EX-99 3 exh99-2.txt EXHIBIT 99.2 COVER PAGE RECON Exhibit 99.2 UNOCAL FIRST QUARTER 2005 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 First Quarter 2005 Net Earnings $ 454 $1.66/ Share -------------------------------------------------------------------------------- Special Items Gain on Sale of Assets (24) Environmental & Litigation 11 First Quarter 2005 Adjusted Earnings $ 441 $1.62/ Share -------------------------------------------------------------------------------- Mean Analyst estimate dated April 25, 2005 $1.37/ Share -------------------------------------------------------------------------------- Variance Explanations to; $ Million Fourth Quarter 2004 Adjusted Earnings 313 $1.17/ Share North America United States E&P +77 Lower Dry Hole Expense +36 Higher Liquids Prices +16 ($44.46 vs. $ 39.46) Higher Natural Gas Prices +19 ($ 5.93 vs. $ 5.39) Lower Impairments +17 All Other Factors -11 Canada E&P + 4 Lower Dry Hole Expense + 4 Higher Liquids Prices + 3 ($ 38.31 vs. $ 35.60) Higher Income Tax Expense - 3 Asia E&P +43 Higher Liquids Prices +11 ($ 45.50 vs. $ 42.87) Lower Cash Expense +20 ($ 0.91 per BOE) Lower Income Tax (Foreign Exchange) +18 All Other Factors - 6 Other International E&P +16 Higher Liquids Prices + 5 ($ 47.57 vs. $ 43.89) Lower Dry Hole & Exploration Expense + 4 Lower Income Tax & Other Foreign Exch. + 7 Midstream & Marketing + 9 Higher Gas Storage & P/L Results Geothermal - 5 Timing of Revenues Corporate & Other -16 Lower Net Interest + 5 Lower Environmental & Litigation + 4 Timing of 4Q Items & Other -25 First Quarter 2005 Adjusted Earnings $ 441 $1.62/ Share --------------------------------------------------------------------------------