148 267 189 714
Chemicals 39 46 81 83 249 133 63 13 114 323
Emerging Businesses (22) (29) (27) (24) (102) (8) (8) - (5) (21)
Corporate and Other (177) (156) (214) (225) (772) (195) (172) (246) (165) (778)
- --------------------------------------------------------------------------- ---------------------------------------
Consolidated 1,616 2,075 2,006 2,432 8,129 2,912 3,138 3,800 3,679 13,529
=========================================================================== =======================================
Page 1 of 11
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
Millions of Dollars
-----------------------------------------------------------------------------------
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
Income from Continuing Operations
Before Income Taxes
U.S. E&P 987 1,049 1,057 1,433 4,526 1,388 1,504 1,728 2,019 6,639
International E&P 1,410 1,360 1,654 1,684 6,108 2,020 2,152 2,567 2,550 9,289
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P 2,397 2,409 2,711 3,117 10,634 3,408 3,656 4,295 4,569 15,928
- --------------------------------------------------------------------------- ---------------------------------------
Midstream 86 66 62 158 372 449 107 138 208 902
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M 636 1,149 803 772 3,360 901 1,485 1,766 1,379 5,531
International R&M 79 111 268 356 814 160 203 368 330 1,061
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M 715 1,260 1,071 1,128 4,174 1,061 1,688 2,134 1,709 6,592
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment - - - 74 74 115 153 275 196 739
Chemicals 49 56 99 109 313 187 84 (3) 148 416
Emerging Businesses (34) (42) (44) (34) (154) (13) (13) (2) (10) (38)
Corporate and Other (249) (279) (239) (277) (1,044) (267) (243) (283) (199) (992)
- --------------------------------------------------------------------------- ---------------------------------------
Consolidated 2,964 3,470 3,660 4,275 14,369 4,940 5,432 6,554 6,621 23,547
=========================================================================== =======================================
Income from Continuing Operations
Effective Tax Rates
U.S. E&P 35.7% 36.0% 33.7% 34.8% 35.0% 35.7% 35.8% 35.9% 34.4% 35.4%
International E&P 55.9% 49.8% 56.5% 56.3% 54.8% 55.7% 55.3% 54.0% 56.7% 55.4%
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P 47.6% 43.8% 47.6% 46.4% 46.4% 47.6% 47.2% 46.7% 46.8% 47.0%
- --------------------------------------------------------------------------- ---------------------------------------
Midstream 36.0% 36.4% 38.7% 36.7% 36.8% 14.3% 36.4% 36.2% 29.3% 23.7%
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M 36.6% 36.1% 37.1% 37.3% 36.7% 36.7% 37.0% 37.9% 41.6% 38.4%
International R&M 22.8% 24.3% 24.3% 24.4% 24.2% 18.8% 14.3% 20.1% 23.9% 20.0%
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M 35.1% 35.1% 33.9% 33.2% 34.3% 34.0% 34.2% 34.9% 38.2% 35.4%
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment n/a n/a n/a 0.0% 0.0% 4.3% 3.3% 2.9% 3.6% 3.4%
Chemicals 20.4% 17.9% 18.2% 23.9% 20.4% 28.9% 25.0% -- 23.0% 22.4%
Emerging Businesses 35.3% 31.0% 38.6% 29.4% 33.8% 38.5% 38.5% -- 60.0% 47.4%
Corporate and Other 23.7% 21.9% 12.6% 36.1% 23.9% 31.1% 26.3% 14.5% 24.6% 23.9%
- --------------------------------------------------------------------------- ---------------------------------------
Consolidated 45.9% 42.0% 45.1% 42.0% 43.6% 40.8% 42.4% 42.0% 42.9% 42.1%
=========================================================================== =======================================
Page 2 of 11
CERTAIN ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS (AFTER-TAX)
Millions of Dollars
-----------------------------------------------------------------------------------
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
U.S. E&P
Gain (loss) on asset sales - - - - - 90 - - - 90
Property impairments (3) - - (9) (12) - - - - -
Tax credit utilization - - 22 28 50 - - - - -
Insurance premium adjustments - - - (17) (17) - (5) (4) (8) (17)
Pending claims and settlements - - - - - - 15 - (23) (8)
- --------------------------------------------------------------------------- ---------------------------------------
Total (3) - 22 2 21 90 10 (4) (31) 65
- --------------------------------------------------------------------------- ---------------------------------------
International E&P
Gain (loss) on asset sales 56 (13) - - 43 - 15 - - 15
Property impairments - - (1) (29) (30) - - - - -
Insurance premium adjustments - - - (17) (17) - (10) (12) (19) (41)
Canada tax law change - 31 - 41 72 - - - 38 38
Pending claims and settlements - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total 56 18 (1) (5) 68 - 5 (12) 19 12
- --------------------------------------------------------------------------- ---------------------------------------
Total E&P 53 18 21 (3) 89 90 15 (16) (12) 77
- --------------------------------------------------------------------------- ---------------------------------------
Midstream
Property impairments (12) (10) - - (22) (6) (7) - - (13)
DEFS' sale of TEPPCO general
partnership - - - - - 306 - - - 306
- --------------------------------------------------------------------------- ---------------------------------------
Total (12) (10) - - (22) 300 (7) - - 293
- --------------------------------------------------------------------------- ---------------------------------------
U.S. R&M
Gain (loss) on asset sales - - - - - 31 - - - 31
Property impairments (5) - (6) (28) (39) - - - - -
Insurance premium adjustments - - - (6) (6) - (7) (9) (14) (30)
Discontinuation of a marketing
incentive program - - - - - - - (16) - (16)
Hurricanes impact on maintenance &
repairs - - - - - - - - (57) (57)
Pending claims and settlements - - (34) - (34) - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total (5) - (40) (34) (79) 31 (7) (25) (71) (72)
