EX-99 4 exh99-2.txt ANALYST RECON - 3Q03 Exhibit 99.2 UNOCAL THIRD QUARTER 2003 SUMMARY For reconciliation refer to the Earnings Release and Table titled "Net Earnings and Adjusted After-Tax Earnings by Business Segment" Total Reported Third Quarter 2003 Net Earnings $ 152 $.58/ Share -------------------------------------------------------------------------------- Special Items Gain on Sale of Tom Brown Stock (23) Impairment of Assets held for sale 32 Environmental & Litigation Provisions 23 Restructuring Charge 6 Third Quarter 2003 Adjusted Earnings $ 190 $.72/ Share -------------------------------------------------------------------------------- First Call Consensus dated October 27, 2003 Per Share $.68/ Share -------------------------------------------------------------------------------- $ Million ---------- Second Quarter 2003 Adjusted Earnings 191 $.73/ Share Variances Lower 48 United States 15 Higher Liquids Prices 6 Lower Expenses - Cash 11, Non Cash 4 Lower Prod. (1), All Other (5) Alaska - Higher Liq. Prices 2, (2) Timing of Liftings (3), Other (1) Canada - Gain on sale of Tar Sands +7 9 All Other +2 International E&P (9) Higher Prices; Liquids +9, Gas +6, Lower Production (7), Timing of Crude lifting (12) Higher Tax Rate (2), All Other (3) Oil & Gas Marketing (Trade) (1) Midstream (1) Geothermal - Improved Salak Results +10 12 Thai Power Results +3, Philippines results (1) Corporate & Other - (24) Higher Net Interest - (4) Minerals Results (7) Higher Environmental & Litigation Expense (13) Third Quarter 2003 Adjusted Earnings $ 190 $.72/ Share --------------------------------------------------------------------------------