SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
[X] Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1993
OR
[ ] Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
THE LL&E SAVINGS PLAN
(Full title of the plan)
THE LOUISIANA LAND AND EXPLORATION COMPANY
(Name of the issuer of the securities held pursuant to the plan)
909 Poydras Street
P. O. Box 60350
New Orleans, Louisiana 70160
(Address of principal executive office)
<PAGE>
<PAGE>
Financial Statements and Exhibits
Page
Number
(a) Financial statements: Herein
Independent Auditors' Report ................... 3
Statements of Financial Condition - December 31,
1993 and 1992................................. 4
Statements of Income (Loss) and Changes in Plan
Equity - years ended December 31, 1993 and
1992 and 1991................................. 5
Notes to Financial Statements................... 6-14
Schedules:
Schedule I - omitted because the required
information is shown in the financial
statements or the notes thereto.
Schedule II - Allocation of Plan Assets and
Liabilities to Investment Programs......... 15-18
Schedule III - Allocation of Plan Income
(Loss) and Changes in Plan Equity to
Investment Programs........................ 19-24
(b) Exhibits:
Page
Number
Exhibit No. Description Herein
23 Consent of KPMG Peat Marwick........ 25
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the administrators of The LL&E Savings Plan have duly caused
this annual report to be signed by the undersigned, thereunto duly
authorized.
THE LL&E SAVINGS PLAN
Date: June 7, 1994 /s/Richard A. Bachmann
Richard A. Bachmann
Benefits Committee
<PAGE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Louisiana Land and Exploration Company
Benefits Committee:
We have audited the statements of financial condition of The LL&E
Savings Plan as of December 31, 1993 and 1992, and the related
statements of income (loss) and changes in plan equity for each of
the years in the three-year period ended December 31, 1993. In
connection with our audits of the financial statements, we also
have audited financial statement Schedules II and III. These
financial statements and the financial statement schedules are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements and financial
statement schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial condition of the
Plan at December 31, 1993 and 1992, and the income (loss) and
changes in plan equity for each of the years in the three-year
period ended December 31, 1993, in conformity with generally
accepted accounting principles. Also in our opinion, the related
financial statement schedules, when considered in relation to the
basic financial statements taken as a whole, present fairly, in all
material respects, the information set forth therein.
s/ KPMG Peat Marwick
KPMG Peat Marwick
New Orleans, Louisiana
April 8, 1994
<PAGE>
<PAGE>
<TABLE>
THE LL&E SAVINGS PLAN
Statements of Financial Condition
December 31, 1993 and 1992
<CAPTION>
1993 1992
<S> <C> <C>
ASSETS
Cash and cash equivalents at cost plus accrued
interest $ 2,977 2,845
Capital Stock of The Louisiana Land and Exploration
Company (note 4) 47,563,016 42,716,070
LL&E Royalty Trust Units of Beneficial Interest
(note 5) 208,646 167,982
Investment in Putnam Funds:
Daily Dividend Trust 4,843,675 5,046,432
U.S. Government Income Trust 7,373,392 7,333,222
Fund for Growth and Income 9,176,240 7,426,218
Convertible Income - Growth Trust 5,624,573 4,493,981
Loans to participants (note 2) 3,790,920 3,460,471
$78,583,439 70,647,221
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E (note 4) $ 8,769,585 11,824,539
Interest payable to LL&E (note 4) 3,921 5,272
Plan equity 69,809,933 58,817,410
$78,583,439 70,647,221
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
THE LL&E SAVINGS PLAN
Statements of Income (Loss) and Changes in Plan Equity
Years ended December 31, 1993, 1992 and 1991
<CAPTION>
1993 1992 1991
<S> <C> <C> <C>
Investment income:
Interest and royalties $ 1,162,022 1,028,005 1,248,461
Dividends:
Capital Stock of The Louisiana Land
and Exploration Company 1,196,226 1,325,102 1,321,900
Other investments 679,768 517,051 625,419
1,875,994 1,842,153 1,947,319
Interest income on loans to participants 235,253 271,243 336,339
Net realized gains (losses) on disposition
of investments (note 3) 413,112 578,671 (1,425,724)
Net unrealized appreciation (depreciation)
of investments 7,577,971 4,263,370 (11,190,357)
Contributions:
Employer Allocated 2,620,692 2,586,983 2,532,624
Employer Unallocated 560,014 428,791 745,458
Employees 2,393,868 2,208,702 2,182,689
Benefit payments for terminations and
withdrawals (4,990,388) (8,903,361) (3,371,221)
Interest expense (note 4) (856,015) (1,094,506) (1,321,566)
Income (loss) and changes in plan
equity for year 10,992,523 3,210,051 (8,315,978)
Plan equity beginning of year 58,817,410 55,607,359 63,923,337
Plan equity end of year $69,809,933 58,817,410 55,607,359
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
December 31, 1993, 1992 and 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Presentation
The accompanying financial statements have been prepared
on the accrual basis and present the equity available to
participants in The LL&E Savings Plan (the Plan) and
changes in equity of the Plan. Certain amounts have been
reclassified to conform to the current period's presen-
tation.
