-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, o2hwhzYtbZ2+8o2EPbKsJ8VsjryYFOni0vdXUsjlQ4/AVnBThMkhkU042QIjOWql UhepWjLm73FbZJnqmpU8rg== 0000060512-95-000016.txt : 199506280000060512-95-000016.hdr.sgml : 19950628 ACCESSION NUMBER: 0000060512-95-000016 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950627 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOUISIANA LAND & EXPLORATION CO CENTRAL INDEX KEY: 0000060512 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 720244700 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00959 FILM NUMBER: 95549362 BUSINESS ADDRESS: STREET 1: 909 POYDRAS ST CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 5045666500 MAIL ADDRESS: STREET 1: P O BOX 60350 CITY: NEW ORLEANS STATE: LA ZIP: 70160 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K (Mark One) [X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1994 OR [ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 THE LL&E SAVINGS PLAN (Full title of the plan) THE LOUISIANA LAND AND EXPLORATION COMPANY (Name of the issuer of the securities held pursuant to the plan) 909 Poydras Street P. O. Box 60350 New Orleans, Louisiana 70160 (Address of principal executive office) Financial Statements and Exhibits Page Number (a) Financial statements: Herein Independent Auditors' Report ................... 3 Statements of Financial Condition - December 31, 1994 and 1993................................. 4 Statements of Income and Changes in Plan Equity - years ended December 31, 1994 and 1993 and 1992................................. 5 Notes to Financial Statements................... 6-15 Schedules: Schedule I - omitted because the required information is shown in the financial statements or the notes thereto. Schedule II - Allocation of Plan Assets and Liabilities to Investment Programs......... 16-21 Schedule III - Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs........................ 22-30 (b) Exhibits: Exhibit No. Description 23 Consent of KPMG Peat Marwick LLP SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of The LL&E Savings Plan have duly caused this annual report to be signed by the undersigned, thereunto duly authorized. THE LL&E SAVINGS PLAN Date: June 26, 1995 /s/Richard A. Bachmann Richard A. Bachmann Benefits Committee INDEPENDENT AUDITORS' REPORT The Louisiana Land and Exploration Company Benefits Committee: We have audited the statements of financial condition of The LL&E Savings Plan as of December 31, 1994 and 1993, and the related statements of income and changes in plan equity for each of the years in the three-year period ended December 31, 1994. In connection with our audits of the financial statements, we also have audited financial statement Schedules II and III. These financial statements and the financial statement schedules are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Plan at December 31, 1994 and 1993, and the income and changes in plan equity for each of the years in the three-year period ended December 31, 1994, in conformity with generally accepted accounting principles. Also in our opinion, the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set forth therein. s/ KPMG Peat Marwick LLP KPMG Peat Marwick LLP New Orleans, Louisiana June 16, 1995 THE LL&E SAVINGS PLAN Statements of Financial Condition December 31, 1994 and 1993
1994 1993 ASSETS Cash and cash equivalents at cost plus accrued interest $ 101 2,977 Capital Stock of The Louisiana Land and Exploration Company (note 4) 42,664,497 47,563,016 LL&E Royalty Trust Units of Beneficial Interest (note 5) 195,349 208,646 Investment in Putnam Funds: Daily Dividend Trust 6,664,318 4,843,675 U.S. Government Income Trust 6,603,344 7,373,392 Fund for Growth and Income 10,970,323 9,176,240 Convertible Income - Growth Trust 6,215,286 5,624,573 Loans to participants (note 2) 4,263,797 3,790,920 $77,577,015 78,583,439 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ 5,157,644 8,769,585 Interest payable to LL&E (note 4) 3,358 3,921 Plan equity 72,416,013 69,809,933 $77,577,015 78,583,439 See accompanying notes to financial statements.
THE LL&E SAVINGS PLAN Statements of Income and Changes in Plan Equity Years ended December 31, 1994, 1993 and 1992
1994 1993 1992 Investment income: Interest and royalties $ 1,425,484 1,162,022 1,028,005 Dividends: Capital Stock of The Louisiana Land and Exploration Company 1,199,222 1,196,226 1,325,102 Other investments 680,655 679,768 517,051 1,879,877 1,875,994 1,842,153 Interest income on loans to participants 245,002 235,253 271,243 Net realized gains (losses) on disposition of investments (note 3) (1,505,138) 413,112 578,671 Net unrealized appreciation (depreciation) of investments (5,033,997) 7,577,971 4,263,370 Contributions: Employer Allocated 3,250,249 2,596,344 2,586,983 Employer Unallocated 198,892 560,014 428,791 Employees 4,400,560 2,418,216 2,208,702 Benefit payments for terminations and withdrawals (1,673,641) (4,990,388) (8,903,361) Interest expense (note 4) (581,208) (856,015) (1,094,506) Income and changes in plan equity for year 2,606,080 10,992,523 3,210,051 Plan equity beginning of year 69,809,933 58,817,410 55,607,359 Plan equity end of year $72,416,013 69,809,933 58,817,410 See accompanying notes to financial statements.
