EX-99 5 a4559656ex993.txt EXHIBIT 99.3 Exhibit 99.3 SUMMARY OF NET INCOME (LOSS) BY SEGMENT Millions of Dollars ------------------------------------------------------------------------------ 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Income (Loss) from Continuing Operations Before Accounting Changes U.S. E&P 155 280 306 415 1,156 678 517 546 491 2,232 International E&P (13) 59 154 393 593 447 560 421 500 1,928 ------------------------------------------------------------------------------- --------------------------------------- Total E&P 142 339 460 808 1,749 1,125 1,077 967 991 4,160 ------------------------------------------------------------------------------- --------------------------------------- Midstream 12 12 11 20 55 31 25 31 43 130 ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M (92) 73 44 113 138 275 248 416 176 1,115 International R&M 5 (5) 13 (8) 5 114 73 69 26 282 ------------------------------------------------------------------------------- --------------------------------------- Total R&M (87) 68 57 105 143 389 321 485 202 1,397 ------------------------------------------------------------------------------- --------------------------------------- Chemicals (11) 7 3 (13) (14) (23) 12 7 11 7 Emerging Businesses (5) (3) (262) (40) (310) (34) (23) (18) (24) (99) Corporate and Other (149) (111) (343) (322) (925) (225) (316) (223) (238)(1,002) ------------------------------------------------------------------------------- --------------------------------------- Consolidated (98) 312 (74) 558 698 1,263 1,096 1,249 985 4,593 =============================================================================== ======================================= Cumulative Effect of Accounting Changes U.S. E&P - - - - - 142 - - - 142 International E&P - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total E&P - - - - - 142 - - - 142 ------------------------------------------------------------------------------- --------------------------------------- Midstream - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M - - - - - (125) - - - (125) International R&M - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total R&M - - - - - (125) - - - (125) ------------------------------------------------------------------------------- --------------------------------------- Chemicals - - - - - - - - - - Emerging Businesses - - - - - - - - - - Corporate and Other - - - - - (112) - - - (112) ------------------------------------------------------------------------------- --------------------------------------- Consolidated - - - - - (95) - - - (95) =============================================================================== ======================================= Income (Loss) from Discontinued Operations Corporate and Other (4) 39 (42) (986) (993) 53 91 57 36 237 =============================================================================== ======================================= Net Income (Loss) U.S. E&P 155 280 306 415 1,156 820 517 546 491 2,374 International E&P (13) 59 154 393 593 447 560 421 500 1,928 ------------------------------------------------------------------------------- --------------------------------------- Total E&P 142 339 460 808 1,749 1,267 1,077 967 991 4,302 ------------------------------------------------------------------------------- --------------------------------------- Midstream 12 12 11 20 55 31 25 31 43 130 ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M (92) 73 44 113 138 150 248 416 176 990 International R&M 5 (5) 13 (8) 5 114 73 69 26 282 ------------------------------------------------------------------------------- --------------------------------------- Total R&M (87) 68 57 105 143 264 321 485 202 1,272 ------------------------------------------------------------------------------- --------------------------------------- Chemicals (11) 7 3 (13) (14) (23) 12 7 11 7 Emerging Businesses (5) (3) (262) (40) (310) (34) (23) (18) (24) (99) Corporate and Other (153) (72) (385) (1,308)(1,918) (284) (225) (166) (202) (877) ------------------------------------------------------------------------------- --------------------------------------- Consolidated (102) 351 (116) (428) (295) 1,221 1,187 1,306 1,021 4,735 =============================================================================== ======================================= Page 1 of 13
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Millions of Dollars ------------------------------------------------------------------------------ 2002 2003 -------------------------------------- --------------------------------------- 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 223 419 450 536 1,628 1,050 803 853 757 3,463 International E&P 167 260 555 949 1,931 1,260 967 1,029 941 4,197 ------------------------------------------------------------------------------- --------------------------------------- Total E&P 390 679 1,005 1,485 3,559 2,310 1,770 1,882 1,698 7,660 ------------------------------------------------------------------------------- --------------------------------------- Midstream 20 20 23 35 98 51 42 50 70 213 ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M (140) 118 75 175 228 453 396 639 279 1,767 International R&M 5 (5) 19 (25) (6) 150 94 86 16 346 ------------------------------------------------------------------------------- --------------------------------------- Total R&M (135) 113 94 150 222 603 490 725 295 2,113 ------------------------------------------------------------------------------- --------------------------------------- Chemicals (18) 3 (1) (16) (32) (44) 15 10 14 (5) Emerging Businesses (8) (5) (274) (62) (349) (51) (34) (29) (36) (150) Corporate and Other (198) (153) (535) (471)(1,357) (300) (502) (328) (364)(1,494) ------------------------------------------------------------------------------- --------------------------------------- Consolidated 51 657 312 1,121 2,141 2,569 1,781 2,310 1,677 8,337 =============================================================================== ======================================= Income from Continuing Operations Effective Tax Rates U.S. E&P 30.5% 33.2% 32.0% 22.6% 29.0% 35.4% 35.6% 36.0% 35.1% 35.5% International E&P 107.8% 77.3% 72.3% 58.6% 69.3% 64.5% 42.1% 59.1% 46.9% 54.1% ------------------------------------------------------------------------------- --------------------------------------- Total E&P 63.6% 50.1% 54.2% 45.6% 50.9% 51.3% 39.2% 48.6% 41.6% 45.7% ------------------------------------------------------------------------------- --------------------------------------- Midstream 40.0% 40.0% 52.2% 42.9% 43.9% 39.2% 40.5% 38.0% 38.6% 39.0% ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M 34.3% 38.1% 41.3% 35.4% 39.5% 39.3% 37.4% 34.9% 36.9% 36.9% International R&M 0.0% 0.0% 31.6% 68.0% 183.3% 24.0% 22.3% 19.8% -62.5% 18.5% ------------------------------------------------------------------------------- --------------------------------------- Total R&M 35.6% 39.8% 39.4% 30.0% 35.6% 35.5% 34.5% 33.1% 31.5% 33.9% ------------------------------------------------------------------------------- --------------------------------------- Chemicals 38.9% -133.3% 400.0% 18.8% 56.3% 47.7% 20.0% 30.0% 21.4% 240.0% Emerging Businesses 37.5% 40.0% 4.4% 35.5% 11.2% 33.3% 32.4% 37.9% 33.3% 34.0% Corporate and Other 24.7% 27.5% 35.9% 31.6% 31.8% 25.0% 37.1% 32.0% 34.6% 32.9% ------------------------------------------------------------------------------- --------------------------------------- Consolidated 292.2% 52.5% 123.7% 50.2% 67.4% 50.8% 38.5% 45.9% 41.3% 44.9% =============================================================================== ======================================= Page 2 of 13