Benefits payable for terminations and withdrawals are
included in Plan equity and are charged to income when
paid. This accounting method differs from that required
in Department of Labor Form 5500 which requires benefits
payable to be accrued and charged to income in the period
the liability arises. Accordingly, Plan equity as of
December 31, 1993 and 1992 and income (loss) and changes
in Plan equity for each of the years in the three-year
period ended December 31, 1993 differ from that reported
in Form 5500 as follows:
<TABLE>
<CAPTION>
Plan Equity
1993 1992
<S> <C> <C>
As reported herein $69,809,933 58,817,410
Effect of accrued benefits payable (163,315) (2,451,374)
As reported in Form 5500 $69,646,618 56,366,036
</TABLE>
<TABLE>
<CAPTION>
Income (Loss) and
Changes in Plan Equity
1993 1992 1991
<S> <C> <C> <C>
As reported herein $10,992,523 3,210,051 (8,315,978)
Effect of accrued benefits payable 2,288,059 (2,220,316) (112,951)
As reported in Form 5500 $13,280,582 989,735 (8,428,929)
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
B. Investment in Trust Funds managed by the Trustees
Under the terms of the trust agreement between The
Louisiana Land and Exploration Company (LL&E) and Putnam
Fiduciary Trust Company (trustee or Putnam), Putnam
maintains trust funds on behalf of the Plan. The trust
funds are segregated into investment funds as follows:
o Fund A for employees' and employer's contributions
which are invested primarily in Capital Stock of
LL&E.
o Fund B for loans to participants. The notes
receivable resulting from loans to participants are
maintained in this fund (see Note 2). Benefit
payments for terminations and withdrawals in this
fund relate to the cancellation of loans by parti-
cipants withdrawing from the Plan.
o Fund C contains LL&E Royalty Trust Units of
Beneficial Interest (see Note 5). No new amounts
are being invested in this fund, except that income
on existing Royalty Trust Units and any repayments
of loans to participants in this fund are rein-
vested in additional Units.
o Fund D for employees' contributions which are
invested in the Putnam Daily Dividend Trust, a
mutual fund which invests in money market instru-
ments.
o Fund E for employees' contributions which are
invested in the Putnam U.S. Government Guaranteed
Securities Income Trust, a fund which invests
exclusively in securities backed by the full faith
and credit of the United States government and
repurchase agreements with respect to these securi-
ties.
o Fund F for employees' contributions which are
invested in the Putnam Fund for Growth and Income,
a fund which invests primarily in a variety of
common stocks.
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
o Fund G for employees' contributions which are
invested in the Putnam Convertible Income-Growth
Trust, a fund which invests primarily in conver-
tible bonds and convertible preferred stocks.
Participants in the Plan are permitted to direct the
investment of their contributions to the Plan in any of
Funds A, D, E, F or G and up to eight transfers per year
between these funds are allowed on a daily basis.
The investment and changes therein of all funds are
determined through the use of quoted market prices.
Realized gains or losses and unrealized appreciation or
depreciation of investments are determined in accordance
with Department of Labor regulations for Form 5500. The
cost basis of investments are either fair market value at
the beginning of the year and/or cost of current year
additions, as appropriate. Dispositions of investments
are on a first-in first-out basis.
The number of participants by fund at December 31, 1993 was as
follows:
Number of
Fund Participants
A 868
B 327
C 129
D 285
E 387
F 510
G 382
Since, within certain limitations, investments may be made
simultaneously in more than one fund by an individual
participant, an individual may be included more than once in
the above count. The individual participants in the Plan at
December 31, 1993 numbered 868.