THE LL&E SAVINGS PLAN Notes to Financial Statements December 31, 1994, 1993 and 1992 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation The accompanying financial statements have been prepared on the accrual basis and present the equity available to participants in The LL&E Savings Plan (the Plan) and changes in equity of the Plan. Certain amounts have been reclassified to conform to the current period's presen- tation. Benefits payable for terminations and withdrawals are included in Plan equity and are charged to income when paid. This accounting method differs from that required in Department of Labor Form 5500 which requires benefits payable to be accrued and charged to income in the period the liability arises. Accordingly, Plan equity as of December 31, 1994 and 1993 and income and changes in Plan equity for each of the years in the three-year period ended December 31, 1994 differ from that reported in Form 5500 as follows:
Plan Equity 1994 1993 As reported herein $72,416,013 69,809,933 Effect of accrued benefits payable (2,633,502) (163,315) As reported in Form 5500 $69,782,511 69,646,618
Income and Changes in Plan Equity 1994 1993 1992 As reported herein $ 2,606,080 10,992,523 3,210,051 Effect of accrued benefits payable (2,470,187) 2,288,059 (2,220,316) As reported in Form 5500 $ 135,893 13,280,582 989,735
THE LL&E SAVINGS PLAN Notes to Financial Statements B. Investment in Trust Funds managed by the Trustees Under the terms of the trust agreement between The Louisiana Land and Exploration Company (LL&E) and Putnam Fiduciary Trust Company (trustee or Putnam), Putnam maintains trust funds on behalf of the Plan (see Note 9). The trust funds are segregated into investment funds as follows: o Fund A for employees' and employer's contributions which are invested primarily in Capital Stock of LL&E. o Fund B for loans to participants. The notes receivable resulting from loans to participants are maintained in this fund (see Note 2). Benefit payments for terminations and withdrawals in this fund relate to the cancellation of loans by parti- cipants withdrawing from the Plan. o Fund C contains LL&E Royalty Trust Units of Beneficial Interest (see Note 5). No new amounts are being invested in this fund, except that income on existing Royalty Trust Units and any repayments of loans to participants in this fund are rein- vested in additional Units. o Fund D for employees' contributions which are invested in the Putnam Daily Dividend Trust, a mutual fund which invests in money market instru- ments. o Fund E for employees' contributions which are invested in the Putnam U.S. Government Guaranteed Securities Income Trust, a fund which invests exclusively in securities backed by the full faith and credit of the United States government and repurchase agreements with respect to these securi- ties. o Fund F for employees' contributions which are invested in the Putnam Fund for Growth and Income, a fund which invests primarily in a variety of common stocks. THE LL&E SAVINGS PLAN Notes to Financial Statements o Fund G for employees' contributions which are invested in the Putnam Convertible Income-Growth Trust, a fund which invests primarily in conver- tible bonds and convertible preferred stocks. Participants in the Plan are permitted to direct the investment of their contributions to the Plan in any of Funds A, D, E, F or G and up to eight transfers per year between these funds are allowed on a daily basis. The investment and changes therein of all funds are determined through the use of quoted market prices. Realized gains or losses and unrealized appreciation or depreciation of investments are determined in accordance with Department of Labor regulations for Form 5500. The cost basis of investments are either fair market value at the beginning of the year and/or cost of current year additions, as appropriate. Dispositions of investments are on a first-in first-out basis. The number of participants by fund at December 31, 1994 was as follows: Number of Fund Participants A 808 B 363 C 118 D 292 E 380 F 501 G 388 Since, within certain limitations, investments may be made simultaneously in more than one fund by an individual participant, an individual may be included more than once in the above count. The individual participants in the Plan at December 31, 1994 numbered 808. THE LL&E SAVINGS PLAN Notes to Financial Statements 2. CONTRIBUTIONS AND BENEFITS The Plan is a contributory savings plan sponsored by LL&E. Individuals eligible for participation in the Plan are the employees of LL&E and of any