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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, 1994
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,
1994 and 1993................................. 4
Statements of Income and Changes in Plan
Equity - years ended December 31, 1994 and
1993 and 1992................................. 5
Notes to Financial Statements................... 6-15
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......... 16-21
Schedule III - Allocation of Plan Income
(Loss) and Changes in Plan Equity to
Investment Programs........................ 22-30
(b) Exhibits:
Exhibit No. Description
23 Consent of KPMG Peat Marwick LLP
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 26, 1995 /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, 1994 and 1993, and the related
statements of income and changes in plan equity for each of the
years in the three-year period ended December 31, 1994. 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, 1994 and 1993, and the income and changes in
plan equity for each of the years in the three-year period ended
December 31, 1994, 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 LLP
KPMG Peat Marwick LLP
New Orleans, Louisiana
June 16, 1995
<PAGE>
<PAGE>
<TABLE>
THE LL&E SAVINGS PLAN
Statements of Financial Condition
December 31, 1994 and 1993
<CAPTION>
1994 1993
<S> <C> <C>
ASSETS
Cash and cash equivalents at cost plus accrued
interest $ 101 2,977
Capital Stock of The Louisiana Land and Exploration
Company (note 4) 42,664,497 47,563,016
LL&E Royalty Trust Units of Beneficial Interest
(note 5) 195,349 208,646
Investment in Putnam Funds:
Daily Dividend Trust 6,664,318 4,843,675
U.S. Government Income Trust 6,603,344 7,373,392
Fund for Growth and Income 10,970,323 9,176,240
Convertible Income - Growth Trust 6,215,286 5,624,573
Loans to participants (note 2) 4,263,797 3,790,920
$77,577,015 78,583,439
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E (note 4) $ 5,157,644 8,769,585
Interest payable to LL&E (note 4) 3,358 3,921
Plan equity 72,416,013 69,809,933
$77,577,015 78,583,439
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
THE LL&E SAVINGS PLAN
Statements of Income and Changes in Plan Equity
Years ended December 31, 1994, 1993 and 1992
<CAPTION>
1994 1993 1992
<S> <C> <C> <C>
Investment income:
Interest and royalties $ 1,425,484 1,162,022 1,028,005
Dividends:
Capital Stock of The Louisiana Land
and Exploration Company 1,199,222 1,196,226 1,325,102
Other investments 680,655 679,768 517,051
1,879,877 1,875,994 1,842,153
Interest income on loans to participants 245,002 235,253 271,243
Net realized gains (losses) on disposition
of investments (note 3) (1,505,138) 413,112 578,671
Net unrealized appreciation (depreciation)
of investments (5,033,997) 7,577,971 4,263,370
Contributions:
Employer Allocated 3,250,249 2,596,344 2,586,983
Employer Unallocated 198,892 560,014 428,791
Employees 4,400,560 2,418,216 2,208,702
Benefit payments for terminations and
withdrawals (1,673,641) (4,990,388) (8,903,361)
Interest expense (note 4) (581,208) (856,015) (1,094,506)
Income and changes in plan equity
for year 2,606,080 10,992,523 3,210,051
Plan equity beginning of year 69,809,933 58,817,410 55,607,359
Plan equity end of year $72,416,013 69,809,933 58,817,410
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
December 31, 1994, 1993 and 1992
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, 1994 and 1993 and income and changes in Plan
equity for each of the years in the three-year period
ended December 31, 1994 differ from that reported in Form
5500 as follows:
<TABLE>
<CAPTION>
Plan Equity
1994 1993
<S> <C> <C>
As reported herein $72,416,013 69,809,933
Effect of accrued benefits payable (2,633,502) (163,315)
As reported in Form 5500 $69,782,511 69,646,618
</TABLE>
<TABLE>
<CAPTION>
Income and Changes in Plan Equity
1994 1993 1992
<S> <C> <C> <C>
As reported herein $ 2,606,080 10,992,523 3,210,051
Effect of accrued benefits payable (2,470,187) 2,288,059 (2,220,316)
As reported in Form 5500 $ 135,893 13,280,582 989,735
</TABLE>
<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 (see Note 9).
