1|Page
February 19, 2010
ANALYST: GARRETT B. OZBUN
TRANSOCEAN LTD
Ticker: NYSE: RIG
Sector: Energy
Industry: Oil Well Services &
Equipment
Pricing
Current Price: $85.12 (2/19/10)
52 week: 49.20-94.88
Key Statistics
Market Cap: $27.34 B
Beta: 0.9
P/E: 8.1 (TTM)
EPS: 10.52 (TTM)
Shares: 321.15 M
ROA: *7.95%
ROE:* 14.64%
Net Profit Margin: *25.01%
Operating Margin: *33.65%
Employees: 21,600
*Q3(Sep. ‘09)
Recommendation: HOLD*
The Mizzou IFM Portfolio currently holds 600 shares of
Transocean (RIG). According to our bylaws, the portfolio is not
allowed to hold more than 5% of our total portfolio in one
particular position. However, there are multiple factors that
point to Transocean having substantial growth over the next 5
years and it is my recommendation to take advantage of the Oil
Well Services & Equipment industry through other stocks, ETFs
or by ideally holding more shares of RIG. The growth in
emerging markets will be the major driving force of crude oil
demand moving forward and will heavily influence the increase
in profits for Transocean and companies alike. Transocean
dominates the Oil Well Services & Equipment market. They will
continue to be the world leader for many years to come and
they are an excellent way to expose the fund to a crude oil
market that is steadily rebounding and recovering. Deep water
drilling appears to have the most potential for growth in the
industry. Analysts seem to be very bullish with the current state
of the market and look to capitalize on increasing demand for
crude oil. There are several indicators that I believe reveal that
Transocean is undervalued. I arrived at an intrinsic value of
$116.79 for the stock and this is factoring in only an estimated
average 0.5% growth over the next two years while the market
for crude oil reestablishes itself and moves forward.
Transocean LTD
Transocean LTD. (Transocean), formerly Transocean Inc., is an
international provider of offshore contract drilling services for
oil and gas wells. As of February 03, 2009, the Company owned,
had partial ownership interests in or operated 136 mobile
offshore drilling units. Its fleet included 39 high-specification
floaters (ultra-deepwater, deepwater and harsh environment
semisubmersibles, and drillships), 28 midwater floaters, 10
high-specification jackups, 55 standard jackups and four other
rigs. As of February 03, 2009, the Company also has 10 ultra-
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February 19, 2010
deepwater floaters contracted for or under construction. The Company’s primary business is to
contract these drilling rigs, related equipment and work crews primarily on a day rate basis to
drill oil and gas wells. Transocean is the world's largest offshore drilling contractor. The
company rents out floating, mobile drill rigs, along with the equipment and personnel needed
for operations, to oil and gas companies at a daily rate that averaged $142,000 in 2006.
Transocean's day rates currently extend as high as $650,000 for its deepwater drillships, which
house dual activity derricks and are capable of drilling in ultra-deep ocean depths of 10,000 ft
(3,000 m). Strategy: Transocean's aim is to be the best deep-water operator worldwide. To
achieve that goal, the firm has focused on building both its reputation as a skilled operator, and
its fleet size of drillships and semisubmersibles. The firm has differentiated itself from others in
the industry by its strong operational processes in safety, environmental concerns, and
delivering new ships.
STOCK PERFORMANCE
COMPETITIVE LANDSCAPE
RIG's addressable market for offshore drilling rigs is global in nature, given that rigs can be
mobilized from region to region. Active offshore drilling regions around the globe include the
U.S. Gulf of Mexico, the North Sea, West Africa, Southeast Asia, the Mediterranean, the Caspian
Sea, and the Middle East. With 141 actively marketed mobile offshore drilling rigs as of
February 2009, RIG is the leading player in this market. Of the 141 rigs, 77 are floater rigs--
3|Page
February 19, 2010
semisubmersibles and drillships--of which 51 are rated for deepwater drilling, including the 10
newbuilds. The company has the vast majority of its drilling rigs located in seven regions: West
Africa (26), Northwest Europe (23 rigs), Asia Pacific (21), Egypt/the Middle East/ the
Mediterranean (19), India (13), the U.S. Gulf of Mexico (12), and Brazil (11). In November 2007,
Transocean and GlobalSantaFe merged, combining the former #1 and #2 offshore drillers in the
world, respectively. Their global reach is unmatched by any other competitor.