affiliated corporation (as defined in the Plan) that has adopted the Plan. The major provisions of the Plan as of December 31, 1994 are as follows: A. Non-Contributory Participation The employer contributes monthly to the Plan participants' accounts an amount determined in accordance with the following schedule: Percent of Covered Credited Service Compensation Less than 5 years 2% 5 years or more 4% Non-contributory participation is not dependent on the eligible employees' contributory participation. B. Contributory Participation Employees are allowed to make tax-deferred contributions to the Plan in the amount of between 2% and 12% of compensation. The amount of tax-deferred contributions are limited by federal tax legislation. Where tax- deferred contributions elected by participants exceed these limitations, any excess tax-deferred contributions are distributed to the affected parties. The employer will contribute an amount to the participants' accounts based on a percentage of the dollar amount contributed voluntarily, if any, by the participants. The additional employer's contributions are applicable to voluntary participant contributions which are not in excess of 6% of covered compensation and are determined in accordance with the following schedule: Percent of Voluntary Contribution Matched Credited Service by Employer Less than 5 years 50% 5 years or more 100% THE LL&E SAVINGS PLAN Notes to Financial Statements The employer will also make monthly contributions sufficient to repay the ESOP loans, and these contributions result in an allocation of shares of Capital Stock of LL&E (valued as of the date of their acquisition by the Plan) applied toward satisfaction of the employer's contribution obligation set forth in A and B above (see Note 4). Participants pay no federal income tax on their tax- deferred contributions or on the employer contributions, or on any earnings on their accounts, until withdrawals or distributions are made from their accounts. C. Other Significant Plan Provisions Participants in the Plan become fully vested in their account balance derived from employer contributions upon the earliest to occur of the following: o Completion of five years of service o Attainment of age 65 o Retirement pursuant to the early retirement provisions of The LL&E Pension Plan o Death o Termination of employment by reason of a reduction in labor force o Total disability, as defined in the Plan o Acquisition of 30% or more of LL&E's outstanding voting securities by any one person, entity or group without approval by the Board of Directors of LL&E o Under certain circumstances in the event of a change in control as defined in The LL&E Special Termination Benefit Plan in the case of certain employees covered by said plan. Participants are at all times fully vested in their account balance derived from their own contributions, including any earnings or losses thereon. Participants may elect that the vested portions of employer and employee contributions, plus income or earnings thereon, be distributed to them in a lump sum i) as soon as practicable following termination of employ- ment, ii) on or about the date one year after termination THE LL&E SAVINGS PLAN Notes to Financial Statements of employment or iii) on or about age 65. Upon termi- nation, other than described above, nonvested employer contributions and earnings thereon are forfeited by participants and such amounts reduce employer contribu- tions under the Plan. Participants in the Plan may make a qualified plan rollover contribution or an individual retirement account rollover contribution, as defined in the Plan. The contributions may only be made if they meet the require- ments of a tax-free rollover for federal income tax purposes. Amounts are invested in Funds A, D, E, F or G, as designated by the participant. Participants can withdraw all or any portion of their after-tax contributions, plus earnings thereon. Parti- cipants cannot withdraw any tax-deferred contributions or any earnings thereon while employed at LL&E. Participants may, as of any valuation date, withdraw all or any portion of their vested account balance derived from matching employer contributions, and any earnings thereon, subject to several specific rules as defined in the Plan. Participants may borrow (Fund B) from the portions of their account derived from employer contributions except ESOP's, transfers from the LL&E Benefit Plan and tax-free rollovers, and employee tax-deferred contributions, and any earnings thereon, subject to several specific rules as defined in the Plan. No loan from the Plan may be in excess of the lesser of $50,000 or 50% of the participant's vested account balance and repayments will be made through bi-weekly payroll deductions over a five- year period or may be prepaid by paying the full outstanding balance. The annual loan interest rate is fixed from time to time at the prime rate. Loans are secured by the applicable participants' vested account balance. THE LL&E SAVINGS PLAN Notes to Financial Statements The amended and restated Plan document and subsequent amendments more fully explain the details of the Plan and are made available to Plan participants by the Plan administrator. 