CERTAIN ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS (AFTER-TAX) Millions of Dollars ------------------------------------------------------------------------------ 2002 2003 -------------------------------------- --------------------------------------- 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 - - - - - - 16 65 - 81 Property impairments - (3) (5) - (8) - (14) (10) (18) (42) Pending claims and settlements - - - - - - (20) - - (20) ------------------------------------------------------------------------------- --------------------------------------- Total - (3) (5) - (8) - (18) 55 (18) 19 ------------------------------------------------------------------------------- --------------------------------------- International E&P Gain (loss) on asset sales - - - 17 17 - - 33 - 33 Property impairments (7) (3) - (14) (24) (12) (32) - (18) (62) U.K. tax law change - - (24) - (24) - - - - - Canada tax law change - - - - - - - - 95 95 Norway Removal Grant Act (1986) repeal* - - - - - - 87 - - 87 Bayu-Undan ownership realignment - - - - - - 51 - - 51 Angola leasehold impairment (77) - - - (77) - - - 12 12 ------------------------------------------------------------------------------- --------------------------------------- Total (84) (3) (24) 3 (108) (12) 106 33 89 216 ------------------------------------------------------------------------------- --------------------------------------- Total E&P (84) (6) (29) 3 (116) (12) 88 88 71 235 ------------------------------------------------------------------------------- --------------------------------------- Midstream - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- U.S. R&M Gain (loss) on asset sales - - - - - - - - - - Property impairments - - - (83) (83) - - - (1) (1) Other - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total - - - (83) (83) - - - (1) (1) ------------------------------------------------------------------------------- --------------------------------------- International R&M Gain (loss) on asset sales - - - - - - - - - - Property impairments - - - - - - - - - - Other - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total R&M - - - (83) (83) - - - (1) (1) ------------------------------------------------------------------------------- --------------------------------------- Chemicals - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Emerging Businesses Write-off of in-process R&D - - (246) - (246) - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total - - (246) - (246) - - - - - ------------------------------------------------------------------------------- --------------------------------------- Corporate and Other Insurance demutualization benefits - - - - - 34 - - - 34 Property impairments - - - - - - (3) - - (3) Merger-related expenses (2) (1) (221) (83) (307) (27) (115) (41) (40) (223) Premium on early debt retirement - (15) - (1) (16) (10) (9) - (34) (53) Other - - - - - - - - - - ------------------------------------------------------------------------------- --------------------------------------- Total (2) (16) (221) (84) (323) (3) (127) (41) (74) (245) ------------------------------------------------------------------------------- --------------------------------------- Total Company (86) (22) (496) (164) (768) (15) (39) 47 (4) (11) ======================================================================================================================= * Net of $21 million of property impairments. Page 3 of 13
CASH FLOW INFORMATION Millions of Dollars ------------------------------------------------------------------------------ 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Cash Flows from Operating Activities Income (loss) from continuing operations (98) 312 (74) 558 698 1,263 1,096 1,249 985 4,593 DD&A and property impairments 406 403 556 1,035 2,400 887 1,003 876 971 3,737 Dry hole costs and leasehold impairments 109 32 20 146 307 40 54 75 131 300 Accretion on discounted liabilities 5 6 6 5 22 33 35 39 38 145 In-process R&D write-off - - 246 - 246 - - - - - Deferred taxes (81) 146 (20) 97 142 243 10 80 84 417 Undistributed equity earnings 23 6 (57) 46 18 18 (66) (143) 132 (59) Net (gain) loss on asset dispositions - (3) 11 (15) (7) (56) (28) (142) 15 (211) Other 125 (30) (18) (109) (32) 58 (97) (87) (264) (390) Net working capital changes 84 (385) 1,137 146 982 636 16 51 (79) 624 Discontinued operations 7 43 68 84 202 - 120 61 8 189 ------------------------------------------------------------------------------- --------------------------------------- Net Cash Provided by Operating Activities 580 530 1,875 1,993 4,978 3,122 2,143 2,059 2,021 9,345 ------------------------------------------------------------------------------- --------------------------------------- Cash Flows from Investing Activities Capital expenditures and investments: E&P (517) (701) (715) (1,343)(3,276) (1,012) (1,167) (1,109) (1,209)(4,497) Midstream - (1) (1) (3) (5) (2) (2) (2) (4) (10) R&M (104) (129) (192) (415) (840) (203) (245) (302) (429)(1,179) Chemicals (10) (9) (10) (31) (60) - - - - - Emerging Businesses - - (35) (87) (122) (66) (98) (60) (60) (284) Corporate and Other (14) (34) (7) (30) (85) (25) (45) (47) (71) (188) ------------------------------------------------------------------------------- --------------------------------------- Total capital expend. & investments (645) (874) (960) (1,909)(4,388) (1,308) (1,557) (1,520) (1,773)(6,158) Acquisitions, net of cash acquired - - 1,242 (62) 1,180 - - - - - Acquisitions - adoption of FIN 46 - - - - - 225 - - - 225 Proceeds from asset dispositions 45 36 19 715 815 125 466 913 1,155 2,659 Long-term advances to affiliates and other investments (12) 14 (83) (11) (92) (28) (8) 38 21 23 Discontinued operations (12) (12) (22) (53) (99) (26) (5) (28) (177) (236) ------------------------------------------------------------------------------- --------------------------------------- Net Cash Used for Investing Activities (624) (836) 196 (1,320)(2,584) (1,012) (1,104) (597) (774)(3,487) ------------------------------------------------------------------------------- --------------------------------------- Cash Flows from Financing Activities Net issuance (repayment) of debt 204 725 (1,432) (587)(1,090) (1,569) (709) (1,514) (1,019)(4,811) Redemption of preferred stock - (300) - - (300) - - - - - Dividends (138) (137) (138) (271) (684) (271) (272) (272) (292)(1,107) Other 7 (7) (131) (15) (146) 11 33 84 91 219 ------------------------------------------------------------------------------- --------------------------------------- Net Cash Provided by (Used for) Financing Activities 73 281 (1,701) (873)(2,220) (1,829) (948) (1,702) (1,220)(5,699) ------------------------------------------------------------------------------- --------------------------------------- Effect of Exchange Rate Changes (1) - 2 (10) (9) 55 16 (27) (20) 24 ------------------------------------------------------------------------------- --------------------------------------- Net Change in Cash and Cash Equivalents 28 (25) 372 (210) 165 336 107 (267) 7 183 Cash and cash equivalents at beginning of period 142 170 145 517 142 307 643 750 483 307 ------------------------------------------------------------------------------- --------------------------------------- Cash and Cash Equivalents at End of Period 170 145 517 307 307 643 750 483 490 490 =============================================================================== ======================================= Page 4 of 13
