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Consolidated Statements of Income

Consolidated Statements of Income

Consolidated Statements of Cash Flows

Consolidated Balance Sheets

Consolidated Statements of Common Stockholders' Equity and Comprehensive Income
Years ended December 31
In millions, except per-share amounts 2001 2000 1999
OPERATING REVENUES          
    Sales, trading and marketing of natural gas
        and petroleum products (Notes 1 and 7)		   $ 33,364     $ 28,284 $ 10,922
    Trading and marketing of electricity (Notes 1 and 7)     18,010     13,086 3,745
    Generation, transmission and distribution of
        electricity (Notes 1 and 4)		     5,410     5,315 4,799
    Transportation and storage of natural gas (Notes 1
        and 4)		     996     1,045 1,139
    Gain on sale of equity investment (Note 2)     –     407 –
    Other (Note 8)     1,723     1,181 1,161
        Total operating revenues     59,503     49,318 21,766


OPERATING EXPENSES

  

    Natural gas and petroleum products purchased (Note 1)     32,021     27,670 10,636
    Net interchange and purchased power (Notes 1, 4 and 5)     16,515     12,000 3,507
    Fuel used in electric generation (Notes 1 and 11)     965     781 764
    Other operation and maintenance (Notes 4 and 11)     4,135     3,469 3,701
    Depreciation and amortization (Notes 1 and 5)     1,336     1,167 968
    Property and other taxes     431     418 371
        Total operating expenses     55,403     45,505 19,947


OPERATING INCOME

     4,100     3,813 1,819


OTHER INCOME AND EXPENSES

     156     201 224

INTEREST EXPENSE (Notes 7 and 10)

     785     911 601

MINORITY INTEREST EXPENSE (Notes 2, 12 and 13)

     327     307 142


EARNINGS BEFORE INCOME TAXES

     3,144     2,796 1,300

INCOME TAXES (Notes 1 and 6)

     1,150     1,020 453


INCOME BEFORE EXTRAORDINARY ITEM AND
    CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
    PRINCIPLE

     1,994     1,776 847

EXTRAORDINARY GAIN, NET OF TAX (Note 1)

     –     – 660

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
    PRINCIPLE, NET OF TAX (Note 1)

     (96 )   – –

NET INCOME		     1,898     1,776 1,507


PREFERRED AND PREFERENCE STOCK DIVIDENDS (Note 14)

     14     19 20


EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS

   $ 1,884     $ 1,757 $ 1,487


COMMON STOCK DATA (Note 1)

          
    Weighted-average shares outstanding     767     736 729
    Earnings per share (before extraordinary item and
        cumulative effect of change in accounting principle)		          
            Basic   $ 2.58     $ 2.39 $ 1.13
            Diluted   $  2.56     $ 2.38 $ 1.13
    Earnings per share          
            Basic   $ 2.45     $ 2.39 $ 2.04
            Diluted   $ 2.44     $ 2.38 $ 2.03
    Dividends per share   $ 1.10     $ 1.10 $ 1.10

See Notes to Consolidated Financial Statements.