EX-99 3 exh99-2.txt EXHIBIT 99.2 ANALYST COVER PAGE Exhibit 99.2 UNOCAL SECOND 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" Million --------- Total Reported Second Quarter 2004 Net Earnings $ 341 $1.25/ Share ----------------------------------------------------------------------------- Special Items Gain on Sale of Assets - North America (78) Philippine Geothermal Settlement (46) Income Tax Settlement (27) Agrium Arbitration 29 Environmental Litigation & Other 12 Second Quarter 2004 Adjusted Earnings $ 231 $.86/ Share ---------------------------------------------------------------------------- Mean Analyst estimate dated July 26, 2004 $.83/ Share ---------------------------------------------------------------------------- Variance Explanations to; $ Million First Quarter 2004 Adjusted Earnings 239 $.89/Share North America United States (6) Lower Prices - Gas (18), Lower Expl. Exp. +4, Lower Dry Holes + 7 All Other +1 Canada - Lower Effective Tax Rate +4 International E&P (9) Higher Prices; Liquids +11, Gas +6 Lower Production Vol.(12) Timing of AIOC Lifting +9 Higher Dry Holes (14), Higher D&D (4) Tax Rate & For. Exchange (3), All Other (2) Midstream & Marketing (5) Lower Storage & Pipeline Results Geothermal - Lower Power Results (5) Corporate & Other +13 Lower Admin & Gen. +6, Lower Env. & Lit. +2 Improved Molybdenum Results +6, All Other (1) Second Quarter 2004 Adjusted Earnings $ 231 $.86/ Share ----------------------------------------------------------------------------