TOTAL E&P 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- E&P Net Income ($ Millions) 142 339 460 808 1,749 1,267 1,077 967 991 4,302 =============================================================================== ======================================= Production Total, Including Equity Affiliates and Canadian Syncrude (MBOE/D) 833 798 1,046 1,623 1,077 1,626 1,641 1,561 1,611 1,609 ------------------------------------------------------------------------------- --------------------------------------- Crude Oil and Condensate (MB/D) Consolidated 566 546 620 854 647 880 850 793 806 832 Equity affiliates 5 4 44 87 35 55 117 120 116 102 ------------------------------------------------------------------------------- --------------------------------------- Total 571 550 664 941 682 935 967 913 922 934 =============================================================================== ======================================= Sales of crude oil produced (MB/D) 566 557 664 918 677 911 996 917 921 936 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids (MB/D) 37 34 43 70 46 71 72 62 72 69 ----------------------------------------------------------------------------------------------------------------------- Natural Gas (MMCF/D) Consolidated 1,349 1,286 1,982 3,529 2,043 3,605 3,485 3,373 3,581 3,510 Equity affiliates - - 4 13 4 12 11 11 12 12 ------------------------------------------------------------------------------- --------------------------------------- Total 1,349 1,286 1,986 3,542 2,047 3,617 3,496 3,384 3,593 3,522 =============================================================================== ======================================= Canadian Syncrude (MB/D) - - 8 22 8 17 19 22 18 19 ------------------------------------------------------------------------------- --------------------------------------- Industry Prices (Platt's) Crude Oil ($/bbl) WTI spot 21.56 26.27 28.31 28.20 26.09 34.06 29.02 30.18 31.17 31.11 Brent dated 21.14 25.04 26.94 26.78 24.98 31.51 26.03 28.41 29.42 28.84 Natural Gas--Henry Hub 1st of month ($/mcf) 2.34 3.38 3.16 3.97 3.21 6.58 5.40 4.97 4.60 5.39 ------------------------------------------------------------------------------- --------------------------------------- Average Realized Prices Crude Oil and Condensate ($/bbl) Consolidated 19.41 24.46 26.38 26.12 24.38 31.27 26.33 28.15 28.43 28.54 Equity affiliates 15.86 21.06 20.29 17.50 18.41 20.97 16.85 19.90 17.86 18.58 Total 19.37 24.44 25.97 25.31 24.07 30.73 25.19 27.00 27.24 27.47 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids ($/bbl) 16.00 20.36 19.42 19.32 18.93 24.65 19.73 20.10 23.36 21.95 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas ($/mcf) Consolidated 2.15 2.40 2.49 3.27 2.77 4.49 3.92 3.80 4.07 4.07 Equity affiliates - - 1.78 3.00 2.71 4.82 4.89 4.12 3.96 4.44 Total 2.15 2.40 2.49 3.27 2.77 4.49 3.93 3.80 4.07 4.07 ------------------------------------------------------------------------------- --------------------------------------- Exploration Charges ($ Millions) Dry Holes 16 17 4 124 161 20 30 39 77 166 Lease Impairments 93 16 15 22 146 20 24 36 53 133 ------------------------------------------------------------------------------- --------------------------------------- Total Non-Cash Charges 109 33 19 146 307 40 54 75 130 299 Other (G&G and Lease Rentals) 54 34 66 131 285 76 88 57 81 302 ------------------------------------------------------------------------------- --------------------------------------- Total Exploration Charges 163 67 85 277 592 116 142 132 211 601 =============================================================================== ======================================= Depreciation, Depletion & Amortization Producing operations ($ Millions) 274 278 398 666 1,616 643 630 636 666 2,575 ------------------------------------------------------------------------------- --------------------------------------- Page 5 of 13
U.S. E&P 2002 2003 -------------------------------------- --------------------------------------- 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) 155 280 306 415 1,156 820 517 546 491 2,374 =============================================================================== ======================================= Alaska ($ Millions) 123 223 246 278 870 508 302 302 333 1,445 ------------------------------------------------------------------------------- --------------------------------------- Lower 48 ($ Millions) 32 57 60 137 286 312 215 244 158 929 ------------------------------------------------------------------------------- --------------------------------------- Production Total U.S. (MBOE/D) 564 538 562 684 587 700 683 651 664 674 ------------------------------------------------------------------------------- --------------------------------------- Crude Oil and Condensate (MB/D) Alaska 353 339 310 323 331 337 331 314 318 325 Lower 48 33 31 38 58 40 60 57 51 50 54 ------------------------------------------------------------------------------- --------------------------------------- Total 386 370 348 381 371 397 388 365 368 379 =============================================================================== ======================================= Sales of crude oil produced (MB/D) 383 374 360 370 372 391 389 369 372 380 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids (MB/D)* Alaska 27 25 21 24 24 26 23 19 24 23 Lower 48 1 1 9 21 8 22 26 25 27 25 ------------------------------------------------------------------------------- --------------------------------------- Total 28 26 30 45 32 48 49 44 51 48 =============================================================================== ======================================= *Includes reinjection volumes sold lease-to-lease: 15 14 13 15 14 15 14 13 16 15 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas (MMCF/D) Alaska 168 160 183 186 175 189 162 180 205 184 Lower 48 734 689 922 1,362 928 1,338 1,311 1,271 1,264 1,295 ------------------------------------------------------------------------------- --------------------------------------- Total 902 849 1,105 1,548 1,103 1,527 1,473 1,451 1,469 1,479 =============================================================================== ======================================= Average Realized Prices Crude Oil and Condensate ($/bbl) Alaska North Slope 13.58 18.96 20.42 21.10 18.42 25.95 21.70 22.82 23.17 23.41 ------------------------------------------------------------------------------- --------------------------------------- West Coast 18.72 24.40 25.83 26.43 23.75 31.47 27.19 28.31 28.51 28.87 ------------------------------------------------------------------------------- --------------------------------------- Lower 48 18.86 24.53 26.87 26.00 24.48 31.48 27.34 27.94 28.02 28.76 ------------------------------------------------------------------------------- --------------------------------------- Total U.S. 18.73 24.41 25.94 26.36 23.83 31.47 27.21 28.26 28.45 28.85 ------------------------------------------------------------------------------- --------------------------------------- . . . . Natural Gas Liquids ($/bbl) Alaska 18.67 24.40 25.68 26.48 23.48 31.32 27.24 28.42 28.82 29.04 ------------------------------------------------------------------------------- --------------------------------------- Lower 48 12.75 16.74 14.62 16.17 15.66 22.13 17.77 19.71 20.81 20.02 ------------------------------------------------------------------------------- --------------------------------------- Total U.S. 18.13 23.61 20.17 19.27 20.00 24.96 20.25 21.31 22.85 22.30 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas ($/mcf) Alaska 2.13 1.80 1.58 1.95 1.85 1.97 1.88 1.33 1.88 1.76 ------------------------------------------------------------------------------- --------------------------------------- Lower 48 1.99 2.56 2.65 3.43 2.79 5.47 4.72 4.56 4.27 4.76 ------------------------------------------------------------------------------- --------------------------------------- Total U.S. 1.99 2.51 2.60 3.38 2.75 5.34 4.58 4.41 4.13 4.62 ------------------------------------------------------------------------------- --------------------------------------- Kenai, Alaska LNG Sales Volume (MMCF/D) 117 114 128 128 122 130 91 121 140 121 ------------------------------------------------------------------------------- --------------------------------------- Sales price per MCF 4.00 3.74 4.21 4.30 4.07 4.38 4.56 4.46 4.44 4.45 ------------------------------------------------------------------------------- --------------------------------------- U.S. Exploration Charges ($ Millions) Dry Holes 14 3 1 61 79 16 3 9 47 75 Lease Impairments 13 12 10 14 49 13 12 10 12 47 ------------------------------------------------------------------------------- --------------------------------------- Total Non-Cash Charges 27 15 11 75 128 29 15 19 59 122 Other (G&G and Lease Rentals) 17 10 20 39 86 28 22 23 9 82 ------------------------------------------------------------------------------- --------------------------------------- Total U.S. Exploration Charges 44 25 31 114 214 57 37 42 68 204 =============================================================================== ======================================= Alaska Only 27 12 11 45 95 25 10 11 9 55 ------------------------------------------------------------------------------- --------------------------------------- Depreciation, Depletion & Amortization Producing Operations ($ Millions) Alaska 156 157 136 140 589 113 124 118 113 468 Lower 48 54 48 93 149 344 148 148 153 133 582 ------------------------------------------------------------------------------- --------------------------------------- Total U.S. 210 205 229 289 933 261 272 271 246 1,050 =============================================================================== ======================================= Page 6 of 13
INTERNATIONAL E&P 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- International E&P Net Income (Loss) ($ Millions) (13) 59 154 393 593 447 560 421 500 1,928 =============================================================================== ======================================= Production Total, Including Equity Affiliates and Canadian Syncrude (MBOE/D) 269 261 484 939 490 926 958 910 947 935 ------------------------------------------------------------------------------- --------------------------------------- Crude Oil and Condensate (MB/D) Consolidated Norway 118 119 156 233 157 226 214 207 205 213 United Kingdom 17 18 35 86 39 87 82 67 72 77 Canada 1 1 14 37 13 33 31 29 28 30 Nigeria 27 23 29 38 29 38 39 36 35 37 China 13 11 12 11 12 23 27 25 28 26 Indonesia - - 6 13 5 21 17 16 10 16 Other 4 4 20 55 21 55 52 48 60 54 Equity affiliates 5 4 44 87 35 55 117 120 116 102 ------------------------------------------------------------------------------- --------------------------------------- Total 185 180 316 560 311 538 579 548 554 555 =============================================================================== ======================================= Sales of crude oil produced (MB/D) 183 183 304 548 306 520 607 548 549 556 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids (MB/D) Norway 5 4 6 7 6 8 7 7 8 7 Canada - - 3 14 4 11 11 9 10 10 Other 4 4 4 4 4 4 5 2 3 4 ------------------------------------------------------------------------------- --------------------------------------- Total 9 8 13 25 14 23 23 18 21 21 =============================================================================== ======================================= Natural Gas (MMCF/D) Consolidated Norway 135 131 183 232 171 305 273 216 307 275 United Kingdom 173 189 349 975 424 1,002 952 853 954 940 Canada 19 22 172 442 165 436 424 448 431 435 Indonesia - - 68 220 72 224 246 275 275 255 Other 120 95 105 112 108 111 117 130 145 126 Equity affiliates - - 4 13 4 12 11 11 12 12 ------------------------------------------------------------------------------- --------------------------------------- Total 447 437 881 1,994 944 2,090 2,023 1,933 2,124 2,043 =============================================================================== ======================================= Canadian Syncrude (MB/D) - - 8 22 8 17 19 22 18 19 ------------------------------------------------------------------------------- --------------------------------------- Average Realized Prices Crude Oil and Condensate ($/bbl) Consolidated Norway 21.04 24.49 27.19 26.35 25.21 32.72 26.28 29.08 29.08 29.24 United Kingdom 21.21 24.14 26.88 25.98 25.33 30.11 24.34 28.32 28.29 27.70 Canada 20.03 24.85 27.20 21.26 22.87 28.40 23.61 24.15 23.71 25.06 Nigeria 21.14 24.95 27.51 26.97 25.37 31.94 26.35 28.48 29.72 28.99 China 19.57 25.27 26.31 29.64 25.03 28.87 26.51 26.38 28.56 27.55 Indonesia - - 24.89 30.59 28.10 29.35 24.54 26.32 26.52 26.88 Other 15.00 25.18 25.75 25.18 24.94 29.10 25.38 26.58 27.80 27.25 Equity affiliates 15.86 21.06 20.29 17.50 18.41 20.97 16.85 19.90 17.86 18.58 Total 20.71 24.51 26.01 24.60 24.36 30.17 23.90 26.15 26.42 26.53 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids ($/bbl) Norway 12.88 15.48 15.64 20.69 16.51 21.85 18.13 18.50 22.96 20.27 Canada - - 29.12 18.42 20.39 26.11 20.78 23.55 25.27 23.93 Other 12.58 13.29 13.74 20.51 15.29 23.40 16.73 14.18 25.13 16.48 Total 12.76 14.58 18.42 19.39 17.47 24.22 18.96 18.23 24.35 21.39 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas ($/mcf) Consolidated Norway 3.22 3.02 3.16 3.33 3.20 3.66 3.86 4.21 4.09 3.94 United Kingdom 3.18 2.55 2.22 3.20 2.92 3.55 3.17 2.88 4.48 3.54 Canada 2.23 2.21 2.32 3.37 3.03 5.42 4.34 4.17 4.02 4.48 Indonesia - - 4.18 4.11 4.12 4.66 4.16 4.35 4.21 4.33 Other 0.41 0.39 0.41 0.45 0.42 0.48 0.48 0.50 0.61 0.52 Equity affiliates - - 1.78 3.00 2.71 4.82 4.89 4.12 3.96 4.44 Total 2.41 2.20 2.37 3.20 2.79 3.92 3.48 3.38 4.03 3.71 ------------------------------------------------------------------------------- --------------------------------------- International Exploration Charges ($ Millions) Dry Holes 2 14 3 63 82 4 27 30 30 91 Lease Impairments 80 4 5 8 97 7 12 26 41 86 ------------------------------------------------------------------------------- --------------------------------------- Total Non-Cash Charges 82 18 8 71 179 11 39 56 71 177 Other (G&G and Lease Rentals) 37 24 46 92 199 48 66 34 72 220 ------------------------------------------------------------------------------- --------------------------------------- Total International Exploration Charges 119 42 54 163 378 59 105 90 143 397 =============================================================================== ======================================= Depreciation, Depletion & Amortization Producing operations ($ Millions) 64 73 169 377 683 383 358 364 420 1,525 ------------------------------------------------------------------------------- --------------------------------------- Page 7 of 13