- --------------------------------------------------------------------------- ---------------------------------------
International R&M
Gain (loss) on asset sales - - - - - - 25 - - 25
Property impairments - - - - - - - - - -
Other - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total - - - - - - 25 - - 25
- --------------------------------------------------------------------------- ---------------------------------------
Total R&M (5) - (40) (34) (79) 31 18 (25) (71) (47)
- --------------------------------------------------------------------------- ---------------------------------------
LUKOIL Investment
- - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Chemicals
- - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Emerging Businesses
- - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Corporate and Other
Property impairments - - - - - - - - - -
Merger-related expenses (14) - - - (14) - - - - -
Premium on early debt retirement - - (43) - (43) (8) - (42) (42) (92)
Other - - - - - - - - - -
- --------------------------------------------------------------------------- ---------------------------------------
Total (14) - (43) - (57) (8) - (42) (42) (92)
- --------------------------------------------------------------------------- ---------------------------------------
Total Company 22 8 (62) (37) (69) 413 26 (83) (125) 231
=========================================================================== =======================================
Page 3 of 11
CASH FLOW INFORMATION
Millions of Dollars
-----------------------------------------------------------------------------------
2004 2005
---------------------------------------- -----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
---------------------------------------- -----------------------------------------
Cash Flows from Operating Activities
Income from continuing operations 1,603 2,013 2,011 2,480 8,107 2,923 3,131 3,804 3,782 13,640
DD&A and property impairments 949 932 950 1,131 3,962 1,063 994 1,049 1,189 4,295
Dry hole costs and leasehold impairments 87 105 150 75 417 109 47 55 138 349
Accretion on discounted liabilities 36 41 49 45 171 48 41 46 58 193
Deferred income taxes 360 310 328 27 1,025 123 369 261 348 1,101
Undistributed equity earnings (181) (97) (263) (236) (777) (805) (414) (463) (92) (1,774)
Net (gain) loss on asset dispositions (82) (6) 6 (34) (116) (177) (65) (22) (14) (278)
Other 70 65 (30) (295) (190) (78) (113) 192 (140) (139)
Net working capital changes (777) (1,101) 1,267 10 (601) 888 (1,224) 1,177 (595) 246
Discontinued operations 8 14 (55) (6) (39) (5) 2 (3) 1 (5)
- --------------------------------------------------------------------------------------- -----------------------------------------
Net Cash Provided by
Operating
Activities 2,073 2,276 4,413 3,197 11,959 4,089 2,768 6,096 4,675 17,628
- --------------------------------------------------------------------------------------- -----------------------------------------
Cash Flows from Investing Activities
Capital expenditures and investments:
E&P (1,210) (1,239) (1,248) (1,552) (5,249) (1,206) (2,337) (1,475) (1,666) (6,684)
Midstream (3) (2) (1) (1) (7) (1) - (838) - (839)
R&M (215) (278) (277) (574) (1,344) (275) (360) (440) (663) (1,738)
LUKOIL Investment - - - (2,649) (2,649) (324) (384) (815) (637) (2,160)
Chemicals - - - - - - - - - -
Emerging Businesses (28) (27) (19) (1) (75) 4 (7) (2) - (5)
Corporate and Other (25) (38) (49) (60) (172) (20) (37) (56) (81) (194)
- --------------------------------------------------------------------------------------- -----------------------------------------
Total capital expend. & investments (1,481) (1,584) (1,594) (4,837) (9,496) (1,822) (3,125) (3,626) (3,047) (11,620)
Acquisitions - adoption & application of
FIN 46 - - 11 - 11 - - - - -
Proceeds from asset dispositions 449 905 73 164 1,591 87 221 300 160 768
Long-term advances to/collections from
affiliates and other investments (44) 9 30 112 107 25 4 (58) (135) (164)
Discontinued operations (1) (1) - 1 (1) - - - - -
- --------------------------------------------------------------------------------------- -----------------------------------------
Net Cash Used for Investing Activities (1,077) (671) (1,480) (4,560) (7,788) (1,710) (2,900) (3,384) (3,022) (11,016)
- --------------------------------------------------------------------------------------- -----------------------------------------
Cash Flows from Financing Activities
Net issuance (repayment) of debt (722) (1,361) (221) (471) (2,775) (986) (13) (513) (1,038) (2,550)
Issuance of stock 112 95 62 161 430 155 108 114 25 402
Repurchase of stock - - - - - (194) (382) (589) (759) (1,924)
Dividends (294) (296) (296) (346) (1,232) (348) (432) (430) (429) (1,639)
Other 89 94 (66) 61 178 64 33 (10) (60) 27
- --------------------------------------------------------------------------------------- -----------------------------------------
Net Cash Provided by (Used for)
Financing
Activities (815) (1,468) (521) (595) (3,399) (1,309) (686) (1,428) (2,261) (5,684)
- --------------------------------------------------------------------------------------- -----------------------------------------
Effect of Exchange Rate Changes (12) 8 47 82 125 (36) (62) (22) 19 (101)
- --------------------------------------------------------------------------------------- -----------------------------------------
Net Change in Cash
and Cash Equivalents 169 145 2,459 (1,876) 897 1,034 (880) 1,262 (589) 827
Cash and cash equivalents
at beginning of period 490 659 804 3,263 490 1,387 2,421 1,541 2,803 1,387
- --------------------------------------------------------------------------------------- -----------------------------------------
Cash and Cash Equivalents
at End of Period 659 804 3,263 1,387 1,387 2,421 1,541 2,803 2,214 2,214
======================================================================================= =========================================
