1. Consolidated Statements of Operations
In millions, except per-share amounts
For the twelve months ended
December 31,
2008 2007 2006 2005 2004
REVENUES
Net sales
Oil and gas $ 18,187 $ 13,304 $ 11,712 $ 8,946 $ 6,308
Chemical 5,112 4,664 4,815 4,641 3,675
Midstream, marketing and other 1,598 1,388 934 740 556
Eliminations (680) (572) (286) (174) (139)
24,217 18,784 17,175 14,153 10,400
Interest, dividends and other income 236 355 381 181 144
Gains on disposition of assets, net 27 874 118 870 1
24,480 20,013 17,674 15,204 10,545
COSTS AND OTHER DEDUCTIONS
Cost of sales 7,423 6,454 6,009 5,209 4,238
Selling, general and administrative and other operating expenses 1,257 1,320 1,145 960 805
Depreciation, depletion and amortization of assets (a) 2,710 2,379 2,008 1,372 1,169
Taxes other than on income 588 414 394 295 223
Environmental remediation 28 107 47 62 59
Exploration expense 327 364 296 310 210
Charges for Impairments 647 58 - 182 -
Interest and debt expense, net 129 339 291 293 260
13,109 11,435 10,190 8,683 6,964
INCOME BEFORE TAXES AND OTHER ITEMS 11,371 8,578 7,484 6,521 3,581
Provision for domestic and foreign income taxes 4,629 3,507 3,354 1,841 1,542
Minority interest 116 75 111 74 76
(Income) / loss from equity investments (213) (82) (183) (232) (113)
Gain on Lyondell stock issuance - - - - (121)
INCOME FROM CONTINUING OPERATIONS 6,839 5,078 4,202 4,838 2,197
Discontinued operations, net 18 322 (11) 452 377
Cumulative effect of changes in accounting principles, net - - - 3 -
NET INCOME $ 6,857 $ 5,400 $ 4,191 $ 5,293 $ 2,574
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 8.37 $ 6.08 $ 4.93 $ 6.00 $ 2.78
Discontinued operations, net 0.02 0.39 (0.01) 0.56 0.47
BASIC EARNINGS PER COMMON SHARE $ 8.39 $ 6.47 $ 4.92 $ 6.56 $ 3.25
DILUTED EARNINGS PER COMMON SHARE $ 8.35 $ 6.44 $ 4.87 $ 6.47 $ 3.21
DIVIDENDS PER COMMON SHARE $ 1.21 $ 0.94 $ 0.80 $ 0.645 $ 0.55