R&M 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- R&M Net Income (Loss) ($ Millions) (87) 68 57 105 143 264 321 485 202 1,272 =============================================================================== ======================================= United States ($ Millions) (92) 73 44 113 138 150 248 416 176 990 ------------------------------------------------------------------------------- --------------------------------------- International ($ Millions) 5 (5) 13 (8) 5 114 73 69 26 282 ------------------------------------------------------------------------------- --------------------------------------- Market Indicators U.S. East Coast Crack Spread ($/bbl) 2.90 2.86 3.06 4.58 3.35 6.16 3.46 6.37 4.98 5.24 U.S. Gulf Coast Crack Spread ($/bbl) 2.78 3.70 2.79 3.74 3.25 5.64 3.65 5.38 3.72 4.60 U.S. Group Central Crack Spread ($/bbl) 3.88 5.07 5.16 5.69 4.95 6.12 6.96 8.32 5.34 6.69 U.S. West Coast Crack Spread ($/bbl) 9.67 9.53 8.58 8.40 9.04 12.79 11.39 14.00 11.44 12.41 U.S. Weighted 3:2:1 Crack Spread ($/bbl) 4.49 5.01 4.60 5.24 4.83 6.99 5.86 7.84 5.67 6.59 NW Europe Crack Spread ($/bbl) 0.74 1.38 1.70 2.72 1.64 5.68 3.17 3.11 3.20 3.79 ------------------------------------------------------------------------------- --------------------------------------- Realized Margins Refining Margin ($/bbl) U.S. n/a n/a n/a 5.07 n/a 6.50 5.34 6.39 5.58 5.94 International n/a n/a n/a 2.96 n/a 6.00 3.67 4.38 3.61 4.44 ------------------------------------------------------------------------------- --------------------------------------- Marketing Margin ($/gal) U.S. n/a n/a n/a 0.04 n/a 0.04 0.06 0.05 0.04 0.05 International n/a n/a n/a 0.16 n/a 0.17 0.22 0.19 0.15 0.18 ------------------------------------------------------------------------------- --------------------------------------- Depreciation, Depletion & Amortization ($ Millions) 102 98 119 167 486 167 174 174 176 691 ------------------------------------------------------------------------------- --------------------------------------- Turnaround Expense ($ Millions) 71 29 47 29 176 60 38 19 63 180 ------------------------------------------------------------------------------- --------------------------------------- Consolidated EASTERN U.S. Charge Barrels Input (MB/D) Crude Oil 348 404 338 399 372 415 435 428 421 425 Other Feed and Blending Stocks 53 47 16 61 44 51 53 40 21 41 ------------------------------------------------------------------------------- --------------------------------------- Total 401 451 354 460 416 466 488 468 442 466 =============================================================================== ======================================= Percentage Utilization 81% 94% 79% 93% 87% 97% 101% 100% 98% 99% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 214 247 187 260 227 244 249 243 247 245 Distillates 111 114 88 116 107 138 131 117 108 124 Aviation Fuel 35 37 37 37 36 32 29 37 40 34 Other 46 52 36 51 47 55 85 75 43 65 ------------------------------------------------------------------------------- --------------------------------------- Total 406 450 348 464 417 469 494 472 438 468 =============================================================================== ======================================= U.S. GULF COAST Charge Barrels Input (MB/D) Crude Oil 414 428 509 652 501 668 702 708 680 690 Other Feed and Blending Stocks 80 67 87 101 85 103 95 95 102 98 ------------------------------------------------------------------------------- --------------------------------------- Total 494 495 596 753 586 771 797 803 782 788 =============================================================================== ======================================= Percentage Utilization 90% 92% 93% 91% 92% 93% 98% 99% 95% 96% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 213 211 236 300 240 289 277 288 264 280 Distillates 146 144 172 247 177 242 249 265 250 251 Aviation Fuel 37 39 52 62 48 70 63 71 68 68 Other 102 116 148 181 137 221 242 228 234 231 ------------------------------------------------------------------------------- --------------------------------------- Total 498 510 608 790 602 822 831 852 816 830 =============================================================================== ======================================= CENTRAL U.S. Charge Barrels Input (MB/D) Crude Oil 348 424 466 633 469 631 663 618 639 638 Other Feed and Blending Stocks 34 32 39 46 37 32 24 33 35 31 ------------------------------------------------------------------------------- --------------------------------------- Total 382 456 505 679 506 663 687 651 674 669 =============================================================================== ======================================= Percentage Utilization 84% 98% 90% 92% 91% 92% 96% 90% 93% 93% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 200 235 269 389 274 367 375 367 379 372 Distillates 64 74 76 148 91 144 152 123 141 140 Aviation Fuel 50 49 58 64 55 59 57 64 61 60 Other 61 98 99 91 87 96 110 102 92 100 ------------------------------------------------------------------------------- --------------------------------------- Total 375 456 502 692 507 666 694 656 673 672 =============================================================================== ======================================= n/a = not available. Page 8 of 13
R&M (continued) 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- WESTERN U.S. Charge Barrels Input (MB/D) Crude Oil 306 320 330 320 319 294 328 329 334 321 Other Feed and Blending Stocks (3) 16 13 16 11 9 13 12 16 13 ------------------------------------------------------------------------------- --------------------------------------- Total 303 336 343 336 330 303 341 341 350 334 =============================================================================== ======================================= Percentage Utilization 92% 96% 99% 96% 96% 88% 99% 99% 100% 96% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 137 148 175 174 159 160 176 172 171 170 Distillates 71 77 78 81 77 66 83 86 92 82 Aviation Fuel 27 31 33 30 30 29 24 28 26 27 Other 61 60 51 48 55 42 55 56 54 52 ------------------------------------------------------------------------------- --------------------------------------- Total 296 316 337 333 321 297 338 342 343 331 =============================================================================== ======================================= TOTAL UNITED STATES Charge Barrels Input (MB/D) Crude Oil 1,416 1,576 1,643 2,004 1,661 2,008 2,128 2,083 2,074 2,074 Other Feed and Blending Stocks 164 162 155 224 177 195 185 180 174 183 ------------------------------------------------------------------------------- --------------------------------------- Total 1,580 1,738 1,798 2,228 1,838 2,203 2,313 2,263 2,248 2,257 =============================================================================== ======================================= Percentage Utilization 86% 95% 90% 93% 91% 93% 98% 96% 96% 96% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 764 841 867 1,123 900 1,060 1,077 1,070 1,061 1,067 Distillates 392 409 414 592 452 590 615 591 591 597 Aviation Fuel 149 156 180 193 169 190 173 200 195 189 Other 270 326 334 371 326 414 492 461 423 448 ------------------------------------------------------------------------------- --------------------------------------- Total 1,575 1,732 1,795 2,279 1,847 2,254 2,357 2,322 2,270 2,301 =============================================================================== ======================================= UNITED KINGDOM and IRELAND Charge Barrels Input (MB/D) Crude Oil 65 67 126 177 109 262 244 258 253 254 Other Feed and Blending Stocks - - 15 30 11 39 42 38 27 37 ------------------------------------------------------------------------------- --------------------------------------- Total 65 67 141 207 120 301 286 296 280 291 =============================================================================== ======================================= Percentage Utilization 90% 92% 85% 58% 73% 86% 80% 84% 83% 83% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 15 16 42 64 34 99 91 99 85 93 Distillates 26 