Millions of dollars, except per-share amounts
| 2004 | 2003 | % Change | |
|---|---|---|---|
| Net income1 | $13,328 | $7,230 | 84% |
| Sales and other operating revenues1 | $151,156 | $120,032 | 26% |
| Capital and exploratory expenditures2 | $8,315 | $7,363 | 13% |
| Total assets at year-end | $93,208 | $81,470 | 14% |
| Total debt at year-end | $11,272 | $12,597 | (11)% |
| Stockholders' equity at year-end | $45,230 | $36,295 | 25% |
| Cash provided by operating activities | $14,690 | $12,315 | 19% |
| Common shares outstanding at year-end3 (Thousands) | 2,107,120 | 2,138,295 | (1)% |
| Per-share data3 | |||
| Net income — diluted1,4 | $6.28 | $3.48 | 81% |
| Cash dividends | $1.53 | $1.43 | 7% |
| Stockholders' equity | $21.47 | $16.97 | 27% |
| Common stock price at year-end | $52.51 | $43.19 | 22% |
| Total debt to total debt-plus-equity ratio | 19.9% | 25.8% | |
| Return on average stockholders' equity | 32.7% | 21.3% | |
| Return on capital employed (ROCE) | 25.8% | 15.7% |
1 Includes discontinued operations
2 Includes equity in affiliates
3 2003 adjusted for stock split
4 2003 includes $0.08 for a capital stock transaction as described in Note 26 to the Consolidated Financial Statements
2 Includes equity in affiliates
3 2003 adjusted for stock split
4 2003 includes $0.08 for a capital stock transaction as described in Note 26 to the Consolidated Financial Statements
Net income rose sharply on the strength of upstream operations and much-improved results from the downstream businesses in 2004. Special-item charges in 2002 reduced earnings more than $3 billion.
- Chemicals & Other
- Crude Oil & Condensate, Natural Gas & Natural Gas Liquids
- Petroleum Products
Sales and other operating revenues increased 26 percent on higher prices for crude oil, natural gas and refined products.
*Includes discontinued operations
- Chemicals & Other
- Refining, Marketing & Transportation
- Exploration & Production
Capital and exploratory expenditures increased about 13 percent from the 2003 level. Years 2000 through 2002 were higher due to additional investments in equity affiliates Tengizchevroil and Dynegy Inc.
*Includes equity in affiliates
Higher earnings helped boost the company's operating cash 19 percent.