EX-99 4 exh99-2.txt ANALYST COVER PAGE Exhibit 99.2 UNOCAL FOURTH 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 Fourth Quarter 2003 Net Earnings $ 180 $.68/ Share -------------------------------------------------------------------------------- Special Items Gain on Sale of Lower 48 Assets (3) Canadian Statutory Income Tax Change (29) Insurance Recoveries (17) Premium on Debt Buy Back 28 Environmental & Litigation 15 Restructuring Charge 1 Discontinued Operations - R&M asset Sale. (8) Fourth Quarter 2003 Adjusted Earnings $ 167 $.63/Share Median Analyst estimate dated Feb. 2, 2004 Per Share $.62/Share -------------------------------------------------------------------------------- $ Million Third Quarter 2003 Adjusted Earnings 190 $.72/Share Variances North America Lower 48 United States (27) Lower Volumes (15), Higher Dry Holes (9) Higher Expenses Cash (10), Higher Prices +7 Alaska - Timing of Liftings +3, Higher Prices +1 4 Canada - Timing on 3Q Asset Sale (7) (8) Lower Price (3), Tax Rate & Other +2 International E&P 2 Higher Prices; Liquids +5, Gas +7,Lower Production (3) Timing of Crude lifting +7,Timing of Cash Expense (17) Lower Tax Rate and Other +3 Oil & Gas Marketing (Trade) (3) Geothermal - Timing of Power Results (6) (7) All Other (1) Corporate & Other - 16 Lower Net Interest +6, Improved Minerals Results +2, Timing of Litigation +7, All Other +1 Fourth Quarter 2003 Adjusted Earnings $ 167 $.63/Share --------------------------------------------------------------------------------