RIG VS. INDUSTRY LEADERS
Statistic
Industry Leader
RIG
RIG
Rank
Market Capitalization
STO
71.84B 27.34B 3 / 121
P/E Ratio (ttm)
CLR
312.67
8.09 26 / 121
PEG Ratio (ttm, 5 yr expected)
KEG
53.80
0.46 31 / 121
Revenue Growth (Qtrly YoY)
NOG
277.70% -11.60% 12 / 121
EPS Growth (Qtrly YoY)
GST
3050.70% -33.60% 13 / 121
Long-Term Growth Rate (5 yr)
AREX
Return on Equity (ttm)
DO
57.9% 15.68% 16 / 121
39.44% 18.91% 10 / 121
Long-Term Debt/Equity (mrq)
Dividend Yield (annual)
N/A
WHX
15.40%
N/A
N/A
4|Page
February 19, 2010
DIRECT COMPETITOR COMPARISON
Market Cap:
Employees:
Qtrly Rev Growth (yoy):
Revenue (ttm):
Gross Margin (ttm):
EBITDA (ttm):
Oper Margins (ttm):
Net Income (ttm):
EPS (ttm):
P/E (ttm):
PEG (5 yr expected):
P/S (ttm):
RIG
27.34
21,600
-11.60%
12.09
56.57%
6.25
42.51%
3.38
10.520
8.09
0.46
2.21
NE
11.20
N/A
3.30%
3.64
69.50%
2.45
56.08%
1.66
6.419
6.66
0.65
3.07
PDE
5.17
5,700
-16.70%
2.38
51.01%
1.09
36.89%
691.60
3.190
9.29
0.78
2.15
Pvt1
N/A
N/A
N/A
14.231
N/A
N/A
N/A
1.311
N/A
N/A
N/A
N/A
Industry
146.70
48
32.60%
64.88
50.14%
6.72
-16.50%
N/A
-0.11
16.22
1.61
3.12
NE = Noble Corp.
PDE = Pride International Inc.
Pvt1 = Saipem S.p.A.
Industry = Oil & Gas Drilling & Exploration
1
= As of 2008
INDUSTRY OUTLOOK
Onshore North American drilling activity plunged in late 2008 and continued to drop in the first
half of 2009, but bottomed in June, rising through the end of the year. Most of the earlier
decline occurred in natural gas plays, given weak prices and credit constraints that induced
some upstream customers to pare their capital spending plans, but more than 75% of the
overall rig count recovery since the June 2009 bottoming has occurred in oil plays, including
unconventional oil. S&P Net Advantage expects a continuing shift in onshore U.S. rig counts
toward unconventional plays that utilize newer rigs, and increased cold-stacking of legacy
drilling rigs. Morningstar reports that they expect to see offshore drilling to account for 50% of
the revenue by year-end 2010. Obviously, offshore conquests are what is moving the industry
currently and has the best potential for growth. There is some talk that crude oil prices may
begin to be based on a currency other than the dollar. However, Transocean has large
international exposure and if anything would be the least affected by a large depreciation of
the dollar.
5|Page
February 19, 2010
ANALYST OPINIONS
RECOMMENDATION TRENDS
Current Month
Last Month
Two Months Ago
0
0
0
0
0
16
15
7
1
1
16
14
7
1
1
Strong Buy
Buy
Hold
Underperform
Sell
Three Months
Ago
14
15
6
1
1
Data provided by Thomson/First Call
RICE TARGET SUMMARY
Mean Target:
Median Target:
High Target:
Low Target:
No. of Brokers:
109.09
108.00
150.00
82.00
34
Data provided by Thomson/First Call
VALUATION
The consensus among analysts is that Transocean is positioned the best it could be in the
industry. Crude oil prices are expected to climb in the near future and emerging markets will
soon play an increasingly larger role in crude oil’s static demand. RIG’s estimated growth rates
are mediocre to disappointing at best over the next two years. I factored this in the FCF model
but did not look at this as a situation where Transocean would have negative growth over the
next two years mainly because they have such extensive backlogs. These backlogs equate to flat
growth at the worst. I calculated the discount rate using the CAPM model. I used an average
beta of .81 (.9-S&P, .74-yahoo finance, and .79-cnbc), a risk free rate of .07 (3 month t-bill rate),
and a market return of 10%. Using these assumptions, the discount rate would be:
K=.0007+.81(.10-.0007) =8.113%
A discount rate of 8.113% is very aggressive so I instead used the rate of 9.25% and a second
stage growth rate of 2%. Using these numbers I arrived at an intrinsic value of $116.79.