Page 4 of 11
TOTAL E&P
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
E&P Net Income ($ Millions) 1,257 1,354 1,420 1,671 5,702 1,787 1,929 2,288 2,426 8,430
=========================================================================== =======================================
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D) 1,611 1,563 1,484 1,596 1,563 1,600 1,537 1,521 1,590 1,562
- --------------------------------------------------------------------------- ---------------------------------------
E&P segment plus LUKOIL Investment
segment: 1,611 1,563 1,484 1,755 1,603 1,801 1,760 1,787 1,883 1,808
- --------------------------------------------------------------------------- ---------------------------------------
Crude Oil and Condensate (MB/D)
Consolidated 828 809 733 821 797 822 780 766 777 786
Equity affiliates 113 104 111 103 108 120 123 124 116 121
- --------------------------------------------------------------------------- ---------------------------------------
Total 941 913 844 924 905 942 903 890 893 907
=========================================================================== =======================================
Sales of crude oil produced (MB/D) 927 888 875 903 898 940 932 883 916 918
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids (MB/D) 76 79 87 92 84 94 80 92 99 91
- ---------------------------------------------------------------------------------------------------------------------
Natural Gas (MMCF/D)
Consolidated 3,415 3,299 3,179 3,356 3,312 3,295 3,191 3,099 3,468 3,263
Equity affiliates 9 4 4 4 5 5 7 10 3 7
- --------------------------------------------------------------------------- ---------------------------------------
Total 3,424 3,303 3,183 3,360 3,317 3,300 3,198 3,109 3,471 3,270
=========================================================================== =======================================
Canadian Syncrude (MB/D) 23 20 22 20 21 14 21 21 20 19
- --------------------------------------------------------------------------- ---------------------------------------
Industry Prices (Platt's)
Crude Oil ($/bbl)
WTI spot 35.23 38.31 43.86 48.29 41.42 49.70 53.03 63.05 59.99 56.44
Brent dated 31.95 35.36 41.54 44.00 38.21 47.50 51.59 61.54 56.90 54.38
Natural Gas ($/mmbtu)
Henry Hub -- First of Month 5.69 6.00 5.75 7.07 6.13 6.27 6.74 8.53 13.00 8.64
- --------------------------------------------------------------------------- ---------------------------------------
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated 32.08 35.32 40.41 42.79 37.65 44.89 48.88 58.49 55.06 51.74
Equity affiliates 19.27 25.48 26.19 26.55 24.18 30.38 36.11 45.25 38.90 37.79
Total 30.44 34.17 38.78 40.96 36.06 43.15 46.93 56.64 53.05 49.87
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids ($/bbl) 25.43 26.71 30.73 35.37 30.02 33.44 35.10 41.54 42.75 38.32
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas ($/mcf)
Consolidated 4.41 4.43 4.48 5.13 4.62 5.24 5.53 6.40 7.96 6.32
Equity affiliates 3.91 0.31 0.31 0.25 2.19 0.25 0.32 0.20 0.28 0.26
Total 4.41 4.43 4.48 5.13 4.61 5.24 5.52 6.38 7.94 6.30
- --------------------------------------------------------------------------- ---------------------------------------
Exploration Charges ($ Millions)
Dry Holes 67 42 82 51 242 88 30 32 83 233
Lease Impairments 20 63 68 24 175 20 18 23 55 116
- --------------------------------------------------------------------------- ---------------------------------------
Total Non-Cash Charges 87 105 150 75 417 108 48 55 138 349
Other (G&G and Lease Rentals) 56 58 55 117 286 63 73 85 91 312
- --------------------------------------------------------------------------- ---------------------------------------
Total Exploration Charges 143 163 205 192 703 171 121 140 229 661
=========================================================================== =======================================
Depreciation, Depletion and
Amortization (DD&A) ($ Millions) 704 720 711 783 2,918 819 755 823 915 3,312
- --------------------------------------------------------------------------- ---------------------------------------
Page 5 of 11
U.S. E&P
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
U.S. E&P Net Income ($ Millions) 635 671 701 935 2,942 892 966 1,107 1,323 4,288
=========================================================================== =======================================
Alaska ($ Millions) 403 397 451 581 1,832 532 572 730 718 2,552
- --------------------------------------------------------------------------- ---------------------------------------
Lower 48 ($ Millions) 232 274 250 354 1,110 360 394 377 605 1,736
- --------------------------------------------------------------------------- ---------------------------------------
Production
Total U.S. (MBOE/D) 659 637 579 642 629 648 631 617 636 633
- --------------------------------------------------------------------------- ---------------------------------------
Crude Oil and Condensate (MB/D)
Alaska 320 307 253 313 298 309 297 281 291 294
Lower 48 53 52 50 50 51 62 63 56 54 59
- --------------------------------------------------------------------------- ---------------------------------------
Total 373 359 303 363 349 371 360 337 345 353
=========================================================================== =======================================
Sales of crude oil produced (MB/D) 373 354 312 356 349 386 352 352 337 357
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids (MB/D)*
Alaska 26 23 19 24 23 24 16 18 21 20
Lower 48 24 26 26 26 26 27 31 30 31 30
- --------------------------------------------------------------------------- ---------------------------------------
Total 50 49 45 50 49 51 47 48 52 50
=========================================================================== =======================================
*Includes reinjection volumes sold
