Consolidated Statements of Operations
| Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||||||
| (In millions, except per share amounts) | |||||||||
| Revenues: Oil sales |
$ | 3,493 | 2,434 | 1,794 | |||||
| Gas sales | 5,163 | 4,912 | 5,761 | ||||||
| NGL sales | 970 | 749 | 680 | ||||||
| Marketing and midstream revenues | 1,736 | 1,672 | 1,792 | ||||||
| Total revenues | 11,362 | 9,767 | 10,027 | ||||||
| Expenses and other income, net: Lease operating expenses |
1,828 | 1,425 | 1,244 | ||||||
| Production taxes | 340 | 341 | 335 | ||||||
| Marketing and midstream operating costs and expenses | 1,227 | 1,236 | 1,342 | ||||||
| Depreciation, depletion and amortization of oil and gas properties | 2,655 | 2,058 | 1,767 | ||||||
| Depreciation and amortization of non-oil and gas properties | 203 | 173 | 157 | ||||||
| Accretion of asset retirement obligation | 74 | 47 | 42 | ||||||
| General and administrative expenses | 513 | 397 | 291 | ||||||
| Interest expense | 430 | 421 | 533 | ||||||
| Change in fair value of financial instruments | (34 | ) | 178 | 94 | |||||
| Reduction of carrying value of oil and gas properties | — | 36 | 42 | ||||||
| Other income, net | (98 | ) | (115 | ) | (198 | ) | |||
| Total expenses and other income, net | 7,138 | 6,197 | 5,649 | ||||||
| Earnings from continuing operations before income tax expense | 4,224 | 3,570 | 4,378 | ||||||
| Income tax expense: Current |
500 | 528 | 1,033 | ||||||
| Deferred | 578 | 408 | 448 | ||||||
| Total income tax expense | 1,078 | 936 | 1,481 | ||||||
| Earnings from continuing operations | 3,146 | 2,634 | 2,897 | ||||||
| Discontinued operations: Earnings from discontinued operations before income taxes |
696 | 464 | 173 | ||||||
| Income tax expense | 236 | 252 | 140 | ||||||
| Earnings from discontinued operations | 460 | 212 | 33 | ||||||
| Net earnings | 3,606 | 2,846 | 2,930 | ||||||
| Preferred stock dividends | 10 | 10 | 10 | ||||||
| Net earnings applicable to common stockholders | $ | 3,596 | 2,836 | 2,920 | |||||
Basic net earnings per share: Earnings from continuing operations |
$ | 7.05 | 5.94 | 6.31 | |||||
| Earnings from discontinued operations | 1.03 | 0.48 | 0.07 | ||||||
| Net earnings | $ | 8.08 | 6.42 | 6.38 | |||||
Diluted net earnings per share: Earnings from continuing operations |
$ | 6.97 | 5.87 | 6.19 | |||||
| Earnings from discontinued operations | 1.03 | 0.47 | 0.07 | ||||||
| Net earnings | $ | 8.00 | 6.34 | 6.26 | |||||
Weighted average common shares outstanding: Basic |
445 | 442 | 458 | ||||||
| Diluted | 450 | 448 | 470 | ||||||
See accompanying notes to consolidated financial statements.