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
2. CONTRIBUTIONS AND BENEFITS
The Plan is a contributory savings plan sponsored by LL&E.
Individuals eligible for participation in the Plan are the
employees of LL&E and of any affiliated corporation (as
defined in the Plan) that has adopted the Plan.
The major provisions of the Plan as of December 31, 1993 are
as follows:
A. Non-Contributory Participation
The employer contributes monthly to the Plan
participants' accounts an amount determined in accordance
with the following schedule:
Percent of Covered
Credited Service Compensation
Less than 5 years 2%
5 years or more 4%
Non-contributory participation is not dependent on the
eligible employees' contributory participation.
B. Contributory Participation
Employees are allowed to make tax-deferred contributions
to the Plan in the amount of between 2% and 12% of
compensation. The amount of tax-deferred contributions
are limited by federal tax legislation. Where tax-
deferred contributions elected by participants exceed
these limitations, any excess tax-deferred contributions
are distributed to the affected parties.
The employer will contribute an amount to the
participants' accounts based on a percentage of the
dollar amount contributed voluntarily, if any, by the
participants. The additional employer's contributions
are applicable to voluntary participant contributions
which are not in excess of 6% of covered compensation and
are determined in accordance with the following schedule:
Percent of Voluntary
Contribution Matched
Credited Service by Employer
Less than 5 years 50%
5 years or more 100%
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
The employer will also make additional monthly
contributions (unallocated contributions) sufficient to
fund the ESOP loans (see Note 4).
Participants pay no federal income tax on their tax-
deferred contributions or on the employer contributions,
or on any earnings on their accounts, until withdrawals
or distributions are made from their accounts.
C. Other Significant Plan Provisions
Participants in the Plan become fully vested in their
account balance derived from employer contributions upon
the earliest to occur of the following:
o Completion of five years of service
o Attainment of age 65
o Retirement pursuant to the early retirement
provisions of The LL&E Pension Plan
o Death
o Termination of employment by reason of a reduction
in labor force
o Total disability, as defined in the Plan
o Acquisition of 30% or more of LL&E's outstanding
voting securities by any one person, entity or
group without approval by the Board of Directors of
LL&E
o Under certain circumstances in the event of a
change in control as defined in The LL&E Special
Termination Benefit Plan in the case of certain
employees covered by said plan.
Participants are at all times fully vested in their
account balance derived from their own contributions,
including any earnings or losses thereon.
Participants may elect that the vested portions of
employer and employee contributions, plus income or
earnings thereon, be distributed to them in a lump sum i)
as soon as practicable following termination of employ-
ment, ii) on or about the date one year after termination
of employment or iii) on or about age 65. Upon termi-
nation, other than described above, nonvested employer
contributions and earnings thereon are forfeited by
participants and such amounts reduce employer contribu-
tions under the Plan.
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
Participants in the Plan may make a qualified plan
rollover contribution or an individual retirement account
rollover contribution, as defined in the Plan. The
contributions may only be made if they meet the require-
ments of a tax-free rollover for federal income tax
purposes. Amounts are invested in Funds A, D, E, F or G,
as designated by the participant.
Participants can withdraw all or any portion of their
after-tax contributions, plus earnings thereon. Parti-
cipants cannot withdraw any tax-deferred contributions or
any earnings thereon while employed at LL&E.
Participants may, as of any valuation date, withdraw all
or any portion of their vested account balance derived
from matching employer contributions, and any earnings
thereon, subject to several specific rules as defined in
the Plan.
Participants may borrow (Fund B) from the portions of
their account derived from employer contributions except
ESOP's, transfers from the LL&E Benefit Plan and tax-free
rollovers, and employee contributions, and any earnings
thereon, subject to several specific rules as defined in
the Plan. No loan from the Plan may be in excess of the
lesser of $50,000 or 50% of the participant's vested
account balance and repayments will be made through bi-
weekly payroll deductions over a five-year period or may
be prepaid by paying the full outstanding balance. The
annual loan interest rate is fixed from time to time at
the prime rate. Participants borrow from their
transferred Benefit Plan and tax-free rollover account
balances first. Loans are secured by the applicable
participants' vested account balance. Only one loan may
be outstanding at any time. Loan repayments will be
deposited into a participant's accounts in reverse of the
order of the accounts from which the loan was derived.