3. NET REALIZED GAINS (LOSSES) ON DISPOSITION OF INVESTMENTS The following is a summary of net realized gains (losses) on the disposition of investments for the years ended December 31, 1994, 1993 and 1992:
1994 1993 1992 Aggregate market value of Capital Stock of LL&E sold $ 6,443,311 8,117,331 9,689,558 Aggregate cost basis of Capital Stock of LL&E sold 7,810,499 7,886,500 9,276,316 Net realized gains (losses) on sale of Capital Stock of LL&E (1,367,188) 230,831 413,242 Aggregate market value of other investments sold 5,255,510 6,740,984 9,141,330 Aggregate cost basis of other investments sold 5,393,460 6,558,703 8,975,901 Net realized gains (losses) on sale of other investments (137,950) 182,281 165,429 $(1,505,138) 413,112 578,671
4. EMPLOYEE STOCK OWNERSHIP PLAN FUND In November 1987, the Employee Stock Ownership Fund (ESOP) was created using funds borrowed from LL&E. To fund the ESOP I, LL&E borrowed $10.2 million (unsecured) from a bank and loaned the proceeds to the ESOP I. The ESOP I then used the proceeds to acquire 374,678 shares of LL&E Capital Stock at an average market price of $27 1/8 per share. The loan to the ESOP I is secured by LL&E's Capital Stock owned by the ESOP I, was subject to substantially the same repayment terms as LL&E's bank loan (November 1994) and the interest rate was fixed at 8.2%. By amendment dated November 19, 1994 to the loan agreement, LL&E's loan to ESOP I was extended to November 1997 and the interest rate was fixed at 7.4%. The ESOP I THE LL&E SAVINGS PLAN Notes to Financial Statements will repay the loan, with interest, from LL&E's contributions to the fund along with quarterly dividends paid on the Capital Stock acquired with the ESOP I loan proceeds. The Capital Stock of LL&E acquired by the ESOP I was initially classified as unallocated by the Plan. As principal payments are made to LL&E, shares of Capital Stock are reclassified to allocated in an amount equal to the principal payment divided by the average purchase price of $27 1/8. As of December 31, 1994, 316,128 shares of Capital Stock have been reclassified to allocated. On May 3, 1988, LL&E obtained additional financing of approximately $14 million (unsecured) from a bank and loaned the proceeds to the ESOP II. The ESOP II then used the proceeds to acquire 461,690 shares of LL&E Capital Stock at an average purchase price of $30.25 per share. The loan to the ESOP II is secured by LL&E's Capital Stock owned by the ESOP II, was subject to substantially the same repayment terms as LL&E's bank loan (May 1995) and the interest rate was fixed at 8.2%. By amendment dated May 31, 1995 to the loan agreement, LL&E's loan to ESOP II was extended to May 1998 and the interest rate was fixed at 6.1%. The ESOP II will repay the loan, with interest, from LL&E's contributions to the fund along with quarterly dividends paid on the Capital Stock acquired with the ESOP II loan proceeds. The Capital Stock of LL&E acquired by the ESOP II was initially classified as unallocated by the Plan. As principal payments are made to LL&E, shares of Capital Stock are reclassified to allocated in an amount equal to the principal payment divided by the average purchase price of $30.25. As of December 31, 1994, 345,201 shares of Capital Stock have been reclassified to allocated. 