6|Page
February 19, 2010
Analyst Note Feb. 16, 2010 Transocean announced that its board of directors has authorized
company management to pursue a $3.2 billion share-buyback program as well as the issuance
of a $1 billion special dividend. Shareholders originally approved the share-buyback program
last May. Transocean has repeatedly indicated that it was open to further special dividends
once its backlog of work provided a sufficient monetary cushion over its total debt.
(Morningstar)
Bulls Say (Morningstar)




The firm's backlog of over $30 billion for the next five years provides stability. Management's decision
to return $15 billion to shareholders is a clever way to monetize the backlog's value.
The deep-water market is positioned to expand substantially in the coming years because of large
deep-water discoveries, and Transocean has positioned itself as the prime beneficiary.
Transocean's deep-water fleet of 70 drillships and semisubmersibles will be more than double the size
of its next largest competitor. This dominant market share will give Transocean an edge when bidding
for new contracts.
Only about 1%-2% of the contracts can be canceled by client termination, and those particular
contracts contain day rates far below market rates. About a third of the deep-water backlog is also
protected with cost escalation clauses for labor costs.
Bears Say (Morningstar)




A decline in day rates can have a substantial impact onTransocean. Semisubmersible day rates
declined 21% during 2002-2004 and 70% during 1998-1999. Jackup day rates declined 70% during
1997-1999.
Petrobras' preference toward awarding drilling and rig-building contracts to local suppliers may mean
Transocean will be shut out of a lucrative market.
About 4% of the firm's backlog is with non-investment-grade customers. This group could face
financial difficulties and default on their contracts with Transocean.
An unexpected increase in the amount of shipyard time for maintenance on older ships could cost
Transocean valuable profits.
FINANCIAL STATEMENTS (RIG)
In Millions of USD (except for
per share items)
Revenue
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Gross Profit
Selling/General/Admin. Expenses,
Total
Research & Development
Depreciation/Amortization
Interest Expense(Income) - Net
Operating
Unusual Expense (Income)
Other Operating Expenses, Total
3 months
ending 200909-30
2,660.00
163.00
2,823.00
1,396.00
1,264.00
3 months
ending 200906-30
2,700.00
182.00
2,882.00
1,277.00
1,423.00
3 months
ending 200903-31
2,938.00
180.00
3,118.00
1,171.00
1,767.00
3 months
ending 200812-31
2,963.00
307.00
3,270.00
1,408.00
1,555.00
3 months
ending 200809-30
2,842.00
350.00
3,192.00
1,426.00
1,416.00
50.00
51.00
50.00
59.00
45.00
367.00
360.00
355.00
396.00
336.00
-
-
-
-
-
60.00
-
81.00
-
225.00
-
323.00
-
2.00
-
7|Page
In Millions of USD (except for
per share items)
Total Operating Expense
Operating Income
Interest Income(Expense), Net
Non-Operating
Gain (Loss) on Sale of Assets
Other, Net
Income Before Tax
Income After Tax
Minority Interest
Equity In Affiliates
Net Income Before Extra. Items
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income
Preferred Dividends
Income Available to Common
Excl. Extra Items
Income Available to Common
Incl. Extra Items
Basic Weighted Average Shares
Basic EPS Excluding
Extraordinary Items
Basic EPS Including Extraordinary
Items
Dilution Adjustment
Diluted Weighted Average Shares
Diluted EPS Excluding
Extraordinary Items
Diluted EPS Including
Extraordinary Items