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
The amended and restated Plan document and subsequent
amendments more fully explain the details of the Plan and
are made available to Plan participants by the Plan
administrator.
3. NET REALIZED GAINS (LOSSES) ON DISPOSITION OF INVESTMENTS
The following is a summary of net realized gains (losses)
on the disposition of investments for the years ended
December 31, 1993, 1992 and 1991:
</TABLE>
<TABLE>
<CAPTION>
1993 1992 1991
<S> <C> <C> <C>
Aggregate market value of Capital
Stock of LL&E sold $ 8,117,331 9,689,558 6,022,895
Aggregate cost basis of Capital
Stock of LL&E sold 7,886,500 9,276,316 7,695,231
Net realized gains (losses) on
sale of Capital Stock of LL&E 230,831 413,242 (1,672,336)
Aggregate market value of
other investments sold 6,740,984 9,141,330 7,959,690
Aggregate cost basis of other
investments sold 6,558,703 8,975,901 7,713,078
Net realized gains (losses) on
sale of other investments 182,281 165,429 246,612
$ 413,112 578,671 (1,425,724)
</TABLE>
4. EMPLOYEE STOCK OWNERSHIP PLAN FUND
In November 1987, the Employee Stock Ownership Fund
(ESOP) was created using funds borrowed from LL&E. To
fund the ESOP I, LL&E borrowed $10.2 million (unsecured)
from a bank and loaned the proceeds to the ESOP I. The
ESOP I then used the proceeds to acquire 374,678 shares
of LL&E Capital Stock at an average market price of $27
1/8 per share. The loan to the ESOP I is secured by
LL&E's Capital Stock owned by the ESOP I and is subject
to substantially the same repayment terms as LL&E's bank
loan. The ESOP I will repay the loan, with interest,
from LL&E's allocated and unallocated contributions to
the fund along with quarterly dividends paid on the
Capital Stock acquired with the ESOP I loan proceeds.
LL&E's bank loan will be similarly repaid monthly through
November 1994. The interest rate is fixed at 8.2%. <PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
The Capital Stock of LL&E acquired by the ESOP I was
initially classified as unallocated by the Plan. As
principal payments are made to LL&E, shares of Capital
Stock are reclassified to allocated in an amount equal to
the principal payment divided by the average purchase
price of $27 1/8. As of December 31, 1993, 260,233
shares of Capital Stock have been reclassified to
allocated.
On May 3, 1988, LL&E obtained additional financing of
approximately $14 million (unsecured) from a bank. These
funds were loaned to the ESOP II which purchased 461,690
shares of LL&E Capital Stock at an average purchase price
of $30.25. The loan to the ESOP II is secured by LL&E's
Capital Stock owned by the ESOP II and is subject to
substantially the same repayment terms as LL&E's bank
loan. The ESOP II will repay the loan, with interest,
from LL&E's allocated and unallocated contributions to
the fund along with quarterly dividends paid on the
Capital Stock acquired with the ESOP II loan proceeds.
LL&E's bank loan will similarly be repaid monthly through
May 1995. The interest rate is fixed at 8.2%.
The Capital Stock of LL&E acquired by the ESOP II was
initially classified as unallocated by the Plan. As
principal payments are made to LL&E, shares of Capital
Stock are reclassified to allocated in an amount equal to
the principal payment divided by the average purchase
price of $30.25. As of December 31, 1993, 279,382 shares
of Capital Stock have been reclassified to allocated.
5. DISTRIBUTION OF LL&E ROYALTY TRUST UNITS OF BENEFICIAL
INTEREST
LL&E Royalty Trust Units of Beneficial Interest (the
Units) were distributed by LL&E to holders of record of
its Capital Stock on June 22, 1983 on the basis of one
Unit for each two shares of Capital Stock owned on such
date. The Units received by the Plan (Fund C) were
allocated among the respective accounts of participants
in proportion to the number of shares of Capital Stock in
each account at the record date of the distribution of
the Units and are maintained separately. Monthly royalty
income attributable to the Units are allocated to
participants on the same basis and are reinvested in
additional Units.
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
Participants have the right to decide when the Units
allocated to their respective accounts will be sold.
Participants may exercise a single election to sell all
of their Units and have the proceeds reinvested in
Capital Stock of LL&E which will continue to be held in
the Plan.