5. DISTRIBUTION OF LL&E ROYALTY TRUST UNITS OF BENEFICIAL INTEREST LL&E Royalty Trust Units of Beneficial Interest (the Units) were distributed by LL&E to holders of record of its Capital Stock on June 22, 1983 on the basis of one Unit for each two shares of Capital Stock owned on such date. The Units received by the Plan (Fund C) were allocated among the respective accounts of participants THE LL&E SAVINGS PLAN Notes to Financial Statements in proportion to the number of shares of Capital Stock in each account at the record date of the distribution of the Units and are maintained separately. Monthly royalty income attributable to the Units are allocated to participants on the same basis and are reinvested in additional Units. Participants have the right to decide when the Units allocated to their respective accounts will be sold. Participants may exercise a single election to sell all of their Units and have the proceeds reinvested in Capital Stock of LL&E which will continue to be held in the Plan. 6. PLAN TERMINATION The Board of Directors of LL&E expects to continue the Plan indefinitely; however, they reserve the right to amend, modify or discontinue the Plan at any time. In the event of Plan termination, participants will become fully vested in their accounts. 7. FEDERAL INCOME TAXES LL&E has received a favorable determination letter for the Plan, as amended through January 1, 1985, from the Internal Revenue Service stating the Plan qualifies under the provisions of Section 401(a) and 401(k) of the Internal Revenue Code and is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code. LL&E has filed an amended and restated Plan document with the Internal Revenue Service and is awaiting receipt of a determination letter from the Service. LL&E does not expect the Plan's qualifications under the provisions of 401(a) and 401(k) of the Internal Revenue Code or its federal income tax exempt status under Section 501(a) of the Internal Revenue Code to change due to the changes included in the new Plan document. 8. FEES AND EXPENSES Expenses incurred in administering the Plan are paid by the employer. Expenses in connection with investment security transactions are added to cost or deducted from proceeds, as applicable, of additions or retirements. THE LL&E SAVINGS PLAN Notes to Financial Statements 9. CHANGES IN TRUSTEE AND INVESTMENT OPTIONS In June 1995, LL&E changed the Plan's trustee to Charles Schwab Trust Company. The major provisions of the Plan were unaffected by this change as were Funds A, B and C. However, the Participants' four investment options represented by Funds D, E, F and G were changed to provide five diverse mutual funds maintained by the new trustee as follows: o Schwab Value Advantage Money Fund - invests in high quality short-term debt securities such as certificates of deposit, commercial paper and publically traded bonds. o Vanguard Bond Index Total Bond Market Fund - invests in a portfolio of fixed income securities selected to match the Lehman Brothers Aggregate Bond Index which encompasses U.S. Treasury and agency securities, corporate bonds and mortgage- backed securities, with maturities greater than one year. o Vanguard Index Trust 500 Portfolio - invests in all 500 stocks in the Standard & Poor's 500 Index in approximately the same proportions as they are represented in the Index. o Janus Worldwide Fund - invests in common stocks of foreign and domestic companies. o PBHG Growth Fund - invests in common stocks and convertible securities of companies with market capitalization or annual revenues under $1.5 billion. SCHEDULE II THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1994
Participant Directed FUND FUND FUND A B C ASSETS Cash and cash equivalents at cost plus accrued interest $ - - - Capital Stock of The Louisiana Land and Exploration Company (note 4) 3,311,368 - - LL&E Royalty Trust Units of Beneficial Interest (note 5) - - 195,349 Investment in Putnam Funds: Daily Dividend Trust - - - U.S. Government Income Trust - - - Fund for Growth and Income - - - Convertible Income - Growth Trust - - - Loans to participants (note 2) - 4,263,797 - $ 3,311,368 4,263,797 195,349 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - - - Interest payable to LL&E - - - Plan equity 3,311,368 4,263,797 195,349 $ 3,311,368 4,263,797 195,349 Number of units outstanding 91,034 45,964 Plan equity per unit $ 36.3751 4.2500 (Continued) /TABLE SCHEDULE II (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1994
Participant Directed FUND FUND FUND D E F ASSETS Cash and cash equivalents at cost plus accrued interest $ - - - Capital Stock of The Louisiana Land and Exploration Company (note 4) - - - LL&E Royalty Trust Units of Beneficial Interest (note 5) - - - Investment in Putnam Funds: Daily Dividend Trust 6,664,318 - - U.S. Government Income Trust - 6,603,344 - Fund for Growth and Income - - 10,970,323 Convertible Income - Growth Trust - - - Loans to participants (note 2) - - - $ 6,664,318 6,603,344 10,970,323 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - - - Interest payable to LL&E - - - Plan equity 6,664,318 6,603,344 10,970,323 $ 6,664,318 6,603,344 10,970,323 Number of units outstanding 6,664,318 541,702 862,447 Plan equity per unit $ 1.0000 12.1900 12.7200 (Continued)