lease-to-lease: 16 15 10 13 13 13 1 8 13 9
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas (MMCF/D)
Alaska 185 147 164 163 165 185 148 173 172 169
Lower 48 1,233 1,226 1,220 1,214 1,223 1,169 1,195 1,218 1,264 1,212
- --------------------------------------------------------------------------- ---------------------------------------
Total 1,418 1,373 1,384 1,377 1,388 1,354 1,343 1,391 1,436 1,381
=========================================================================== =======================================
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Alaska
North Slope 28.00 31.69 35.66 39.53 33.61 38.93 43.92 53.30 52.34 46.95
- --------------------------------------------------------------------------- ---------------------------------------
West Coast 32.93 36.53 40.48 44.37 38.47 44.15 49.22 58.70 57.61 52.24
- --------------------------------------------------------------------------- ---------------------------------------
Lower 48 31.86 34.39 39.56 42.30 36.95 41.29 43.58 50.00 46.62 45.24
- --------------------------------------------------------------------------- ---------------------------------------
Total U.S. 32.78 36.22 40.33 44.08 38.25 43.69 48.21 57.31 55.86 51.09
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids ($/bbl)
Alaska 32.93 36.38 40.52 43.78 38.64 44.33 49.20 57.11 57.58 51.30
- --------------------------------------------------------------------------- ---------------------------------------
Lower 48 24.19 25.82 29.40 32.80 28.14 30.96 31.22 39.92 42.89 36.43
- --------------------------------------------------------------------------- ---------------------------------------
Total U.S. 26.80 28.38 32.22 36.21 31.05 34.68 37.26 43.95 45.94 40.40
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas ($/mcf)
Alaska 2.54 2.31 2.22 2.23 2.35 2.96 2.49 2.57 3.01 2.75
- --------------------------------------------------------------------------- ---------------------------------------
Lower 48 5.00 5.49 5.29 6.04 5.46 5.66 6.20 7.67 9.37 7.28
- --------------------------------------------------------------------------- ---------------------------------------
Total U.S. 4.88 5.35 5.19 5.92 5.33 5.57 6.07 7.48 9.17 7.12
- --------------------------------------------------------------------------- ---------------------------------------
Kenai, Alaska LNG Sales
Volume (MMCF/D) 118 82 115 107 105 132 96 123 118 117
- --------------------------------------------------------------------------- ---------------------------------------
Sales price per MCF 4.51 4.80 5.06 5.25 4.90 5.27 5.24 5.90 6.36 5.71
- --------------------------------------------------------------------------- ---------------------------------------
U.S. Exploration Charges ($ Millions)
Dry Holes 32 32 (5) - 59 74 8 (2) 3 83
Lease Impairments 11 11 10 10 42 10 9 9 10 38
- --------------------------------------------------------------------------- ---------------------------------------
Total Non-Cash Charges 43 43 5 10 101 84 17 7 13 121
Other (G&G and Lease Rentals) 15 19 15 37 86 12 17 19 7 55
- --------------------------------------------------------------------------- ---------------------------------------
Total U.S. Exploration Charges 58 62 20 47 187 96 34 26 20 176
=========================================================================== =======================================
Alaska Only 17 43 7 14 81 85 13 11 1 110
- --------------------------------------------------------------------------- ---------------------------------------
DD&A ($ Millions)
Alaska 119 125 122 144 510 133 134 126 142 535
Lower 48 146 145 157 150 598 219 172 243 231 865
- --------------------------------------------------------------------------- ---------------------------------------
Total U.S. 265 270 279 294 1,108 352 306 369 373 1,400
=========================================================================== =======================================
Page 6 of 11
INTERNATIONAL E&P
2004 2005
----------------------------------------- ---------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ---------------------------------------
International E&P
Net Income ($ Millions) 622 683 719 736 2,760 895 963 1,181 1,103 4,142
=========================================================================== =======================================
Production
Total, Including Equity Affiliates
and Canadian Syncrude (MBOE/D) 952 926 905 954 934 952 906 904 954 929
- --------------------------------------------------------------------------- ---------------------------------------
Crude Oil and Condensate (MB/D)
Consolidated
Norway 215 212 189 211 207 207 195 198 188 197
United Kingdom 67 64 59 66 64 61 60 56 62 60
Canada 27 25 24 24 25 23 23 22 22 23
China 32 28 25 17 25 22 25 22 23 23
Indonesia 15 14 14 18 15 21 16 10 13 15
Vietnam 31 31 35 33 33 27 26 30 37 29
Timor Sea 5 15 29 34 21 36 21 38 36 33
Other 63 61 55 55 58 54 54 53 51 53
Equity affiliates 113 104 111 103 108 120 123 124 116 121
- --------------------------------------------------------------------------- ---------------------------------------
Total 568 554 541 561 556 571 543 553 548 554
=========================================================================== =======================================
Sales of crude oil produced (MB/D) 554 534 563 547 549 554 580 531 579 561
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids (MB/D)
Norway 9 8 8 9 8 10 9 10 11 9
Canada 10 10 10 11 10 10 10 10 10 10
Timor Sea - 4 14 16 9 17 9 20 19 16
Other 7 8 10 6 8 6 5 4 7 6
- --------------------------------------------------------------------------- ---------------------------------------
Total 26 30 42 42 35 43 33 44 47 41
=========================================================================== =======================================
Natural Gas (MMCF/D)
Consolidated
Norway 319 303 274 306 301 298 268 259 264 272
United Kingdom 879 821 720 852 818 824 741 588 851 751