26 56 76 46 125 118 128 100 118 Aviation Fuel - - 4 6 3 14 7 10 12 11 Other 21 21 32 77 38 54 59 45 71 57 ------------------------------------------------------------------------------- --------------------------------------- Total 62 63 134 223 121 292 275 282 268 279 =============================================================================== ======================================= Equity Affiliates - Net Share International* Charge Barrels Input (MB/D) Crude Oil - - 42 130 43 134 132 129 128 131 Other Feed and Blending Stocks - - 1 3 1 2 3 5 3 3 ------------------------------------------------------------------------------- --------------------------------------- Total - - 43 133 44 136 135 134 131 134 =============================================================================== ======================================= Percentage Utilization - - 95% 95% 95% 98% 97% 95% 94% 96% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline - - 13 41 14 43 41 40 40 41 Distillates - - 18 58 19 58 59 57 54 57 Aviation Fuel - - 4 7 3 10 8 9 9 9 Other - - 9 19 7 33 24 25 24 26 ------------------------------------------------------------------------------- --------------------------------------- Total - - 44 125 43 144 132 131 127 133 =============================================================================== ======================================= * 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 13
R&M (continued) 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Worldwide - Including Share of Equity Affiliates Charge Barrels Input (MB/D) Crude Oil 1,481 1,643 1,811 2,311 1,813 2,404 2,504 2,470 2,455 2,459 Other Feed and Blending Stocks 164 162 171 257 189 236 230 223 204 223 ------------------------------------------------------------------------------- --------------------------------------- Total 1,645 1,805 1,982 2,568 2,002 2,640 2,734 2,693 2,659 2,682 =============================================================================== ======================================= Percentage Utilization 86% 95% 90% 89% 90% 92% 96% 95% 94% 94% ------------------------------------------------------------------------------- --------------------------------------- Refined Products Production (MB/D) Gasoline 779 857 922 1,228 948 1,202 1,209 1,209 1,186 1,201 Distillates 418 435 488 726 517 773 792 776 745 772 Aviation Fuel 149 156 188 206 175 214 188 219 216 209 Other 291 347 375 467 371 501 575 531 518 531 ------------------------------------------------------------------------------- --------------------------------------- Total 1,637 1,795 1,973 2,627 2,011 2,690 2,764 2,735 2,665 2,713 =============================================================================== ======================================= U.S. PETROLEUM PRODUCTS SALES (MB/D)* Gasoline 1,084 1,159 1,195 1,478 1,230 1,331 1,381 1,398 1,365 1,369 Distillates 439 424 449 692 502 600 590 580 530 575 Aviation Fuel 162 185 219 172 185 164 164 197 193 180 Other 398 341 350 403 372 509 493 497 474 492 ------------------------------------------------------------------------------- --------------------------------------- Total 2,083 2,109 2,213 2,745 2,289 2,604 2,628 2,672 2,562 2,616 =============================================================================== ======================================= *2002 amounts restated. INTERNATIONAL PETROLEUM PRODUCTS SALES (MB/D) Gasoline 12 12 78 163 67 202 190 181 171 186 Distillates 20 21 84 147 69 181 199 192 172 186 Aviation Fuel - - 2 6 2 5 7 14 7 8 Other 22 17 37 24 24 40 52 54 53 50 ------------------------------------------------------------------------------- --------------------------------------- Total 54 50 201 340 162 428 448 441 403 430 =============================================================================== ======================================= SPECIALTIES Base Oil Production(MB/D) United States - Equity Affiliate - - 3 10 3 10 7 11 11 10 ------------------------------------------------------------------------------- --------------------------------------- Petroleum Coke Sales (MMT)* United States Fuel coke 297 311 500 565 1,673 683 653 653 640 2,629 Specialty coke 56 57 196 292 601 276 282 253 290 1,101 ------------------------------------------------------------------------------- --------------------------------------- International Fuel coke - - 12 54 66 57 50 35 50 192 Specialty coke - - 68 180 248 176 180 171 128 655 ------------------------------------------------------------------------------- --------------------------------------- Finished Lubes Sales (MB/D)* United States 8 9 9 10 9 11 10 11 10 10 ------------------------------------------------------------------------------- --------------------------------------- International - - - 1 - 1 - 1 1 1 ------------------------------------------------------------------------------- --------------------------------------- *Included in "Other" in the petroleum products sales statistics above. Page 10 of 13
MIDSTREAM 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Midstream Net Income ($ Millions) 12 12 11 20 55 31 25 31 43 130 =============================================================================== ======================================= U.S. Equity Affiliate ($ Millions)* 5 7 6 5 23 13 23 18 18 72 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids Extracted (MB/D) Consolidated United States - - 19 56 19 51 53 50 54 52 International - - 15 45 15 47 35 47 50 45 Equity Affiliates United States* 117 119 119 119 119 114 110 111 110 111 International - - 3 10 3 10 11 12 11 11 ------------------------------------------------------------------------------- --------------------------------------- Total 117 119 156 230 156 222 209 220 225 219 =============================================================================== ======================================= * Represents 30.3 percent interest in Duke Energy Field Services, LLC (DEFS). Natural Gas Liquids Fractionated (MB/D) United States 107 104 139 179 133 168 158 172 168 167 ------------------------------------------------------------------------------- --------------------------------------- Product Prices Weighted Average NGL ($/bbl)* Consolidated - - 18.57 19.24 19.07 25.59 20.99 20.94 23.14 22.67 DEFS 12.83 15.59 16.32 18.95 15.92 24.53 20.53 20.67 22.76 22.12 ------------------------------------------------------------------------------- --------------------------------------- * Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix. Depreciation, Depletion & Amortization ($ Millions) 1 - 5 13 19 14 14 13 13 54 ------------------------------------------------------------------------------- ---------------------------------------
EMERGING BUSINESSES 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Emerging Businesses Net Income (Loss) ($ Millions)* (5) (3) (262) (40) (310) (34) (23) (18) (24) (99) =============================================================================== ======================================= Detail of Net Income (Loss) ($ Millions) Technology Solutions (5) (3) (4) (4) (16) (5) (6) (5) (4) (20) Gas-to-Liquids* - - (253) (20) (273) (20) (13) (7) (10) (50) Power - - (1) (2) (3) 1 (1) (3) (2) (5) Other - - (4) (14) (18) (10) (3) (3) (8) (24) ------------------------------------------------------------------------------- --------------------------------------- Total (5) (3) (262) (40) (310) (34) (23) (18) (24) (99) =============================================================================== ======================================= * Third quarter 2002 results include a $246 million write down of acquired in-process R&D.
