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FINANCIAL INFORMATION
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Consolidated Statement of Cash Flows
CASH FROM OPERATING
ACTIVITIES COMPARED WITH
CAPITAL EXPENDITURES
& DIVIDENDS
Billions of dollars
15.0
12.0
9.0
6.0
3.0
0.0
$14.7
00 01 02 03 04
$9.6
Dividends
Capital Expenditures
Cash from Operating Activities
CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31
Millions of Dollars 2004 2003 2002 2001 2000
OPERATING ACTIVITIES
Net Income $ 13,328 $ 7,230 $ 1,132 $ 3,288 $ 7,727
Adjustments
Depreciation, Depletion and Amortization 4,935 5,326 5,169 6,986 5,269
Dry Hole Expense 286 256 288 646 462
Distributions (Less) More Than Income
from Equity Affiliates (1,422) (383) 510 (489) (26)
Net Before-Tax Gains on Asset Retirements and Sales (1,882) (194) (33) (116) (371)
Net Foreign Currency Effects 60 199 5 (122) (130)
Deferred Income Tax Provision (224) 164 (81) (768) 521
Net Decrease in Operating Working Capital Composed of:
(Increase) Decrease in Accounts and Notes Receivable (2,515) (265) (1,135) 2,472 (2,162)
(Increase) Decrease in Inventories (298) 115 185 (294) 120
(Increase) Decrease in Prepaid Expenses and Other
Current Assets (76) 261 92 (211) 73
Increase (Decrease) in Accounts Payable and
Accrued Liabilities 2,175 242 1,845 (742) 1,327
Increase (Decrease) in Income and Other Taxes Payable 1,144 (191) 138 (582) 733
Net Decrease in Operating Working Capital 430 162 1,125 643 91
Minority Interest in Net Income 85 80 57 121 111
(Increase) Decrease in Long-Term Receivables (60) 12 (39) (9) (12)
(Increase) Decrease in Other Deferred Charges (69) 1,646 428 61 (129)
Cash Contributions to Employee Pension Plans (1,643) (1,417) (246) (107) (100)
Cumulative Effect of Changes in Accounting Principles – 196 – – –
Gain from Exchange of Dynegy Preferred Stock – (365) – – –
Write-Down of Investments in Dynegy, Before Tax – – 1,796 – –
Extraordinary Before-Tax Loss on Merger-Related
Asset Dispositions – – – 787 –
Other 866 (597) (168) 554 54
NET CASH PROVIDED BY OPERATING ACTIVITIES 114,690 12,315 9,943 11,475 13,467
INVESTING ACTIVITIES
Capital Expenditures (6,310) (5,625) (7,597) (9,713) (7,629)
Advances to Equity Affiliate (2,200) – – – –
Payments of Debt by Equity Affiliates 1,790 68 – – –
Proceeds from Asset Sales 3,671 1,107 2,341 298 1,229
Net (Purchases) Sales of Marketable Securities * (450) 153 209 (183) 80
Proceeds from Redemption of Dynegy Securities – 225 – – –
Net Sales (Purchases) of Other Short-Term Investments 1,– – – 56 (84)
Distribution from Chevron Phillips Chemical Company LLC – – – – 835
Other – – – – (73)
NET CASH USED FOR INVESTING ACTIVITIES (3,499) (4,072) (5,047) (9,542) (5,642)
FINANCING ACTIVITIES
Net Borrowings (Payments) of Short-Term Obligations 114 (3,628) (1,810) 3,830 (3,254)
Proceeds from Issuances of Long-Term Debt 1,– 1,034 2,045 412 1,293
Repayments of Long-Term Debt and
Other Financing Obligations (1,398) (1,347) (1,356) (2,856) (1,241)
Net (Purchases) Sales of Treasury Shares (1,645) 57 41 110 (1,498)
Cash Dividends (3,277) (3,070) (2,991) (2,858) (2,789)
Redemption of Market Auction Preferred Shares – – – (300) –
Redemption of Preferred Stock by Subsidiaries (18) (75) – (463) –
Issuance of Preferred Stock by Subsidiaries – – – 12 –
NET CASH USED FOR FINANCING ACTIVITIES (6,224) (7,029) (4,071) (2,113) (7,489)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 58 95 15 (31) (5)
NET CHANGE IN CASH AND CASH EQUIVALENTS 5,025 1,309 840 (211) 331
CASH AND CASH EQUIVALENTS AT JANUARY 1 4,266 2,957 2,117 2,328 1,997
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 9,291 $ 4,266 $ 2,957 $ 2,117 $ 2,328
* Net (Purchases) Sales of Marketable Securities consist of the following
gross amounts:
Marketable Securities Purchased $ (1,951) $ (3,563) $ (5,789) $ (2,848) $ (6,671)
Marketable Securities Sold 1,501 3,716 5,998 2,665 6,751
Net (Purchases) Sales of Marketable Securities $ (450) $ 153 $ 209 $ (183) $ 80
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