Canada 428 437 425 442 433 417 422 429 430 425
Timor Sea 40 32 35 35 35 35 35 35 33 34
Indonesia 248 237 248 266 250 273 287 303 330 298
Vietnam 17 15 15 19 16 18 14 20 19 18
Other 66 81 78 59 71 76 81 74 105 84
Equity affiliates 9 4 4 4 5 5 7 10 3 7
- --------------------------------------------------------------------------- ---------------------------------------
Total 2,006 1,930 1,799 1,983 1,929 1,946 1,855 1,718 2,035 1,889
=========================================================================== =======================================
Canadian Syncrude (MB/D) 23 20 22 20 21 14 21 21 20 19
- --------------------------------------------------------------------------- ---------------------------------------
Average Realized Prices
Crude Oil and Condensate ($/bbl)
Consolidated
Norway 32.13 34.72 40.70 41.82 37.55 45.52 50.21 60.42 56.36 53.18
United Kingdom 31.27 34.19 39.57 44.79 37.00 49.47 48.02 60.83 54.87 53.13
Canada 28.95 30.58 36.16 36.44 32.92 36.96 41.09 54.74 46.44 44.70
China 29.91 33.02 37.99 32.87 33.31 41.51 46.95 51.89 49.86 47.85
Indonesia 32.21 36.20 42.71 45.43 39.21 46.51 47.57 61.77 47.00 49.45
Vietnam 31.76 36.42 41.36 42.94 38.31 47.77 53.32 58.52 52.77 53.23
Timor Sea 35.49 37.32 46.65 45.95 43.91 47.99 50.90 59.03 52.90 52.95
Other 30.89 34.87 39.54 39.28 36.05 44.56 50.11 60.99 57.03 52.93
Equity affiliates 19.27 25.48 26.19 26.55 24.18 30.38 36.11 45.25 38.90 37.79
Total 28.86 32.81 37.92 38.93 34.67 42.77 46.16 56.19 51.41 49.09
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas Liquids ($/bbl)
Norway 24.34 24.22 27.79 37.64 28.92 30.63 28.20 37.29 33.81 32.45
Canada 26.38 28.58 31.15 36.61 30.77 37.37 37.66 44.22 49.63 42.20
Timor Sea - 29.13 33.96 37.11 34.94 34.40 35.99 40.45 47.29 40.11
Other 18.43 18.03 22.76 19.64 19.99 21.34 22.30 26.63 20.30 22.17
Total 23.53 24.69 29.53 34.59 28.96 32.35 32.03 39.29 40.04 36.25
- --------------------------------------------------------------------------- ---------------------------------------
Natural Gas ($/mcf)
Consolidated
Norway 4.37 3.99 4.12 4.45 4.24 5.03 5.30 5.13 6.40 5.46
United Kingdom 4.04 3.47 3.79 4.76 4.03 5.54 5.01 4.92 7.64 5.89
Canada 4.88 5.01 4.64 5.43 5.00 5.33 6.14 7.54 9.86 7.25
Timor Sea 0.43 0.45 0.46 0.49 0.46 0.52 0.52 0.56 0.61 0.55
Indonesia 4.38 4.28 5.02 4.74 4.61 5.08 5.96 6.73 6.23 6.03
Vietnam 1.10 0.99 1.01 1.05 1.04 1.04 1.04 1.05 1.07 1.05
Other 0.66 0.59 0.62 0.97 0.69 0.70 0.59 0.66 0.72 0.67
Equity affiliates 3.91 0.31 0.31 0.25 2.19 0.25 0.32 0.20 0.28 0.26
Total 4.11 3.81 3.98 4.63 4.14 5.03 5.15 5.57 7.16 5.76
- --------------------------------------------------------------------------- ---------------------------------------
International Exploration Charges ($ Millions)
Dry Holes 35 10 87 51 183 14 22 34 80 150
Lease Impairments 9 52 58 14 133 10 9 14 45 78
- --------------------------------------------------------------------------- ---------------------------------------
Total Non-Cash Charges 44 62 145 65 316 24 31 48 125 228
Other (G&G and Lease Rentals) 41 39 40 80 200 51 56 66 84 257
- --------------------------------------------------------------------------- ---------------------------------------
Total International Exploration
Charges 85 101 185 145 516 75 87 114 209 485
=========================================================================== =======================================
DD&A ($ Millions) 439 450 432 489 1,810 467 449 454 542 1,912
- --------------------------------------------------------------------------- ---------------------------------------
Page 7 of 11
R&M
2004 2005
---------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
---------------------------------------- ----------------------------------------
R&M Net Income ($ Millions) 464 818 708 753 2,743 700 1,110 1,390 973 4,173
===================================================================================== ========================================
United States ($ Millions) 403 734 505 484 2,126 570 936 1,096 727 3,329
- ------------------------------------------------------------------------------------- ----------------------------------------
International ($ Millions) 61 84 203 269 617 130 174 294 246 844
- ------------------------------------------------------------------------------------- ----------------------------------------
Market Indicators
U.S. East Coast Crack Spread ($/bbl) 6.87 9.14 7.00 5.73 7.19 6.40 8.80 14.81 9.32 9.83
U.S. Gulf Coast Crack Spread ($/bbl) 6.36 9.17 6.33 4.09 6.49 6.37 9.63 17.42 10.27 10.92
U.S. Group Central Crack Spread ($/bbl) 6.91 11.65 8.09 5.52 8.04 7.92 11.51 17.06 11.93 12.10
U.S. West Coast Crack Spread ($/bbl) 16.10 24.13 17.92 17.25 18.85 19.61 22.20 26.61 16.29 21.18
U.S. Weighted 3:2:1 Crack Spread ($/bbl) 8.39 12.60 9.10 7.24 9.33 9.24 12.35 18.51 11.69 12.95
NW Europe Crack Spread ($/bbl) 7.78 10.43 11.76 15.24 11.30 11.14 15.09 16.53 13.68 14.11
Singapore 3:2:1 Crack Spread ($/bbl) 10.33 9.48 13.11 17.22 12.54 13.23 13.95 16.70 12.43 14.08
U.S. Wholesale Gasoline Mktg Mrgn ($/bbl) 0.69 1.83 1.50 1.97 1.50 0.16 2.20 0.42 3.98 1.69
- ------------------------------------------------------------------------------------- ----------------------------------------
Realized Margins
Refining Margin ($/bbl)
U.S. 7.12 9.88 8.84 8.38 8.56 10.11 11.23 14.61 12.71 12.17
International* 4.51 6.57 8.36 10.03 7.56 8.26 8.79 10.44 8.73 9.07
- ------------------------------------------------------------------------------------- ----------------------------------------
Marketing Margin ($/bbl)
U.S. 1.08 1.49 1.15 1.85 1.39 0.46 2.01 0.18 2.52 1.28
International 6.50 8.20 7.69 8.13 7.66 5.61 8.56 6.80 8.62 7.43
- ------------------------------------------------------------------------------------- ----------------------------------------
* 2004 and first-quarter 2005 amounts restated to include equity affiliates.
