LYONDELL CHEMICAL COMPANY
CONSOLIDATED STATEMENTS OF INCOME
| |
For the year ended December 31,
|
|
| Millions of dollars, except per share data |
|
2006 |
|
2005 |
|
2004 |
|
|
|
|
|
|
|
|
|
| Sales and other operating revenues:
| |
|
|
|
|
|
|
| Trade |
|
$20,894 |
|
$16,907 |
|
$5,821 |
|
| Related parties |
|
1,334 |
|
1,699 |
|
125 |
|
| |
|
22,228 |
|
18,606 |
|
5,946 |
|
| Operating costs and expenses: |
|
|
|
|
|
|
|
| Cost of sales |
|
19,772 |
|
16,494 |
|
5,464 |
|
| Asset impairments |
|
673 |
|
210 |
|
4 |
|
| Selling, general and administrative expenses |
|
620 |
|
543 |
|
287 |
|
| Research and development expenses |
|
94 |
|
91 |
|
41 |
|
| Purchased in-process research and development |
|
— |
|
— |
|
64 |
|
| |
|
|
|
|
|
|
|
| |
|
21,159 |
|
17,338 |
|
5,860 |
|
| |
|
|
|
|
|
|
|
| Operating income |
|
1,069 |
|
1,268 |
|
86 |
|
| |
|
|
|
|
|
|
|
| Interest expense |
|
(631) |
|
(649) |
|
(463) |
|
| Interest income |
|
41 |
|
46 |
|
14 |
|
| Other income (expense), net |
|
36 |
|
(39) |
|
(11) |
|
| |
|
|
|
|
|
|
|
| Income (loss) before equity investments and income taxes |
|
515 |
|
626 |
|
(374) |
|
| |
|
|
|
|
|
|
|
| Income from equity investments: |
|
|
|
|
|
|
|
| Houston Refining LP |
|
73 |
|
123 |
|
303 |
|
| Equistar Chemicals, LP |
|
— |
|
— |
|
141 |
|
| Other |
|
5 |
|
1 |
|
7 |
|
| |
|
|
|
|
|
|
|
| |
|
78 |
|
124 |
|
451 |
|
| |
|
|
|
|
|
|
|
| Income before income taxes |
|
593 |
|
750 |
|
77 |
|
| Provision for income taxes |
|
407 |
|
219 |
|
23 |
|
| |
|
|
|
|
|
|
|
| Net income |
|
$186 |
|
$531 |
|
$54 |
|
| |
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
| Basic |
|
$0.75 |
|
$2.16 |
|
$0.29 |
|
| |
|
|
|
|
|
|
|
| Diluted |
|
$0.72 |
|
$2.04 |
|
$0.29 |
|
| |
|
|
|
|
|
|
|
See Notes to the Consolidated Financial Statements in Lyondell's 2006 Form 10-K.