|
Millions of dollars, except per-share amounts
|
|
2003 |
2002 |
% Change |
| Net income |
$7,230 |
$1,132 |
539% |
| Sales and other operating revenues |
$120,032 |
$98,691 |
22% |
| Capital and exploratory expenditures* |
$7,363 |
$9,255 |
(20)% |
| Total assets at year-end |
$81,470 |
$77,359 |
5% |
| Total debt at year-end |
$12,597 |
$16,269 |
(23)% |
| Stockholders' equity at year-end |
$36,295 |
$31,604 |
15% |
| Cash flow from operating activities |
$12,315 |
$9,943 |
24% |
| Common shares outstanding at year-end (Thousands) |
1,069,148 |
1,068,137 |
— |
| Per-share data |
|
|
|
Net income before cumulative effect
of changes in accounting principles — diluted |
$7.14 |
$1.07 |
567% |
| Net income — diluted |
$6.96 |
$1.07 |
550% |
| Cash dividends |
$2.86 |
$2.80 |
2% |
| Stockholders' equity |
$33.95 |
$29.59 |
15% |
| Common stock price at year-end |
$86.39 |
$66.48 |
30% |
| Total debt to total debt-plus-equity ratio |
25.8% |
34.0% |
|
| Return on average stockholders' equity |
21.3% |
3.5% |
|
| Return on average capital employed (ROCE) |
15.7% |
3.2% |
|
* Includes equity in affiliates |
Net income rose sharply on the strength of upstream operations and much-improved results from the downstream businesses in 2003. Special-item charges in 2002 reduced earnings more than $3 billion.
|
Sales and other operating revenues increased 22 percent on higher prices for crude oil, natural gas and refined products.
|
Higher earnings helped boost the company's operating cash flow by 24 percent.
|
The company increased its annual dividend payout for the 16th consecutive year.
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