6. PLAN TERMINATION
The Board of Directors of LL&E expects to continue the
Plan indefinitely; however, they reserve the right to
amend, modify or discontinue the Plan at any time. In
the event of Plan termination, participants will become
fully vested in their accounts.
7. FEDERAL INCOME TAXES
LL&E has received a favorable determination letter for
the Plan, as amended through November 1, 1987, from the
Internal Revenue Service stating the Plan qualifies under
the provisions of Section 401(a) and 401(k) of the
Internal Revenue Code and is exempt from federal income
taxes under Section 501(a) of the Internal Revenue Code.
LL&E is currently evaluating the need to file an amended
and restated Plan document with the Internal Revenue
Service. LL&E does not expect the Plan's qualifications
under the provisions of 401(a) and 401(k) of the Internal
Revenue Code or its federal income tax exempt status
under Section 501(a) of the Internal Revenue Code to
change due to the changes included in the new Plan
document.
8. FEES AND EXPENSES
Expenses incurred in administering the Plan are paid by
the employer. Expenses in connection with investment
security transactions are added to cost or deducted from
proceeds, as applicable, of additions or retirements.
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1993
<CAPTION>
FUND FUND FUND FUND
A B C D
ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ 2,977 - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) 47,563,016 - - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - 208,646 -
Investment in Putnam Funds:
Daily Dividend Trust - - - 4,843,675
U.S. Government Income
Trust - - - -
Fund for Growth and
Income - - - -
Convertible Income -
Growth Trust - - - -
Loans to participants
(note 2) - 3,790,920 - -
$ 47,565,993 3,790,920 208,646 4,843,675
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ 8,769,585 - - -
Interest payable to LL&E 3,921 - - -
Plan equity 38,792,487 3,790,920 208,646 4,843,675
$ 47,565,993 3,790,920 208,646 4,843,675
Number of units outstanding 1,185,371 43,925 4,843,675
Plan equity per unit $ 32.7260 4.7500 1.0000
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1993
<CAPTION>
FUND FUND FUND FUND
E F G TOTAL
ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - - 2,977
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - - - 47,563,016
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - - 208,646
Investment in Putnam Funds:
Daily Dividend Trust - - - 4,843,675
U.S. Government Income
Trust 7,373,392 - - 7,373,392
Fund for Growth and
Income - 9,176,240 - 9,176,240
Convertible Income -
Growth Trust - - 5,624,573 5,624,573
Loans to participants
(note 2) - - - 3,790,920
$ 7,373,392 9,176,240 5,624,573 78,583,439
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - - 8,769,585
Interest payable to LL&E - - - 3,921
Plan equity 7,373,392 9,176,240 5,624,573 69,809,933
$ 7,373,392 9,176,240 5,624,573 78,583,439
Number of units outstanding 548,207 674,724 286,675
Plan equity per unit $ 13.4500 13.6000 19.6200
</TABLE>
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1992
<CAPTION>
FUND FUND FUND FUND
A B C D
ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ 2,845 - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) 42,716,070 - - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - 167,982 -
Investment in Putnam Funds:
Daily Dividend Trust - - - 5,046,432
U.S. Government Income
Trust - - - -
Fund for Growth and
Income - - - -
Convertible Income -
Growth Trust - - - -
Loans to participants
(note 2) - 3,460,471 - -
$ 42,718,915 3,460,471 167,982 5,046,432
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ 11,824,539 - - -
Interest payable to LL&E 5,272 - - -
Plan equity 30,889,104 3,460,471 167,982 5,046,432
$ 42,718,915 3,460,471 167,982 5,046,432
Number of units outstanding 1,247,184 46,340 5,046,432
Plan equity per unit $ 24.7671 3.6250 1.0000
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1992
<CAPTION>
FUND FUND FUND FUND
E F G TOTAL
ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - - 2,845
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - - - 42,716,070
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - - 167,982
Investment in Putnam Funds:
Daily Dividend Trust - - - 5,046,432