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, 1994 was as
follows:
Number of
Fund Participants
A 808
B 363
C 118
D 292
E 380
F 501
G 388
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, 1994 numbered 808.
<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, 1994 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 monthly contributions
sufficient to repay the ESOP loans, and these
contributions result in an allocation of shares of
Capital Stock of LL&E (valued as of the date of their
acquisition by the Plan) applied toward satisfaction of
the employer's contribution obligation set forth in A and
B above (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
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
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.
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 tax-deferred 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. Loans are
secured by the applicable participants' vested account
balance.
<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, 1994, 1993 and 1992:
<TABLE>
<CAPTION>
1994 1993 1992
<S> <C> <C> <C>
Aggregate market value of Capital
Stock of LL&E sold $ 6,443,311 8,117,331 9,689,558
Aggregate cost basis of Capital
Stock of LL&E sold 7,810,499 7,886,500 9,276,316
Net realized gains (losses) on
sale of Capital Stock of LL&E (1,367,188) 230,831 413,242
Aggregate market value of
other investments sold 5,255,510 6,740,984 9,141,330
Aggregate cost basis of other
investments sold 5,393,460 6,558,703 8,975,901
Net realized gains (losses) on
sale of other investments (137,950) 182,281 165,429
$(1,505,138) 413,112 578,671
</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, was subject to
substantially the same repayment terms as LL&E's bank
loan (November 1994) and the interest rate was fixed at
8.2%. By amendment dated November 19, 1994 to the loan
agreement, LL&E's loan to ESOP I was extended to November
1997 and the interest rate was fixed at 7.4%. The ESOP I
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
will repay the loan, with interest, from LL&E's
contributions to the fund along with quarterly dividends
paid on the Capital Stock acquired with the ESOP I loan
proceeds.
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, 1994, 316,128
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 and
loaned the proceeds to the ESOP II. The ESOP II then
used the proceeds to acquire 461,690 shares of LL&E
Capital Stock at an average purchase price of $30.25 per
share. The loan to the ESOP II is secured by LL&E's
Capital Stock owned by the ESOP II, was subject to
substantially the same repayment terms as LL&E's bank
loan (May 1995) and the interest rate was fixed at 8.2%.
By amendment dated May 31, 1995 to the loan agreement,
LL&E's loan to ESOP II was extended to May 1998 and the
interest rate was fixed at 6.1%. The ESOP II will repay
the loan, with interest, from LL&E's contributions to the
fund along with quarterly dividends paid on the Capital
Stock acquired with the ESOP II loan proceeds.
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, 1994, 345,201 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
<PAGE>
<PAGE>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
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.
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 January 1, 1985, 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 has filed an amended and restated Plan document with
the Internal Revenue Service and is awaiting receipt of
a determination letter from the 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>
THE LL&E SAVINGS PLAN
Notes to Financial Statements
9. CHANGES IN TRUSTEE AND INVESTMENT OPTIONS
In June 1995, LL&E changed the Plan's trustee to Charles
Schwab Trust Company. The major provisions of the Plan
were unaffected by this change as were Funds A, B and C.
However, the Participants' four investment options
represented by Funds D, E, F and G were changed to
provide five diverse mutual funds maintained by the new
trustee as follows:
o Schwab Value Advantage Money Fund - invests in high
quality short-term debt securities such as
certificates of deposit, commercial paper and
publically traded bonds.
o Vanguard Bond Index Total Bond Market Fund -
invests in a portfolio of fixed income securities
selected to match the Lehman Brothers Aggregate
Bond Index which encompasses U.S. Treasury and
agency securities, corporate bonds and mortgage-
backed securities, with maturities greater than one
year.
o Vanguard Index Trust 500 Portfolio - invests in all
500 stocks in the Standard & Poor's 500 Index in
approximately the same proportions as they are
represented in the Index.
o Janus Worldwide Fund - invests in common stocks of
foreign and domestic companies.
o PBHG Growth Fund - invests in common stocks and
convertible securities of companies with market
capitalization or annual revenues under $1.5
billion.