SCHEDULE II (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1994
Participant Employer Directed Directed FUND FUND G A TOTAL ASSETS Cash and cash equivalents at cost plus accrued interest $ - 101 101 Capital Stock of The Louisiana Land and Exploration Company (note 4) - 39,353,129 42,664,497 LL&E Royalty Trust Units of Beneficial Interest (note 5) - - 195,349 Investment in Putnam Funds: Daily Dividend Trust - - 6,664,318 U.S. Government Income Trust - - 6,603,344 Fund for Growth and Income - - 10,970,323 Convertible Income - Growth Trust 6,215,286 - 6,215,286 Loans to participants (note 2) - - 4,263,797 $ 6,215,286 39,353,230 77,577,015 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - 5,157,644 5,157,644 Interest payable to LL&E - 3,358 3,358 Plan equity 6,215,286 34,192,228 72,416,013 $ 6,215,286 39,353,230 77,577,015 Number of units outstanding 362,831 1,081,873 Plan equity per unit $ 17.1300 31.6047
SCHEDULE II THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1993
Participant Directed FUND FUND FUND A B C ASSETS Cash and cash equivalents at cost plus accrued interest $ - - - Capital Stock of The Louisiana Land and Exploration Company (note 4) 3,280,605 - - LL&E Royalty Trust Units of Beneficial Interest (note 5) - - 208,646 Investment in Putnam Funds: Daily Dividend Trust - - - U.S. Government Income Trust - - - Fund for Growth and Income - - - Convertible Income - Growth Trust - - - Loans to participants (note 2) - 3,790,920 - $ 3,280,605 3,790,920 208,646 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - - - Interest payable to LL&E - - - Plan equity 3,280,605 3,790,920 208,646 $ 3,280,605 3,790,920 208,646 Number of units outstanding 81,760 43,925 Plan equity per unit $ 40.1248 4.7501 (Continued) /TABLE SCHEDULE II (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1993
Participant Directed FUND FUND FUND D E F ASSETS Cash and cash equivalents at cost plus accrued interest $ - - - Capital Stock of The Louisiana Land and Exploration Company (note 4) - - - LL&E Royalty Trust Units of Beneficial Interest (note 5) - - - Investment in Putnam Funds: Daily Dividend Trust 4,843,675 - - U.S. Government Income Trust - 7,373,392 - Fund for Growth and Income - - 9,176,240 Convertible Income - Growth Trust - - Loans to participants (note 2) - - - $ 4,843,675 7,373,392 9,176,240 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - - - Interest payable to LL&E - - - Plan equity 4,843,675 7,373,392 9,176,240 $ 4,843,675 7,373,392 9,176,240 Number of units outstanding 4,843,675 548,207 674,724 Plan equity per unit $ 1.0000 13.4500 13.6000 (Continued)
SCHEDULE II (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Assets and Liabilities to Investment Programs December 31, 1993
Participant Employer Directed Directed FUND FUND G A TOTAL ASSETS Cash and cash equivalents at cost plus accrued interest $ - 2,977 2,977 Capital Stock of The Louisiana Land and Exploration Company (note 4) - 44,282,411 47,563,016 LL&E Royalty Trust Units of Beneficial Interest (note 5) - - 208,646 Investment in Putnam Funds: Daily Dividend Trust - - 4,843,675 U.S. Government Income Trust - - 7,373,392 Fund for Growth and Income - - 9,176,240 Convertible Income - Growth Trust 5,624,573 - 5,624,573 Loans to participants (note 2) - - 3,790,920 $ 5,624,573 44,285,388 78,583,439 LIABILITIES AND PLAN EQUITY Loans payable to LL&E (note 4) $ - 8,769,585 8,769,585 Interest payable to LL&E - 3,921 3,921 Plan equity 5,624,573 35,511,882 69,809,933 $ 5,624,573 44,285,388 78,583,439 Number of units outstanding 286,675 1,103,611 Plan equity per unit $ 19.6200 32.1779
SCHEDULE III THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1994
Participant Directed FUND FUND FUND A B C Investment income: Interest and royalties $ - - 22,917 Dividends: Capital Stock of The Louisiana Land and Exploration Company 90,713 - - Other investments - - - 90,713 - - Interest income on loans to participants 168,662 (2,237,510) - Net realized gains (losses) on disposition of invest- ments (note 3) 69,710 - 139 Net unrealized appreciation (depreciation) of invest- ments (334,799) - (23,846) Contributions: Employer allocated - - - Employer unallocated - - - Employees 604,015 - 2 Benefit payments for terminations and with- drawals (25,243) (47,613) (8,790) Interest expense (note 4) - - - Transfers between funds - net (542,295) 2,758,000 (3,719) Income (loss) and changes in plan equity for year 30,763 472,877 (13,297) Plan equity beginning of year 3,280,605 3,790,920 208,646 Plan equity end of year $ 3,311,368 4,263,797 195,349 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1994