U.S. Government Income
Trust 7,333,222 - - 7,333,222
Fund for Growth and
Income 7,426,218 - 7,426,218
Convertible Income -
Growth Trust - - 4,493,981 4,493,981
Loans to participants
(note 2) - - - 3,460,471
$ 7,333,222 7,426,218 4,493,981 70,647,221
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - - 11,824,539
Interest payable to LL&E - - - 5,272
Plan equity 7,333,222 7,426,218 4,493,981 58,817,410
$ 7,333,222 7,426,218 4,493,981 70,647,221
Number of units outstanding 533,325 578,366 246,651
Plan equity per unit $ 13.7500 12.8400 18.2200
</TABLE>
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1993
<CAPTION>
FUND FUND FUND FUND
A B C D
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 551 - 19,001 127,108
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 1,196,226 - - -
Other investments - - - -
1,196,226 - - -
Interest income on loans
to participants 490,551 (2,396,224) - 447,585
Net realized gains (losses)
on disposition of invest-
ments (note 3) 230,831 - 5,327 -
Net unrealized appreciation
(depreciation) of invest-
ments 7,047,971 - 43,736 -
Contributions:
Employer allocated 2,620,692 - - -
Employer unallocated 560,014 - - -
Employees 196,398 - - 338,611
Benefit payments for
terminations and with-
drawals (2,560,196) (27,327) (24,121) (673,153)
Interest expense (note 4) (856,015) - - -
Transfers between funds -
net (1,023,640) 2,754,000 (3,279) (442,908)
Income (loss) and changes
in plan equity for year 7,903,383 330,449 40,664 (202,757)
Plan equity beginning of
year 30,889,104 3,460,471 167,982 5,046,432
Plan equity end of year $ 38,792,487 3,790,920 208,646 4,843,675
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1993
<CAPTION>
FUND FUND FUND
E F G TOTAL
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 573,261 - 442,101 1,162,022
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - - 1,196,226
Other investments - 679,768 - 679,768
- 679,768 - 1,875,994
Interest income on loans
to participants 598,726 565,083 529,532 235,253
Net realized gains (losses)
on disposition of invest-
ments (note 3) (2,444) 103,843 75,555 413,112
Net unrealized appreciation
(depreciation) of invest-
ments (165,530) 366,342 285,452 7,577,971
Contributions:
Employer allocated - - - 2,620,692
Employer unallocated - - - 560,014
Employees 553,293 839,106 466,460 2,393,868
Benefit payments for
terminations and with-
drawals (730,727) (596,146) (378,718) (4,990,388)
Interest expense (note 4) - - - (856,015)
Transfers between funds -
net (786,409) (207,974) (289,790) -
Income (loss) and changes
in plan equity for year 40,170 1,750,022 1,130,592 10,992,523
Plan equity beginning of
year 7,333,222 7,426,218 4,493,981 58,817,410
Plan equity end of year $ 7,373,392 9,176,240 5,624,573 69,809,933
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1992
<CAPTION>
FUND FUND FUND FUND
A B C D
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 2,046 - 12,077 164,797
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 1,325,102 - - -
Other investments - - - -
1,325,102 - - -
Interest income on loans
to participants 533,764 (2,018,025) - 476,681
Net realized gains (losses)
on disposition of invest-
ments (note 3) 413,242 - 7,224 -
Net unrealized appreciation
(depreciation) of invest-
ments 3,692,440 - 64,415 -
Contributions:
Employer allocated 2,586,983 - - -
Employer unallocated 428,791 - - -
Employees 224,800 - - 377,196
Benefit payments for
terminations and with-
drawals (4,101,340) (460,399) (22,555) (1,245,548)
Interest expense (note 4) (1,094,506) - - -
Transfers between funds -
net (1,653,843) 2,341,000 (3,776) 833,744
Income (loss) and changes
in plan equity for year 2,357,479 (137,424) 57,385 606,870
Plan equity beginning of
year 28,531,625 3,597,895 110,597 4,439,562
Plan equity end of year $ 30,889,104 3,460,471 167,982 5,046,432
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1992
<CAPTION>
FUND FUND FUND
E F G TOTAL
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 620,153 - 228,932 1,028,005
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - - 1,325,102
Other investments - 517,051 - 517,051
- 517,051 - 1,842,153
Interest income on loans
to participants 529,158 397,556 352,109 271,243
Net realized gains (losses)
on disposition of invest-
ments (note 3) (32,304) 108,117 82,392 578,671