DD&A ($ Millions) 186 172 202 212 772 194 197 197 230 818
- ------------------------------------------------------------------------------------- ----------------------------------------
Turnaround Expense ($ Millions) 59 78 57 73 267 108 106 53 86 353
- ------------------------------------------------------------------------------------- ----------------------------------------
Eastern U.S.
Crude Oil Charge Input (MB/D) 413 375 368 346 375 403 414 409 416 410
Total Charge Input (MB/D) 440 421 415 407 421 449 454 456 446 451
Crude Oil Capacity Utilization (%) 96% 87% 87% 82% 88% 95% 98% 97% 98% 97%
Clean Product Yield (%) 87% 84% 87% 90% 87% 92% 88% 89% 91% 90%
- ------------------------------------------------------------------------------------- ----------------------------------------
U.S. Gulf Coast
Crude Oil Charge Input (MB/D) 699 709 617 689 678 659 715 596 397 591
Total Charge Input (MB/D) 774 789 717 779 765 733 835 674 467 676
Crude Oil Capacity Utilization (%) 97% 99% 88% 98% 96% 92% 100% 83% 55% 83%
Clean Product Yield (%) 79% 75% 78% 82% 78% 73% 79% 80% 80% 78%
- ------------------------------------------------------------------------------------- ----------------------------------------
Central U.S.
Crude Oil Charge Input (MB/D) 601 638 634 583 614 538 594 620 619 594
Total Charge Input (MB/D) 636 673 669 614 648 577 625 653 666 630
Crude Oil Capacity Utilization (%) 96% 102% 99% 91% 97% 84% 93% 97% 97% 93%
Clean Product Yield (%) 83% 83% 85% 84% 84% 86% 84% 85% 85% 85%
- ------------------------------------------------------------------------------------- ----------------------------------------
Western U.S.
Crude Oil Charge Input (MB/D) 392 397 392 387 392 357 410 415 421 401
Total Charge Input (MB/D) 409 419 409 409 412 382 431 439 445 425
Crude Oil Capacity Utilization (%) 100% 101% 99% 98% 99% 90% 101% 102% 104% 100%
Clean Product Yield (%) 81% 81% 82% 83% 82% 80% 82% 79% 79% 80%
- ------------------------------------------------------------------------------------- ----------------------------------------
TOTAL UNITED STATES
Crude Oil Charge Input (MB/D) 2,105 2,119 2,011 2,005 2,059 1,957 2,133 2,040 1,853 1,996
Total Charge Input (MB/D) 2,259 2,302 2,210 2,209 2,246 2,141 2,345 2,222 2,024 2,182
Crude Oil Capacity Utilization (%) 97% 98% 93% 93% 95% 90% 98% 93% 85% 92%
Clean Product Yield (%) 82% 80% 82% 84% 82% 82% 83% 83% 84% 83%
- ------------------------------------------------------------------------------------- ----------------------------------------
Refined Products Production (MB/D)
Gasoline 1,059 1,043 1,060 1,072 1,059 968 1,071 1,030 949 1,004
Distillates 604 591 574 619 597 599 655 640 583 619
Aviation Fuel 167 177 164 158 167 166 174 153 135 157
Other 415 489 400 383 422 414 449 400 370 406
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 2,245 2,300 2,198 2,232 2,245 2,147 2,349 2,223 2,037 2,186
===================================================================================== ========================================
Petroleum Products Sales (MB/D)
Gasoline 1,315 1,328 1,366 1,415 1,356 1,302 1,426 1,397 1,368 1,374
Distillates 570 538 544 562 553 642 680 725 653 675
Aviation Fuel 178 191 200 195 191 198 214 203 189 201
Other 517 573 553 613 564 461 566 526 521 519
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 2,580 2,630 2,663 2,785 2,664 2,603 2,886 2,851 2,731 2,769
===================================================================================== ========================================
Page 8 of 11
R&M (continued)
2004 2005
---------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
---------------------------------------- ----------------------------------------
International - Consolidated - United Kingdom and Ireland
Crude Oil Charge Input (MB/D) 289 197 291 298 269 294 259 289 291 283
Total Charge Input (MB/D) 299 216 300 308 280 307 266 305 310 297
Crude Oil Capacity Utilization (%) 94% 64% 100% 102% 90% 101% 89% 99% 100% 97%
Clean Product Yield (%) 84% 81% 83% 81% 82% 79% 76% 82% 82% 80%
- ------------------------------------------------------------------------------------- ----------------------------------------
International - Equity Affiliates - Net Share*
Crude Oil Charge Input (MB/D) 120 112 134 140 127 134 143 142 144 141
Total Charge Input (MB/D) 121 113 138 145 130 137 147 145 145 144
Crude Oil Capacity Utilization (%) 87% 81% 99% 103% 92% 98% 105% 105% 106% 103%
Clean Product Yield (%) 82% 83% 81% 81% 82% 83% 82% 80% 83% 82%