Participant Directed FUND FUND FUND D E F Investment income: Interest and royalties $ 192,906 517,122 - Dividends: Capital Stock of The Louisiana Land and Exploration Company - - - Other investments - - 680,655 - - 680,655 Interest income on loans to participants 391,034 616,627 572,453 Net realized gains (losses) on disposition of invest- ments (note 3) - (109,301) (10,870) Net unrealized appreciation (depreciation) of invest- ments - (590,046) (695,055) Contributions: Employer allocated - - - Employer unallocated - - - Employees 564,277 651,834 1,815,606 Benefit payments for terminations and with- drawals (376,107) (101,463) (181,476) Interest expense (note 4) - - - Transfers between funds - net 1,048,533 (1,754,821) (387,230) Income (loss) and changes in plan equity for year 1,820,643 (770,048) 1,794,083 Plan equity beginning of year 4,843,675 7,373,392 9,176,240 Plan equity end of year $ 6,664,318 6,603,344 10,970,323 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1994
Participant Employer Directed Directed FUND FUND G A TOTAL Investment income: Interest and royalties $ 691,895 644 1,425,484 Dividends: Capital Stock of The Louisiana Land and Exploration Company - 1,108,509 1,199,222 Other investments - - 680,655 - 1,108,509 1,879,877 Interest income on loans to participants 577,341 156,395 245,002 Net realized gains (losses) on disposition of invest- ments (note 3) (17,918) (1,436,898) (1,505,138) Net unrealized appreciation (depreciation) of invest- ments (795,233) (2,595,018) (5,033,997) Contributions: Employer allocated - 3,250,249 3,250,249 Employer unallocated - 198,892 198,892 Employees 764,826 - 4,400,560 Benefit payments for terminations and with- drawals (131,196) (801,753) (1,673,641) Interest expense (note 4) - (581,208) (581,208) Transfers between funds - net (499,002) (619,466) - Income (loss) and changes in plan equity for year 590,713 (1,319,654) 2,606,080 Plan equity beginning of year 5,624,573 35,511,882 69,809,933 Plan equity end of year $ 6,215,286 34,192,228 72,416,013 /TABLE SCHEDULE III THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1993
Participant Directed FUND FUND FUND A B C Investment income: Interest and royalties $ - - 19,001 Dividends: Capital Stock of The Louisiana Land and Exploration Company 67,121 - - Other investments - - - 67,121 - - Interest income on loans to participants 275,225 (2,396,224) - Net realized gains (losses) on disposition of invest- ments (note 3) 354,291 - 5,327 Net unrealized appreciation (depreciation) of invest- ments 143,962 - 43,736 Contributions: Employer allocated - - - Employer unallocated - - - Employees 220,746 - - Benefit payments for terminations and with- drawals (96,606) (27,327) (24,121) Interest expense (note 4) - - - Transfers between funds - net (775,941) 2,754,000 (3,279) Income (loss) and changes in plan equity for year 188,798 330,449 40,664 Plan equity beginning of year 3,091,807 3,460,471 167,982 Plan equity end of year $ 3,280,605 3,790,920 208,646 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1993
Participant Directed FUND FUND FUND D E F Investment income: Interest and royalties $ 127,108 573,261 - Dividends: Capital Stock of The Louisiana Land and Exploration Company - - - Other investments - - 679,768 - - 679,768 Interest income on loans to participants 447,585 598,726 565,083 Net realized gains (losses) on disposition of invest- ments (note 3) - (2,444) 103,843 Net unrealized appreciation (depreciation) of invest- ments - (165,530) 366,342 Contributions: Employer allocated - - - Employer unallocated - - - Employees 338,611 553,293 839,106 Benefit payments for terminations and with- drawals (673,153) (730,727) (596,146) Interest expense (note 4) - - - Transfers between funds - net (442,908) (786,409) (207,974) Income (loss) and changes in plan equity for year (202,757) 40,170 1,750,022 Plan equity beginning of year 5,046,432 7,333,222 7,426,218 Plan equity end of year $ 4,843,675 7,373,392 9,176,240 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1993