Dividends per Share - Common
Stock Primary Issue
Gross Dividends - Common Stock
Net Income after Stock Based
Comp. Expense
Basic EPS after Stock Based
Comp. Expense
Diluted EPS after Stock Based
Comp. Expense
Depreciation, Supplemental
Total Special Items
Normalized Income Before Taxes
Effect of Special Items on Income
February 19, 2010
3 months
3 months
3 months
3 months
3 months
ending 2009- ending 2009- ending 2009- ending 2008- ending 200809-30
06-30
03-31
12-31
09-30
1,873.00
1,769.00
1,801.00
2,186.00
1,809.00
950.00
1,113.00
1,317.00
1,084.00
1,383.00
-
-
-
-
-
9.00
844.00
706.00
4.00
710.00
710.00
-
-8.00
992.00
808.00
-2.00
806.00
806.00
-
8.00
1,190.00
939.00
3.00
942.00
942.00
-
46.00
1,011.00
801.00
-1.00
800.00
800.00
-
-12.00
1,235.00
1,060.00
3.00
1,063.00
1,063.00
-
706.00
801.00
937.00
800.00
1,060.00
706.00
801.00
937.00
800.00
1,060.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.00
322.00
0.00
321.00
0.00
320.00
0.00
321.00
0.00
321.00
2.19
2.50
2.93
2.49
3.30
-
-
-
-
-
0.00
0.00
0.00
0.00
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8|Page
February 19, 2010
3 months
ending 200909-30
In Millions of USD (except for
per share items)
Taxes
Income Taxes Ex. Impact of
Special Items
Normalized Income After Taxes
Normalized Income Avail to
Common
Basic Normalized EPS
Diluted Normalized EPS
3 months
ending 200906-30
3 months
ending 200903-31
3 months
ending 200812-31
3 months
ending 200809-30
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.35
2.70
3.48
3.29
3.31
12 months
In Millions of USD (except for per 12 months ending
ending 2007-12share items)
2008-12-31
31
Revenue
11,446.00
6,036.00
Other Revenue, Total
1,228.00
341.00
Total Revenue
12,674.00
6,377.00
Cost of Revenue, Total
5,355.00
2,781.00
Gross Profit
6,091.00
3,255.00
Selling/General/Admin. Expenses,
199.00
142.00
Total
Research & Development
Depreciation/Amortization
1,436.00
499.00
Interest Expense(Income) - Net
Operating
Unusual Expense (Income)
330.00
-276.00
Other Operating Expenses, Total
Total Operating Expense
7,320.00
3,146.00
Operating Income
5,354.00
3,231.00
Interest Income(Expense), Net NonOperating
Gain (Loss) on Sale of Assets
Other, Net
24.00
297.00
Income Before Tax
4,943.00
3,384.00
Income After Tax
4,200.00
3,131.00
Minority Interest
2.00
0.00
Equity In Affiliates
Net Income Before Extra. Items
4,202.00
3,131.00
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income
4,202.00
3,131.00
Preferred Dividends
Income Available to Common Excl.
4,202.00
3,131.00
Extra Items
Income Available to Common Incl. 4,202.00
3,131.00
12 months
ending 2006-1231
3,745.00
137.00
3,882.00
2,155.00
1,590.00
12 months
ending 2005-1231
2,757.10
134.60
2,891.70
1,720.60
1,036.50
90.00
74.80
401.00
405.80
-
-
-405.00
2,241.00
1,641.00
-186.70
2,014.50
877.20
-
-
55.00
1,607.00
1,385.00
0.00
1,385.00
1,385.00
-
6.70
802.40
715.60
0.00
715.60
715.60
-
1,385.00
715.60
1,385.00
715.60
9|Page
February 19, 2010
12 months
In Millions of USD (except for per 12 months ending
ending 2007-12share items)
2008-12-31
31
Extra Items
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary
Items
Basic EPS Including Extraordinary
Items
Dilution Adjustment
6.00
Diluted Weighted Average Shares
321.00
222.00
Diluted EPS Excluding Extraordinary
13.09
14.13
Items
Diluted EPS Including Extraordinary
Items
Dividends per Share - Common Stock
0.00
0.00
Primary Issue
Gross Dividends - Common Stock
Net Income after Stock Based Comp.
Expense
Basic EPS after Stock Based Comp.
Expense
Diluted EPS after Stock Based Comp.
