EX-99 4 a4386910ex992.txt EXHIBIT 99.2 Exhibit 99.2
FINANCIAL HIGHLIGHTS Millions of Dollars Three Months Ended March 31 2003 2002** Revenues Sales and other operating revenues* $26,942 8,431 Equity in earnings of affiliates 49 20 Other income 86 29 ---------- ---------- 27,077 8,480 ---------- ---------- Costs and expenses Purchased crude oil and products 17,685 5,639 Production and operating expenses 1,650 917 Selling, general and administrative expenses 509 264 Exploration expenses 116 163 Depreciation, depletion and amortization 863 396 Impairments 14 10 Taxes other than income taxes* 3,422 914 Accretion on discounted liabilities 33 5 Interest and debt expense 209 107 Foreign currency transaction losses (gains) (3) 1 Preferred dividend requirements of capital trusts and minority interests 14 13 ---------- ---------- 24,512 8,429 ---------- ---------- Income from continuing operations before income taxes 2,565 51 Provision for income taxes 1,295 149 ---------- ---------- Income from continuing operations 1,270 (98) Income/(loss) from discontinued operations, net of income taxes 22 (4) ---------- ---------- Income/(loss) before cumulative effect of change in accounting principle 1,292 (102) Cumulative effect of change in accounting pinciple 145 - ---------- ---------- Net income/(loss) $1,437 (102) ========== ========== Net income/(loss) per share of common stock Basic Continuing operations $1.87 (0.26) Discontinued operations 0.03 (0.01) Before cumulative effect of change in accounting principle 1.90 (0.27) Cumulative effect of change in accounting principle 0.21 - Net income/(loss) $2.11 (0.27) Diluted Continuing operations $1.86 (0.26) Discontinued operations 0.03 (0.01) Before cumulative effect of change in accounting principle 1.89 (0.27) Cumulative effect of change in accounting principle 0.21 - Net income/(loss) $2.10 (0.27) Average common shares outstanding (in thousands) Basic 679,538 382,337 Diluted 682,744 382,337 *Includes excise taxes on petroleum products sales 3,148 764 **Restated for discontinued operations.
SELECTED FINANCIAL DATA Millions of Dollars Three Months Ended March 31 2003 2002 Income/(Loss) from continuing operations before accounting change E&P United States $676 155 International 461 (13) ---------- ---------- Total E&P 1,137 142 ---------- ---------- Midstream 31 12 ---------- ---------- R&M United States 257 (92) International 114 5 ---------- ---------- Total R&M 371 (87) ---------- ---------- Chemicals (23) (11) Emerging Businesses (34) (5) Corporate and other (212) (149) ---------- ---------- Consolidated $1,270 (98) ========== ========== Cumulative Effect of Accounting Change E&P United States $161 - International (15) - ---------- ---------- Total E&P 146 - ---------- ---------- Midstream - - ---------- ---------- R&M United States (1) - International - - ---------- ---------- Total R&M (1) - ---------- ---------- Chemicals - - Emerging Businesses - - Corporate and other - - ---------- ---------- Consolidated $145 - ========== ========== Income/(Loss) from Discontinued Operations Corporate and other 22 (4) SUMMARY OF NET INCOME/(LOSS) E&P United States $837 155 International 446 (13) ---------- ---------- Total E&P 1,283 142 ---------- ---------- Midstream 31 12 ---------- ---------- R&M United States 256 (92) International 114 5 ---------- ---------- Total R&M 370 (87) ---------- ---------- Chemicals (23) (11) Emerging Businesses (34) (5) Corporate and other (190) (153) ---------- ---------- Net Income/(loss) $1,437 (102) ========== ==========