CORPORATE AND OTHER 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Corporate and Other Net Income (Loss) ($ Millions) (153) (72) (385) (1,308)(1,918) (284) (225) (166) (202) (877) =============================================================================== ======================================= Detail of Net Income (Loss) ($ Millions) Net interest expense (78) (91) (83) (160) (412) (190) (145) (134) (163) (632) Corporate overhead (47) (27) (32) (67) (173) (30) (43) (33) (67) (173) Discontinued operations (4) 39 (42) (986) (993) 53 91 57 36 237 Merger-related costs (2) (1) (221) (83) (307) (27) (115) (41) (40) (223) Accounting change - - - - - (112) - - - (112) Other (22) 8 (7) (12) (33) 22 (13) (15) 32 26 ------------------------------------------------------------------------------- --------------------------------------- Total (153) (72) (385) (1,308)(1,918) (284) (225) (166) (202) (877) =============================================================================== ======================================= Before-Tax Net Interest Expense ($ Millions) Interest and financing expense (158) (157) (193) (291) (799) (339) (306) (314) (287)(1,246) Capitalized interest 51 51 59 72 233 73 78 98 77 326 Interest revenue 4 2 13 21 40 29 31 27 17 104 Premium on early debt retirement - (21) - (3) (24) (12) (11) - (45) (68) ------------------------------------------------------------------------------- --------------------------------------- (103) (125) (121) (201) (550) (249) (208) (189) (238) (884) =============================================================================== ======================================= Debt Total Debt ($ Millions)* 8,902 9,635 20,453 19,766 19,766 21,007 20,254 18,739 17,780 17,780 Debt-to-Capital Ratio* 38% 39% 40% 39% 39% 40% 38% 36% 34% 34% ------------------------------------------------------------------------------- --------------------------------------- * 2003 amounts reflect the January 1, 2003, adoption of FIN 46. Page 11 of 13
SELECTED PRO FORMA STATISTICS (E&P) 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- E&P E&P Production Total Including Equity Affiliates and Canadian Syncrude (MBOE/D) 1,676 1,619 1,546 1,623 1,616 1,626 1,641 1,561 1,611 1,609 ------------------------------------------------------------------------------- --------------------------------------- Crude Oil and Condensate (MB/D) Consolidated U.S. 424 406 370 381 395 397 388 365 368 379 Norway 200 208 219 233 215 226 214 207 205 213 United Kingdom 81 78 63 86 77 87 82 67 72 77 Canada 46 45 42 37 42 33 31 29 28 30 Nigeria 40 34 35 38 37 38 39 36 35 37 China 13 11 12 11 12 23 27 25 28 26 Indonesia 26 23 22 13 21 21 17 16 10 16 Other 52 50 48 55 51 55 52 48 60 54 Equity affiliates 91 84 104 87 92 55 117 120 116 102 ------------------------------------------------------------------------------- --------------------------------------- Total 973 939 915 941 942 935 967 913 922 934 =============================================================================== ======================================= Natural Gas Liquids (MB/D) U.S. 48 46 42 45 45 48 49 44 51 48 International 24 22 24 25 24 23 23 18 21 21 ------------------------------------------------------------------------------- --------------------------------------- Total 72 68 66 70 69 71 72 62 72 69 =============================================================================== ======================================= Natural Gas (MMCF/D) Consolidated U.S. 1,635 1,566 1,578 1,548 1,581 1,527 1,473 1,451 1,469 1,479 Norway 291 290 252 232 266 305 273 216 307 275 United Kingdom 869 856 603 975 826 1,002 952 853 954 940 Canada 548 565 512 442 517 436 424 448 431 435 Indonesia 179 169 189 220 189 224 246 275 275 255 Other 120 95 105 112 108 111 117 130 145 126 Equity affiliates 12 13 13 13 13 12 11 11 12 12 ------------------------------------------------------------------------------- --------------------------------------- Total 3,654 3,554 3,252 3,542 3,500 3,617 3,496 3,384 3,593 3,522 =============================================================================== ======================================= Canadian Syncrude (MB/D) 22 20 23 22 22 17 19 22 18 19 ------------------------------------------------------------------------------- --------------------------------------- E&P Average Realized Prices Crude Oil and Condensate ($/bbl) Consolidated U.S. 18.66 24.33 25.85 26.36 23.69 31.47 27.21 28.26 28.45 28.85 Norway 20.77 24.42 26.78 26.35 24.61 32.72 26.28 29.08 29.08 29.24 United Kingdom 19.78 23.69 26.15 25.98 23.99 30.11 24.34 28.32 28.29 27.70 Canada 19.39 21.79 24.96 21.26 21.82 28.40 23.61 24.15 23.71 25.06 Nigeria 21.33 25.16 27.40 26.97 25.12 31.94 26.35 28.48 29.72 28.99 China 19.57 25.27 26.31 29.64 25.03 28.87 26.51 26.38 28.56 27.55 Indonesia 19.38 24.46 24.21 30.59 23.51 29.35 24.54 26.32 26.52 26.88 Other 19.39 24.66 25.55 25.18 23.58 29.10 25.38 26.58 27.80 27.25 Equity affiliates 13.40 18.26 19.06 17.50 17.14 20.97 16.85 19.90 17.86 18.58 Total 18.93 23.71 25.24 25.31 23.26 30.73 25.19 27.00 27.24 27.47 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas Liquids ($/bbl) U.S. 12.92 17.05 16.78 19.27 16.44 24.96 20.25 21.31 22.85 22.30 International 9.86 15.62 18.56 19.39 15.95 24.22 18.96 18.23 24.35 21.39 Total 11.67 16.49 17.57 19.32 16.24 24.65 19.73 20.10 23.36 21.95 ------------------------------------------------------------------------------- --------------------------------------- Natural Gas ($/mcf) Consolidated U.S. 2.26 2.80 2.71 3.38 2.78 5.34 4.58 4.41 4.13 4.62 Norway 3.20 2.99 3.26 3.33 3.19 3.66 3.86 4.21 4.09 3.94 United Kingdom 3.43 2.37 1.95 3.20 2.81 3.55 3.17 2.88 4.48 3.54 Canada 1.74 2.50 2.13 3.37 2.40 5.42 4.34 4.17 4.02 4.48 Indonesia 3.16 4.13 4.13 4.11 3.89 4.66 4.16 4.35 4.21 4.33 Other 0.41 0.39 0.41 0.45 0.42 0.48 0.48 0.50 0.61 0.52 Equity affiliates 2.17 2.60 1.78 3.00 2.39 4.82 4.89 4.12 3.96 4.44 Total 2.53 2.66 2.52 3.27 2.75 4.49 3.93 3.80 4.07 4.07 ------------------------------------------------------------------------------- --------------------------------------- Note: Pro forma information derived by summing the historical Phillips and Conoco data for the period indicated. Page 12 of 13