Expense
Depreciation, Supplemental
Total Special Items
Normalized Income Before Taxes
Effect of Special Items on Income
Taxes
Income Taxes Ex. Impact of Special
Items
Normalized Income After Taxes
Normalized Income Avail to
Common
Basic Normalized EPS
Diluted Normalized EPS
14.19
12.98
In Millions of USD (except for per
share items)
Cash & Equivalents
Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
As of 200909-30
886.00
180.00
1,066.00
2,614.00
2,614.00
457.00
466.00
As of 200906-30
907.00
174.00
1,081.00
2,674.00
2,674.00
451.00
424.00
12 months
12 months
ending 2006-12- ending 2005-1231
31
-
-
-
-
-
-
6.00
227.50
6.30
237.58
6.11
3.04
-
-
0.00
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.58
2.34
As of 200903-31
1,302.00
112.00
1,414.00
2,884.00
2,884.00
458.00
459.00
As of 200812-31
963.00
333.00
1,296.00
2,864.00
2,864.00
432.00
757.00
As of 200809-30
829.00
392.00
1,221.00
2,783.00
2,783.00
429.00
855.00
10 | P a g e
In Millions of USD (except for per
share items)
Total Current Assets
Property/Plant/Equipment, Total Gross
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital Leases
Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities & Shareholders' Equity
Shares Outs - Common Stock Primary
Issue
Total Common Shares Outstanding
February 19, 2010
As of 2009- As of 2009- As of 2009- As of 2008- As of 200809-30
06-30
03-31
12-31
09-30
4,603.00
4,630.00
5,215.00
5,349.00
5,288.00
28,513.00
27,275.00
26,373.00
25,836.00
25,152.00
8,134.00
751.00
36,018.00
827.00
0.00
702.00
1,055.00
2,584.00
11,220.00
11,220.00
11,922.00
772.00
-1.00
1,736.00
16,311.00
4,470.00
7,394.00
8,134.00
842.00
35,257.00
829.00
0.00
1,163.00
967.00
2,959.00
10,890.00
10,890.00
12,053.00
699.00
13.00
1,714.00
16,275.00
4,468.00
7,388.00
8,134.00
856.00
35,259.00
745.00
0.00
2,040.00
1,004.00
3,789.00
10,924.00
10,924.00
12,964.00
673.00
0.00
1,753.00
17,139.00
4,455.00
7,344.00
8,128.00
844.00
35,182.00
914.00
0.00
664.00
1,123.00
2,701.00
12,893.00
12,893.00
13,557.00
666.00
3.00
1,755.00
18,018.00
4,444.00
7,313.00
8,346.00
976.00
35,165.00
934.00
0.00
932.00
1,087.00
2,953.00
13,851.00
13,851.00
14,783.00
755.00
3.00
1,528.00
19,090.00
3.00
10,911.00
8,285.00
7,575.00
6,769.00
5,827.00
5,207.00
-442.00
19,707.00
36,018.00
-449.00
18,982.00
35,257.00
-448.00
18,120.00
35,259.00
-420.00
17,164.00
35,182.00
-46.00
16,075.00
35,165.00
-
-
-
-
-
321.14
320.95
320.00
319.26
319.07
In Millions of USD (except for per share
items)
Cash & Equivalents
Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Net
Receivables - Other
Total Receivables, Net
As of 2008-1231
963.00
333.00
1,296.00
2,798.00
2,864.00
As of 2007-1231
1,241.00
0.00
1,241.00
2,209.00
2,370.00
As of 2006-1231
467.00
467.00
929.00
946.00
As of 2005-1231
445.40
445.40
582.50
599.70
11 | P a g e
February 19, 2010
In Millions of USD (except for per share
items)
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total - Gross
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital Leases
Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities & Shareholders' Equity
Shares Outs - Common Stock Primary Issue
Total Common Shares Outstanding
In Millions of USD (except for per
share items)
Net Income/Starting Line
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