- ------------------------------------------------------------------------------------- ----------------------------------------
TOTAL INTERNATIONAL
Crude Oil Charge Input (MB/D) 409 309 425 438 396 428 402 431 435 424
Total Charge Input (MB/D) 420 329 438 453 410 444 413 450 455 441
Crude Oil Capacity Utilization (%) 92% 69% 99% 102% 91% 100% 94% 101% 102% 99%
Clean Product Yield (%) 84% 82% 82% 81% 82% 80% 78% 81% 82% 80%
- ------------------------------------------------------------------------------------- ----------------------------------------
Refined Products Production (MB/D)
Gasoline 124 109 138 144 129 141 115 143 152 138
Distillates 181 136 190 190 174 186 178 191 191 186
Aviation Fuel 24 16 22 25 22 21 21 24 24 22
Other 81 57 89 94 80 95 96 90 91 93
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 410 318 439 453 405 443 410 448 458 439
===================================================================================== ========================================
Petroleum Products Sales (MB/D)
Gasoline 185 180 173 180 180 185 176 178 175 178
Distillates 228 184 207 222 210 221 212 216 224 218
Aviation Fuel 6 9 10 8 8 7 10 12 8 9
Other 82 67 82 83 79 82 79 64 83 77
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 501 440 472 493 477 495 477 470 490 482
===================================================================================== ========================================
Worldwide - Including Net Share of Equity Affiliates
Crude Oil Charge Input (MB/D) 2,514 2,428 2,436 2,443 2,455 2,385 2,535 2,471 2,288 2,420
Total Charge Input (MB/D) 2,679 2,631 2,648 2,662 2,656 2,585 2,758 2,672 2,479 2,623
Crude Oil Capacity Utilization (%) 96% 93% 94% 94% 94% 92% 97% 95% 88% 93%
Clean Product Yield (%) 82% 80% 82% 84% 82% 82% 82% 83% 84% 82%
- ------------------------------------------------------------------------------------- ----------------------------------------
Refined Products Production (MB/D)
Gasoline 1,183 1,152 1,198 1,216 1,188 1,109 1,186 1,173 1,101 1,142
Distillates 785 727 764 809 771 785 833 831 774 805
Aviation Fuel 191 193 186 183 189 187 195 177 159 179
Other 496 546 489 477 502 509 545 490 461 499
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 2,655 2,618 2,637 2,685 2,650 2,590 2,759 2,671 2,495 2,625
===================================================================================== ========================================
Petroleum Products Sales (MB/D)
Gasoline 1,500 1,508 1,539 1,595 1,536 1,487 1,602 1,575 1,543 1,552
Distillates 798 722 751 784 763 863 892 941 877 893
Aviation Fuel 184 200 210 203 199 205 224 215 197 210
Other 599 640 635 696 643 543 645 590 604 596
- ------------------------------------------------------------------------------------- ----------------------------------------
Total 3,081 3,070 3,135 3,278 3,141 3,098 3,363 3,321 3,221 3,251
===================================================================================== ========================================
* Represents 18.75 percent interest in a refinery complex at Karlsruhe,
Germany; 16.33 percent interest in two refineries in Kralupy and Litvinov,
Czech Republic; and 47 percent interest in a refinery at Melaka, Malaysia.
Page 9 of 11
LUKOIL INVESTMENT
2004 2005
----------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ----------------------------------------
LUKOIL Investment
Net Income ($ Millions) - - - 74 74 110 148 267 189 714
====================================================================================== ========================================
Upstream
Production*
Net crude oil production (MB/D) - - - 150 38 190 215 253 281 235
Net natural gas production (MMCF/D) - - - 51 13 67 50 79 72 67
BOE Total (MBOE/D) - - - 159 40 201 223 266 293 246
- --------------------------------------------------------------------------------------------------------------------------------
* Represents our estimated net share of LUKOIL's production.
Industry Prices
Crude Oil ($/bbl)
Urals crude (CIF Mediterranean) - - - 38.82 38.82 43.21 48.49 57.39 54.07 50.87
- -------------------------------------------------------------------------------------- ----------------------------------------
Downstream
Refinery Throughput*
Crude Processed (MB/D) - - - 77 19 92 101 138 156 122
- -------------------------------------------------------------------------------------- ----------------------------------------
* Represents our estimated net share of LUKOIL's crude processed.
