EX-99 3 exh99-2.txt EXHIBIT 99.2 RESERVES PR Exhibit 99.2 UNOCAL FOURTH 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 Fourth Quarter 2004 Net Earnings $ 268 $1.00/ Share -------------------------------------------------------------------------------- Special Items Gain on Sale of Assets (17) Income Tax Settlements (15) Environmental & Litigation & Other 56 O.I.L. Insurance Adjustment 21 Fourth Quarter 2004 Adjusted Earnings $ 313 $1.17/ Share -------------------------------------------------------------------------------- Mean Analyst estimate dated January 24, 2005 $1.17/ Share -------------------------------------------------------------------------------- Variance Explanations to; $ Million Third Quarter 2004 Adjusted Earnings 294 $1.09/Share North America United States (22) Higher: Dry Holes (34), Impairments (8) Lower Volumes (3), Higher Prices: Liq. +10, Gas +13 Canada (1) Higher Dry Holes (4), Higher Gas Price +3 International E&P (2) Higher OpEx (15) Income Tax (27), Higher Expl. (8) Higher Production Vol. +21, Timing of Crude Lifting +11 Higher Prices +17, Other (1) Midstream & Marketing 14 Higher Gas Storage & P/L Results +11 Higher Marketing Margins 3 Geothermal 19 Impairment in 3Q & Other +15, improved Results +4 Corporate & Other 11 Lower Net Interest +6, All Other +5 Fourth Quarter 2004 Adjusted Earnings $ 313 $1.17/ Share --------------------------------------------------------------------------------