As of 2008-1231
432.00
757.00
5,349.00
25,802.00
8,128.00
867.00
35,171.00
914.00
463.00
0.00
664.00
660.00
2,701.00
13,522.00
13,522.00
14,186.00
666.00
3.00
1,755.00
18,647.00
4,444.00
6,492.00
6,008.00
-420.00
16,524.00
35,171.00
319.26
9 months ending
2009-09-30
2,453.00
1,082.00
50.00
397.00
As of 2007-1231
333.00
352.00
4,296.00
24,545.00
8,219.00
919.00
34,364.00
805.00
509.00
0.00
6,172.00
416.00
7,902.00
11,085.00
11,085.00
17,257.00
681.00
5.00
2,125.00
21,798.00
3.00
10,799.00
1,806.00
-42.00
12,566.00
34,364.00
317.22
6 months ending
2009-06-30
1,747.00
715.00
26.00
301.00
As of 2006-1231
160.00
83.00
1,656.00
10,539.00
2,195.00
299.00
11,476.00
477.00
0.00
95.00
467.00
1,039.00
3,203.00
3,203.00
3,298.00
54.00
4.00
340.00
4,640.00
2.00
8,045.00
-1,181.00
-30.00
6,836.00
11,476.00
204.61
3 months ending
2009-03-31
939.00
355.00
6.00
191.00
As of 2005-1231
156.20
77.80
1,279.10
9,791.00
2,208.90
8.10
212.90
10,457.20
254.00
0.00
400.00
269.60
923.60
1,197.10
1,197.10
1,597.10
65.00
3.60
286.20
2,475.50
3.20
10,565.30
-2,566.40
-20.40
7,981.70
10,457.20
227.33
12 months ending
2008-12-31
4,202.00
1,436.00
8.00
-366.00
12 | P a g e
February 19, 2010
In Millions of USD (except for per
share items)
Changes in Working Capital
Cash from Operating Activities
Capital Expenditures
Other Investing Cash Flow Items,
Total
Cash from Investing Activities
Financing Cash Flow Items
Total Cash Dividends Paid
Issuance (Retirement) of Stock, Net
Issuance (Retirement) of Debt, Net
Cash from Financing Activities
Foreign Exchange Effects
Net Change in Cash
Cash Interest Paid, Supplemental
Cash Taxes Paid, Supplemental
9 months ending
2009-09-30
441.00
4,423.00
-2,195.00
6 months ending
2009-06-30
228.00
3,017.00
-1,655.00
3 months ending
2009-03-31
-50.00
1,441.00
-708.00
12 months ending
2008-12-31
-321.00
4,959.00
-2,208.00
169.00
167.00
229.00
12.00
-2,026.00
7.00
3.00
-2,484.00
-2,474.00
-77.00
-
-1,488.00
-3.00
9.00
-1,591.00
-1,585.00
-56.00
-
-479.00
-104.00
17.00
-536.00
-623.00
339.00
-
-2,196.00
-16.00
44.00
-3,069.00
-3,041.00
-278.00
545.00
461.00
In Millions of USD (except for
per share items)
Net Income/Starting Line
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
Changes in Working Capital
Cash from Operating Activities
Capital Expenditures
Other Investing Cash Flow Items,
Total
Cash from Investing Activities
Financing Cash Flow Items
Total Cash Dividends Paid
Issuance (Retirement) of Stock, Net
Issuance (Retirement) of Debt, Net
Cash from Financing Activities
Foreign Exchange Effects
Net Change in Cash
Cash Interest Paid, Supplemental
Cash Taxes Paid, Supplemental
12 months ending
2008-12-31
4,202.00
1,436.00
8.00
-397.00
-290.00
4,959.00
-2,208.00
12 months ending
2007-12-31
3,131.00
499.00
-40.00
-279.00
-238.00
3,073.00
-1,380.00
12 months ending
2006-12-31
1,385.00
401.00
-23.00
-457.00
-69.00
1,237.00
-876.00
12 months ending
2005-12-31
715.60
405.80
27.10
-154.70
-129.60
864.20
-181.90
12.00
-4,297.00
461.00
350.50
-2,196.00
-16.00
44.00
-3,069.00
-3,041.00
-278.00
545.00
461.00
-5,677.00
-9,896.00
-288.00
13,562.00
3,378.00
774.00
208.00
225.00
-415.00
32.00
-2,532.00
1,700.00
-800.00
22.00
125.00
125.00
168.60
11.40
-169.90
-880.20
-1,038.70
-5.90
128.50
107.20