SELECTED FINANCIAL DATA Three Months Ended March 31 2003 2002 INCOME/(LOSS) FROM CONTINUING OPERATIONS Effective tax rate % 50.5 % 292.2 Millions of Dollars FOREIGN CURRENY GAINS/(LOSSES) AFTER-TAX E&P $10 2 Midstream - - R&M 1 3 Chemicals - - Emerging Businesses (1) - Corporate and other 1 (4) ---------- ---------- $11 1 ========== ========== CASH FLOWS FROM OPERATING ACTIVITIES Income from continuing operations $1,270 (98) Depreciation, depletion and amortization 863 396 Impairments 14 10 Dry hole costs and leasehold impairment 40 109 Accretion on discounted liabilities 33 5 Deferred taxes 236 (81) Cumulative effect of change in accounting principle - - Other 67 147 Working capital changes 712 84 ---------- ---------- Net cash provided by continuing operations 3,235 572 Net cash provided by discontinued operations (56) 7 ---------- ---------- Net cash provided by operating activities $3,179 579 ========== ========== CAPITAL EXPENDITURES AND INVESTMENTS E&P United States $326 269 Foreign 686 248 ---------- ---------- 1,012 517 Midstream 2 - R&M 203 104 Chemicals - 10 Emerging Businesses 66 - Corporate and other 26 14 ---------- ---------- $1,309 645 ========== ========== OTHER At March 31, 2003 At December 31, 2002 Total debt $18,240 19,766 Common stockholders' equity $30,925 29,517
OPERATING HIGHLIGHTS BY SEGMENT Three Months Ended March 31 2003 2002 Thousands of Barrels Daily E&P Crude oil produced United States Alaska 337 353 Lower 48 60 33 ------------ ------------ 397 386 Norway 226 118 United Kingdom 87 17 Canada 33 1 Nigeria 38 27 China 23 13 Other 76 4 ------------ ------------ Total consolidated 880 566 Equity affiliates 55 5 ------------ ------------ Total Worldwide 935 571 ============ ============ Syncrude 17 - ============ ============ Natural gas liquids produced United States Alaska* 25 27 Lower 48 19 1 ------------ ------------ 44 28 Norway 8 5 Canada 11 - Other 4 4 ------------ ------------ Total Worldwide 67 37 ============ ============ *Includes reinjected volumes sold lease-to-lease. 15 15 Millions of Cubic Feet Daily Natural gas produced* United States Alaska 189 168 Lower 48 1,338 734 ------------ ------------ 1,527 902 Norway 305 135 United Kingdom 1,002 173 Canada 436 19 Indonesia 224 - Other 111 120 ------------ ------------ Total consolidated 3,605 1,349 Equity affiliates 12 - ------------ ------------ Total Worldwide 3,617 1,349 ============ ============ *Represents quantities available for sale. Excludes gas equivalent of NGL shown above. Liquefied natural gas sales 130 117
OPERATING HIGHLIGHTS Three Months Ended March 31 2003 2002 E&P (continued) Per Unit Average sales prices Crude oil (per barrel) United States Alaska $31.47 18.72 Lower 48 31.48 18.86 Total U.S. 31.47 18.73 International 31.09 20.86 Total consolidated 31.26 19.41 Equity affiliates 20.97 15.86 Worldwide 30.72 19.37 Natural gas-lease (per MCF) United States Alaska 1.97 2.13 Lower 48 5.47 1.99 Total U.S. 5.34 1.99 International 3.92 2.41 Total consolidated 4.49 2.15 Equity affiliates 4.82 - Total Worldwide 4.49 2.15 Midstream* Thousands of Barrels Daily Natural gas liquids extracted Consolidated United States 51 - International 47 - Equity affiliates United States* 114 118 International 10 - ------------ ----------- 222 118 ============ =========== *Represents 30.3 percent interest in Duke Energy Field Services LLC (DEFS). Per Barrel U.S. product prices Weighted average NGL** Consolidated $25.59 - DEFS 24.53 12.83 *Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by DEFS' naural-gas-liquids component and location mix.
Three Months Ended March 31 2003 2002 Thousands of Barrels Daily RM&T United States Crude oil capacity 2,167 1,642 Crude oil runs 2,008 1,416 Refinery production 2,254 1,575 International* Crude oil capacity 442 72 Crude oil runs 396 65 Refinery production 436 62 U.S. Petroleum products outside sales Gasoline 1,331 1,084 Distillates 600 439 Aviation fuels 164 162 Other products 500 398 --------------- --------------- 2,595 2,083 --------------- --------------- International 428 54 --------------- --------------- 3,023 2,137 =============== =============== Per Gallon U.S. Average sales prices** Automotive gasoline-wholesale $1.10 0.67 Automotive gasoline-retail 1.37 0.81 Distillates-wholesale 1.05 0.59 Millions of Pounds CHEMICALS*** Production Ethylene 731 805 Polyethylene 475 525 Styrene 274 203 Normal alpha olefins 146 158 *Includes ConocoPhillps' share of equity affiliates. **Excludes excise taxes. ***ConocoPhillips' Chemicals segment consists primarily of its 50 percent equity investment in Chevron Phillips Chemical Company LLC.