Participant Employer Directed Directed FUND FUND G A TOTAL Investment income: Interest and royalties $ 442,101 551 1,162,022 Dividends: Capital Stock of The Louisiana Land and Exploration Company - 1,129,105 1,196,226 Other investments - - 679,768 - 1,129,105 1,875,994 Interest income on loans to participants 529,532 215,326 235,253 Net realized gains (losses) on disposition of invest- ments (note 3) 75,555 (123,460) 413,112 Net unrealized appreciation (depreciation) of invest- ments 285,452 6,904,009 7,577,971 Contributions: Employer allocated - 2,596,344 2,596,344 Employer unallocated - 560,014 560,014 Employees 466,460 - 2,418,216 Benefit payments for terminations and with- drawals (378,718) (2,463,590) (4,990,388) Interest expense (note 4) - (856,015) (856,015) Transfers between funds - net (289,790) (247,699) - Income (loss) and changes in plan equity for year 1,130,592 7,714,585 10,992,523 Plan equity beginning of year 4,493,981 27,797,297 58,817,410 Plan equity end of year $ 5,624,573 35,511,882 69,809,933 /TABLE SCHEDULE III THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1992
Participant Directed FUND FUND FUND A B C Investment income: Interest and royalties $ - - 12,077 Dividends: Capital Stock of The Louisiana Land and Exploration Company 114,244 - - Other investments - - - 114,244 - - Interest income on loans to participants 261,270 (2,018,025) - Net realized gains (losses) on disposition of invest- ments (note 3) 524,786 - 7,224 Net unrealized appreciation (depreciation) of invest- ments 48,569 - 64,415 Contributions: Employer allocated - - - Employer unallocated - - - Employees 224,800 - - Benefit payments for terminations and with- drawals (394,673) (460,399) (22,555) Interest expense (note 4) - - - Transfers between funds - net (1,454,459) 2,341,000 (3,776) Income (loss) and changes in plan equity for year (675,463) (137,424) 57,385 Plan equity beginning of year 3,767,270 3,597,895 110,597 Plan equity end of year $ 3,091,807 3,460,471 167,982 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1992
Participant Directed FUND FUND FUND D E F Investment income: Interest and royalties $ 164,797 620,153 - Dividends: Capital Stock of The Louisiana Land and Exploration Company - - - Other investments - - 517,051 - - 517,051 Interest income on loans to participants 476,681 529,158 397,556 Net realized gains (losses) on disposition of invest- ments (note 3) - (32,304) 108,117 Net unrealized appreciation (depreciation) of invest- ments - (131,643) 160,569 Contributions: Employer allocated - - - Employer unallocated - - - Employees 377,196 521,867 702,953 Benefit payments for terminations and with- drawals (1,245,548) (938,804) (1,426,073) Interest expense (note 4) - - - Transfers between funds - net 833,744 (924,529) (464,223) Income (loss) and changes in plan equity for year 606,870 (356,102) (4,050) Plan equity beginning of year 4,439,562 7,689,324 7,430,268 Plan equity end of year $ 5,046,432 7,333,222 7,426,218 (Continued) /TABLE SCHEDULE III (Continued) THE LL&E SAVINGS PLAN Allocation of Plan Income (Loss) and Changes in Plan Equity to Investment Programs December 31, 1992
Participant Employer Directed Directed FUND FUND G A TOTAL Investment income: Interest and royalties $ 228,932 2,046 1,028,005 Dividends: Capital Stock of The Louisiana Land and Exploration Company - 1,210,858 1,325,102 Other investments - - 517,051 - 1,210,858 1,842,153 Interest income on loans to participants 352,109 272,494 271,243 Net realized gains (losses) on disposition of invest- ments (note 3) 82,392 (111,544) 578,671 Net unrealized appreciation (depreciation) of invest- ments 477,589 3,643,871 4,263,370 Contributions: Employer allocated - 2,586,983 2,586,983 Employer unallocated - 428,791 428,791 Employees 381,886 - 2,208,702 Benefit payments for terminations and with- drawals (708,642) (3,706,667) (8,903,361) Interest expense (note 4) - (1,094,506) (1,094,506) Transfers between funds - net (128,373) (199,384) - Income (loss) and changes in plan equity for year 685,893 3,032,942 3,210,051 Plan equity beginning of year 3,808,088 24,764,355 55,607,359 Plan equity end of year $ 4,493,981 27,797,297 58,817,410
EX-23 2 Exhibit 23 The Benefits Committee The Louisiana Land and Exploration Company: We consent to incorporation by reference in the Registration Statements No. 2-98948, No. 33-22338 and No. 33-56209 on Form S-8 of The Louisiana Land and Exploration Company of our report dated June 16, 1995, relating to the statements of financial condition of The LL&E Savings Plan as of December 31, 1994 and 1993 and the related statements of income and changes in plan equity and related schedules for each of the years in the three-year period ended December 31, 1994 which report appears in the December 31, 1994 annual report on Form 11-K of The LL&E Savings Plan. s/ KPMG PEAT MARWICK LLP KPMG PEAT MARWICK LLP New Orleans, Louisiana June 26, 1995 -----END PRIVACY-ENHANCED MESSAGE-----