MIDSTREAM
2004 2005
----------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ----------------------------------------
Midstream Net Income ($ Millions) 55 42 38 100 235 385 68 88 147 688
====================================================================================== ========================================
U.S. Equity Affiliate ($ Millions)* 33 33 26 51 143 359 51 76 105 591
- -------------------------------------------------------------------------------------- ----------------------------------------
Natural Gas Liquids Extracted (MB/D)
Consolidated
United States 54 24 28 23 32 23 21 23 22 22
International 47 33 49 49 45 53 44 5 - 25
Equity Affiliates
United States* 109 112 111 113 111 110 112 171 172 142
International 6 5 6 7 6 6 6 6 6 6
- -------------------------------------------------------------------------------------- ----------------------------------------
Total 216 174 194 192 194 192 183 205 200 195
====================================================================================== ========================================
* Represents 30.3 percent interest in Duke Energy Field Services, LLC
(DEFS), through June 30, 2005, and 50 percent interest beginning in
July 2005.
Natural Gas Liquids Fractionated (MB/D)
United States* 158 144 145 140 147 149 131 123 127 132
International 63 43 62 62 58 64 55 15 10 36
- -------------------------------------------------------------------------------------- ----------------------------------------
Total 221 187 207 202 205 213 186 138 137 168
====================================================================================== ========================================
* Excludes DEFS.
Product Prices
Weighted Average NGL ($/bbl)*
Consolidated 25.68 26.42 31.03 34.40 29.38 31.95 32.49 39.60 42.70 36.68
DEFS 24.81 25.61 30.27 33.69 28.60 30.61 31.33 38.31 41.84 35.52
- -------------------------------------------------------------------------------------- ----------------------------------------
* Prices are based on index prices from the Mont Belvieu and Conway
market hubs that are weighted by natural gas liquids component and
location mix.
DD&A ($ Millions) 13 9 11 10 43 9 8 7 8 32
- -------------------------------------------------------------------------------------- ----------------------------------------
CHEMICALS
2004 2005
----------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
----------------------------------------- ----------------------------------------
Chemicals
Net Income (Loss) ($ Millions) 39 46 81 83 249 133 63 13 114 323
====================================================================================== ========================================
Industry Margins (Cents/Lb)*
Ethylene industry cash margin 9.38 10.70 8.27 12.22 10.14 18.11 12.76 8.78 21.06 15.18
HDPE industry contract sales margin 9.43 9.21 9.23 11.68 9.89 12.09 12.01 8.16 12.90 11.29
Styrene industry contract sales margin 13.06 13.33 13.73 13.40 13.38 13.91 13.63 12.44 12.31 13.07
- -------------------------------------------------------------------------------------- ----------------------------------------
* Prices, economics and views expressed by CMAI are strictly the opinion
of CMAI and Purvin & Gertz and are based on information collected
within the public sector and on assessments by CMAI and Purvin & Gertz
staff utilizing reasonable care consistent with normal industry
practice. CMAI and Purvin & Gertz make no guarantee or warranty and
assume no liability as to their use.
Page 10 of 11
EMERGING BUSINESSES
2004 2005
---------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
---------------------------------------- ----------------------------------------
Emerging Businesses
Net Income (Loss) ($ Millions) (22) (29) (27) (24) (102) (8) (8) - (5) (21)
====================================================================================== ========================================
Detail of Net Income (Loss) ($ Millions)
Technology Solutions (4) (4) (3) (7) (18) (2) (4) (5) (5) (16)
Gas-to-Liquids (9) (7) (9) (8) (33) (7) (7) (4) (5) (23)
Power (4) (16) (8) (3) (31) 2 9 17 15 43
Other (5) (2) (7) (6) (20) (1) (6) (8) (10) (25)
- -------------------------------------------------------------------------------------- ----------------------------------------
Total (22) (29) (27) (24) (102) (8) (8) - (5) (21)
====================================================================================== ========================================
CORPORATE AND OTHER
2004 2005
---------------------------------------- ----------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
---------------------------------------- ----------------------------------------
Corporate and Other
Net Income (Loss) ($ Millions) (177) (156) (214) (225) (772) (195) (172) (246) (165) (778)
====================================================================================== ========================================
Detail of Net Income (Loss) ($ Millions)
Net interest expense (113) (143) (149) (109) (514) (101) (84) (123) (114) (422)
Corporate overhead (48) (52) (51) (61) (212) (58) (46) (64) (15) (183)
Discontinued operations 13 62 (5) (48) 22 (11) 7 (4) (15) (23)
Merger-related costs (14) - - - (14) - - - - -
Accounting change - - - - - - - - - -
Other (15) (23) (9) (7) (54) (25) (49) (55) (21) (150)
- -------------------------------------------------------------------------------------- ----------------------------------------
Total (177) (156) (214) (225) (772) (195) (172) (246) (165) (778)
====================================================================================== ========================================
Before-Tax Net Interest Expense ($ Millions)
Interest expense (260) (263) (222) (231) (976) (226) (219) (223) (224) (892)
Capitalized interest 115 104 121 90 430 88 91 102 114 395
Interest revenue 16 12 8 11 47 25 24 28 36 113
Receivables monetization related (1) (1) 3 1 2 (1) - - - (1)
Premium on early debt retirement - - (58) - (58) (9) - (50) (51) (110)
- -------------------------------------------------------------------------------------- ----------------------------------------
Total (130) (148) (148) (129) (555) (123) (104) (143) (125) (495)
====================================================================================== ========================================
Debt
Total Debt ($ Millions) 17,109 15,619 15,486 15,002 15,002 14,012 14,013 13,497 12,516 12,516
Debt-to-Capital Ratio 32% 29% 28% 26% 26% 23% 22% 21% 19% 19%
- -------------------------------------------------------------------------------------- ----------------------------------------
Page 11 of 11