Financial Highlights

    (dollars in millions, except per-share amounts)
    For the Year: 1995 1994 1993 1992 1991
    Revenues(1) $2,856 $1,751 $1,793 $1,984 $1,705
    Income from continuing operations(1) 299 165 186 103 70
    Income from discontinued operations 1,019 94 46 25 40
    Extraordinary credit (loss) - -12 - 10 -
    Net income(1)(2) 1,318 247 232 138 110
    Per-share data (fully diluted):
    Average shares (thousands) 104,853 102,502 103,171 90,816 83,780
    Income from continuing operations 2.76 1.52 1.71 0.97 0.69
    Income from discontinued operations 9.72 0.92 0.45 0.28 0.48
    Extraordinary credit (loss) - -0.12 - 0.11 -
    Net income 12.48 2.32 2.16 1.36 1.17
    Common dividends paid per share 1.08 0.84 0.78 0.76 0.7
    Cash provided by continuing operations 829 180 187 141 231
    Cash provided by discontinued operations - 169 162 113 167
    Cash provided by operating activities 829 349 349 254 398
    Capital expenditures by continuing operations 828 325 428 527 262
    Capital expenditures by discontinued operations - 143 101 59 55
    Total capital expenditures 828 468 529 586 317
    Depreciation and depletion from continuing operations 369 150 138 122 118
    Depreciation from discontinued operations - 80 73 62 54
    Total depreciation and depletion 369 230 211 184 172
    Return on average common equity(3) 10.40% 15.70% 15.20% 10.60% 9.40%
    Return on average capital(3)(4) 7.50% 9.30% 9.50% 7.30% 7.50%
    At Year-End:
    Property, plant and equipment - net 8,015 3,124 3,679 3,527 3,120
    Total assets 10,495 5,226 5,020 4,982 4,247
    Long-term debt 2,874 1,308 1,605 1,683 1,540
    Stockholders' equity(4) 3,187 1,506 1,724 1,518 1,220
    Net book value per common share(4) 29.14 15.54 15.76 13.74 12.81
    Shares outstanding (thousands) 103,765 90,885 103,079 92,289 83,508
    Debt to debt-plus-equity ratio 47.40% 46.50% 48.20% 52.60% 55.80%
    Total employees 9,921 8,227 7,189 6,795 6,491
    (1)See Notes 5 and 6 for discussion of significant asset sales and write-off of project costs.
    (2)See Note 3 for discussion of the gain from the 1995 sale of discontinued operations.
    (3)Excludes the gain from the 1995 sale of discontinued operations.
    (4) Capital consists of stockholders' equity, preferred stock of subsidiaries, long-term debt and current debt.



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