Net unrealized appreciation
(depreciation) of invest-
ments (131,643) 160,569 477,589 4,263,370
Contributions:
Employer allocated - - - 2,586,983
Employer unallocated - - - 428,791
Employees 521,867 702,953 381,886 2,208,702
Benefit payments for
terminations and with-
drawals (938,804) (1,426,073) (708,642) (8,903,361)
Interest expense (note 4) - - - (1,094,506)
Transfers between funds -
net (924,529) (464,223) (128,373) -
Income (loss) and changes
in plan equity for year (356,102) (4,050) 685,893 3,210,051
Plan equity beginning of
year 7,689,324 7,430,268 3,808,088 55,607,359
Plan equity end of year $ 7,333,222 7,426,218 4,493,981 58,817,410
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1991
<CAPTION>
FUND FUND FUND FUND
A B C D
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 2,619 - 17,589 271,788
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 1,321,900 - - -
Other investments - - - -
1,321,900 - - -
Interest income on loans
to participants 885,675 (1,939,602) - 406,851
Net realized gains (losses)
on disposition of invest-
ments (note 3) (1,672,336) - (4,597) -
Net unrealized appreciation
(depreciation) of invest-
ments (12,254,502) - (29,785) -
Contributions:
Employer allocated 2,532,624 - - -
Employer unallocated 745,458 - - -
Employees 194,294 - - 459,952
Benefit payments for
terminations and with-
drawals (1,850,902) (188,102) (14,772) (320,372)
Interest expense (note 4) (1,321,566) - - -
Transfers between funds -
net 1,701,232 2,374,747 (4,418) (1,624,647)
Income (loss) and changes
in plan equity for year (9,715,504) 247,043 (35,983) (806,428)
Plan equity beginning of
year 38,247,129 3,350,852 146,580 5,245,990
Plan equity end of year $ 28,531,625 3,597,895 110,597 4,439,562
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE III
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Income (Loss) and Changes in
Plan Equity to Investment Programs
December 31, 1991
<CAPTION>
FUND FUND FUND
E F G TOTAL
Investment income:
<S> <C> <C> <C> <C>
Interest and royalties $ 722,421 - 234,044 1,248,461
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - - 1,321,900
Other investments - 625,419 - 625,419
- 625,419 - 1,947,319
Interest income on loans
to participants 352,831 379,246 251,338 336,339
Net realized gains (losses)
on disposition of invest-
ments (note 3) (1,000) 96,478 155,731 (1,425,724)
Net unrealized appreciation
(depreciation) of invest-
ments 136,489 403,400 554,041 (11,190,357)
Contributions:
Employer allocated - - - 2,532,624
Employer unallocated - - - 745,458
Employees 513,842 611,315 403,286 2,182,689
Benefit payments for
terminations and with-
drawals (491,381) (218,357) (287,335) (3,371,221)
Interest expense (note 4) - - - (1,321,566)
Transfers between funds -
net (907,056) (394,996) (1,144,862) -
Income (loss) and changes
in plan equity for year 326,146 1,502,505 166,243 (8,315,978)
Plan equity beginning of
year 7,363,178 5,927,763 3,641,845 63,923,337
Plan equity end of year $ 7,689,324 7,430,268 3,808,088 55,607,359
/TABLE
<PAGE>
<PAGE>
Exhibit 23
The Benefits Committee
The Louisiana Land and Exploration Company:
We consent to incorporation by reference in the Registration
Statements No. 2-98948 and No. 33-22338 on Form S-8 of The
Louisiana Land and Exploration Company of our report dated April 8,
1994, relating to the statements of financial condition of The LL&E
Savings Plan as of December 31, 1993 and 1992 and the related
statements of income (loss) and changes in plan equity and related
schedules for each of the years in the three-year period ended
December 31, 1993 which report appears in the December 31, 1993
annual report on Form 11-K of The LL&E Savings Plan.
s/ KPMG PEAT MARWICK
KPMG PEAT MARWICK
New Orleans, Louisiana
June 7, 1994
<PAGE>
<PAGE>
[TYPE] COVER
SPECIMEN - NOT AN OFFICIAL FILING
THE LOUISIANA LAND AND EXPLORATION COMPANY
909 Poydras Street
New Orleans, LA 70112
June 8, 1994
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
Pursuant to the requirements of the Securities Exchange Act of
1934, we are transmitting herewith the attached Form 11-K of The
LL&E Savings Plan for the fiscal year ended December 31, 1993.
Sincerely,
THE LOUISIANA LAND AND
EXPLORATION COMPANY
/s Jerry D. Carlisle
Vice President and Controller
