EX-99 3 exh99-2.txt EXHIBIT 99.2 Exhibit 99.2 UNOCAL FIRST QUARTER 2004 SUMMARY For a reconciliation of adjusted after-tax earnings refer to the Earnings Release and Tables titled "Net Earnings and Adjusted After-Tax Earnings by Business Segment" and "Adjusted After-tax Earnings Reconciliation" Total Reported First Quarter 2004 Net Earnings $ 269 $1.00/ Share -------------------------------------------------------------------------------- Special Items Gain on Sale of Assets - United States E&P (6) Sale of Geothermal Assets (Indonesia) (21) Legal Settlement - U.S. E&P (15) Environmental & Litigation 12 First Quarter 2004 Adjusted Earnings $ 239 $.89/ Share -------------------------------------------------------------------------------- Median Analyst estimate dated April 26, 2004 $.80/ Share -------------------------------------------------------------------------------- $ Million Fourth Quarter 2003 Adjusted Earnings 167 $.63/ Share Variances North America United States + 21 Higher Prices - Gas +33, Liquids +1 Lower Volumes (25), Lower OPEX +10, Other +2 Canada + 5 Higher Prices - Liquids +5, Gas + 3 Lower Volumes (2), All Other (1) International E&P + 37 Higher Prices; Liquids +13, Gas +3 Higher Production Vol. +2 Timing of Crude Lifting -7, Lower Expenses; Opex +9, Expl +8, Dry Holes +5, Income Tax +3, Other +1 Midstream & Marketing + 6 Marketing Margins +3, Pipeline Results +3 Geothermal - Improved Results + 4 Corporate & Other - 1 Interest - Reclassification of Preferred -7 Other - Reclassification of Preferred +7 All Other -1 First Quarter 2004 Adjusted Earnings $ 239 $.89/ Share --------------------------------------------------------------------------------