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Selected Financial Data

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Results of Operations

Critical Accounting Policies

Liquidity and Capital Resources

Quantitative and Qualitative Disclosures About Market Risk

Current Issues

Selected Financial Data
In millions, except
    per-share amounts		 2001 2000 1999a 1998 1997b
INCOME STATEMENT          
Operating revenues   $ 59,503     $ 49,318 $ 21,766 $ 17,662 $ 16,309
Operating expenses     55,403     45,505 19,947 15,177 14,339
Operating income     4,100     3,813 1,819 2,485 1,970
Other income and expenses     156     201 224 162 138
Interest expense     785     911 601 514 472
Minority interest expense     327     307 142 96 23
Earnings before income
    taxes		     3,144     2,796 1,300 2,037 1,613
Income taxes     1,150     1,020 453 777 639
Income before extraordinary
    item and cumulative
    effect of change in
    accounting principle		     1,994     1,776 847 1,260 974
Extraordinary gain (loss),
    net of tax		     –     – 660 (8 ) –
Cumulative effect of change
    in accounting principle,
    net of tax		     (96 )   – – – –
Net income     1,898     1,776 1,507 1,252 974
Preferred and preference
    stock dividends		     14     19 20 21 72
Earnings available for
    common stockholders		   $ 1,884     $ 1,757 $ 1,487 $ 1,231 $ 902

BALANCE SHEET
Total assets
 $ 48,375 $ 58,232 $ 33,409 $ 26,806 $ 24,029
Long-term debt, less
    current maturities		 12,321 10,717 8,683 6,272 6,530
COMMON STOCK DATAc          
Shares of common stock
    outstanding		          
    Year end     777     739 733 726 720
    Weighted average     767     736 729 722 720
Earnings per share (before
    extraordinary item
    and cumulative effect of
    change in accounting
    principle)		          
  Basic   $ 2.58     $ 2.39 $ 1.13 $ 1.72 $ 1.26
  Diluted     2.56     2.38 1.13 1.71 1.25
Earnings per share          
  Basic   $ 2.45     $ 2.39 $ 2.04 $ 1.70 $ 1.26
  Diluted     2.44     2.38 2.03 1.70 1.25
Dividends per share     1.10     1.10 1.10 1.10 0.95

COMMON STOCK DATA BY QUARTERc
2001 2000
  Dividends
Per Share		   Stock Priced   Dividends
Per Share		 Stock Price
    High   Low   High Low
First quarter   $ 0 . 275   $ 43 . 50   $ 32 . 41   $ 0 . 275 $ 28 . 94 $ 23 . 19
Second quarter     0 . 55     47 . 74     38 . 40   0 . 55 31 . 25 26 . 16
Third quarter         –     42 . 85     34 . 39   – 42 . 88 28 . 31
Fourth quarter     0 . 275     41 . 35     32 . 22   0 . 275 44 . 97 40 . 22
         


a Financial information reflects a pre-tax $800 million charge for estimated injuries and damages claims. The earnings-per-share effect of this charge was $0.67 per share. (See Note 15 to the Consolidated Financial Statements.)
b Financial information reflects accounting for the 1997 merger with PanEnergy Corp as a pooling of interests. As a result, the financial information gives effect to the merger as if it had occurred January 1, 1997.
c Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001.
d The current-year stock prices represent the intra-day high and low stock price.