SELECTED PRO FORMA STATISTICS (Midstream and R&M) 2002 2003 -------------------------------------- --------------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD -------------------------------------- --------------------------------------- Midstream Natural Gas Liquids Extracted (MB/D) Consolidated United States 49 52 50 56 52 51 53 50 54 52 International 42 42 46 45 44 47 35 47 50 45 Equity Affiliates United States* 117 119 119 119 119 114 110 111 110 111 International 9 9 9 10 9 10 11 12 11 11 ------------------------------------------------------------------------------- --------------------------------------- Total 217 222 224 230 223 222 209 220 225 219 =============================================================================== ======================================= * Represents 30.3 percent interest in Duke Energy Field Services, LLC (DEFS). Natural Gas Liquids Fractionated (MB/D) United States 166 159 177 179 170 168 158 172 168 167 ------------------------------------------------------------------------------- --------------------------------------- Product Prices Weighted Average NGL ($/bbl)* Consolidated 13.23 15.99 16.69 19.24 16.31 25.59 20.99 20.94 23.14 22.67 DEFS 12.83 15.59 16.32 18.95 15.92 24.53 20.53 20.67 22.76 22.12 ------------------------------------------------------------------------------- --------------------------------------- * 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. R&M Charge Barrels Input (MB/D) Eastern U.S. Crude Oil 348 404 338 399 372 415 435 428 421 425 Other Feed and Blending Stocks 53 47 16 61 44 51 53 40 21 41 ------------------------------------------------------------------------------- --------------------------------------- Total 401 451 354 460 416 466 488 468 442 466 =============================================================================== ======================================= Percentage Utilization 81% 94% 79% 93% 87% 97% 101% 100% 98% 99% ------------------------------------------------------------------------------- --------------------------------------- U.S. Gulf Coast Crude Oil 648 669 675 652 661 668 702 708 680 690 Other Feed and Blending Stocks 116 96 90 101 101 103 95 95 102 98 ------------------------------------------------------------------------------- --------------------------------------- Total 764 765 765 753 762 771 797 803 782 788 =============================================================================== ======================================= Percentage Utilization 91% 94% 94% 91% 93% 93% 98% 99% 95% 96% ------------------------------------------------------------------------------- --------------------------------------- Central U.S. Crude Oil 568 664 624 633 622 631 663 618 639 638 Other Feed and Blending Stocks 25 23 22 46 29 32 24 33 35 31 ------------------------------------------------------------------------------- --------------------------------------- Total 593 687 646 679 651 663 687 651 674 669 =============================================================================== ======================================= Percentage Utilization 85% 96% 91% 92% 91% 92% 96% 90% 93% 93% ------------------------------------------------------------------------------- --------------------------------------- Western U.S. Crude Oil 306 320 330 320 319 294 328 329 334 321 Other Feed and Blending Stocks (3) 16 13 16 11 9 13 12 16 13 ------------------------------------------------------------------------------- --------------------------------------- Total 303 336 343 336 330 303 341 341 350 334 =============================================================================== ======================================= Percentage Utilization 92% 96% 99% 96% 96% 88% 99% 99% 100% 96% ------------------------------------------------------------------------------- --------------------------------------- Total U.S. Crude Oil 1,870 2,057 1,967 2,004 1,975 2,008 2,128 2,083 2,074 2,074 Other Feed and Blending Stocks 191 182 141 224 184 195 185 180 174 183 ------------------------------------------------------------------------------- --------------------------------------- Total 2,061 2,239 2,108 2,228 2,159 2,203 2,313 2,263 2,248 2,257 =============================================================================== ======================================= Percentage Utilization 87% 95% 91% 93% 92% 93% 98% 96% 96% 96% ------------------------------------------------------------------------------- --------------------------------------- United Kingdom and Ireland Crude Oil 279 260 273 177 247 262 244 258 253 254 Other Feed and Blending Stocks 18 27 43 30 30 39 42 38 27 37 ------------------------------------------------------------------------------- --------------------------------------- Total 297 287 316 207 277 301 286 296 280 291 =============================================================================== ======================================= Percentage Utilization 92% 86% 90% 58% 81% 86% 80% 84% 83% 83% ------------------------------------------------------------------------------- --------------------------------------- Equity Affiliates -- Net Share -- International* Crude Oil 119 127 127 130 126 134 132 129 128 131 Other Feed and Blending Stocks 4 6 4 3 4 2 3 5 3 3 ------------------------------------------------------------------------------- --------------------------------------- Total 123 133 131 133 130 136 135 134 131 134 =============================================================================== ======================================= Percentage Utilization 88% 93% 93% 94% 92% 98% 97% 95% 94% 96% ------------------------------------------------------------------------------- --------------------------------------- * 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. Worldwide -- Including Net Share of Equity Affiliates Crude Oil 2,268 2,444 2,367 2,311 2,348 2,404 2,504 2,470 2,455 2,459 Other Feed and Blending Stocks 213 215 188 257 218 236 230 223 204 223 ------------------------------------------------------------------------------- --------------------------------------- Total 2,481 2,659 2,555 2,568 2,566 2,640 2,734 2,693 2,659 2,682 =============================================================================== ======================================= Percentage Utilization 88% 94% 91% 89% 90% 92% 96% 95% 94% 94% ------------------------------------------------------------------------------- --------------------------------------- U.S. Petroleum Products Sales (MB/D) Gasoline 1,375 1,461 1,417 1,478 1,433 1,331 1,381 1,398 1,365 1,369 Distillates 653 650 602 692 649 600 590 580 530 575 Aviation Fuel 231 259 268 172 232 164 164 197 193 180 Other 524 479 456 403 465 509 493 497 474 492 ------------------------------------------------------------------------------- --------------------------------------- Total 2,783 2,849 2,743 2,745 2,780 2,604 2,628 2,672 2,562 2,616 =============================================================================== ======================================= Note: Pro forma information derived by summing the historical Phillips and Conoco data for the period indicated. Page 13 of 13