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1994
<CAPTION>
Participant Directed
FUND FUND FUND
A B C
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) 3,311,368 - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - 195,349
Investment in Putnam Funds:
Daily Dividend Trust - - -
U.S. Government Income
Trust - - -
Fund for Growth and
Income - - -
Convertible Income -
Growth Trust - - -
Loans to participants
(note 2) - 4,263,797 -
$ 3,311,368 4,263,797 195,349
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - -
Interest payable to LL&E - - -
Plan equity 3,311,368 4,263,797 195,349
$ 3,311,368 4,263,797 195,349
Number of units outstanding 91,034 45,964
Plan equity per unit $ 36.3751 4.2500
(Continued)
/TABLE
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1994
<CAPTION>
Participant Directed
FUND FUND FUND
D E F
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - -
Investment in Putnam Funds:
Daily Dividend Trust 6,664,318 - -
U.S. Government Income
Trust - 6,603,344 -
Fund for Growth and
Income - - 10,970,323
Convertible Income -
Growth Trust - - -
Loans to participants
(note 2) - - -
$ 6,664,318 6,603,344 10,970,323
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - -
Interest payable to LL&E - - -
Plan equity 6,664,318 6,603,344 10,970,323
$ 6,664,318 6,603,344 10,970,323
Number of units outstanding 6,664,318 541,702 862,447
Plan equity per unit $ 1.0000 12.1900 12.7200
(Continued)
</TABLE>
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
(Continued)
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1994
<CAPTION>
Participant Employer
Directed Directed
FUND FUND
G A TOTAL
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - 101 101
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - 39,353,129 42,664,497
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - 195,349
Investment in Putnam Funds:
Daily Dividend Trust - - 6,664,318
U.S. Government Income
Trust - - 6,603,344
Fund for Growth and
Income - - 10,970,323
Convertible Income -
Growth Trust 6,215,286 - 6,215,286
Loans to participants
(note 2) - - 4,263,797
$ 6,215,286 39,353,230 77,577,015
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - 5,157,644 5,157,644
Interest payable to LL&E - 3,358 3,358
Plan equity 6,215,286 34,192,228 72,416,013
$ 6,215,286 39,353,230 77,577,015
Number of units outstanding 362,831 1,081,873
Plan equity per unit $ 17.1300 31.6047
</TABLE>
<PAGE>
<PAGE>
<TABLE>
SCHEDULE II
THE LL&E SAVINGS PLAN
Allocation of Plan Assets and Liabilities to
Investment Programs
December 31, 1993
<CAPTION>
Participant Directed
FUND FUND FUND
A B C
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) 3,280,605 - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - 208,646
Investment in Putnam Funds:
Daily Dividend Trust - - -
U.S. Government Income
Trust - - -
Fund for Growth and
Income - - -
Convertible Income -
Growth Trust - - -
Loans to participants
(note 2) - 3,790,920 -
$ 3,280,605 3,790,920 208,646
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - -
Interest payable to LL&E - - -
Plan equity 3,280,605 3,790,920 208,646
$ 3,280,605 3,790,920 208,646
Number of units outstanding 81,760 43,925
Plan equity per unit $ 40.1248 4.7501
(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>
Participant Directed
FUND FUND FUND
D E F
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - - -
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - - -
LL&E Royalty Trust Units
of Beneficial Interest
(note 5) - - -
Investment in Putnam Funds:
Daily Dividend Trust 4,843,675 - -
U.S. Government Income
Trust - 7,373,392 -
Fund for Growth and
Income - - 9,176,240
Convertible Income -
Growth Trust - -
Loans to participants
(note 2) - - -
$ 4,843,675 7,373,392 9,176,240
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - - -
Interest payable to LL&E - - -
Plan equity 4,843,675 7,373,392 9,176,240
$ 4,843,675 7,373,392 9,176,240
Number of units outstanding 4,843,675 548,207 674,724
Plan equity per unit $ 1.0000 13.4500 13.6000
(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>
Participant Employer
Directed Directed
FUND FUND
G A TOTAL
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents at
cost plus accrued interest $ - 2,977 2,977
Capital Stock of The
Louisiana Land and
Exploration Company
(note 4) - 44,282,411 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
Fund for Growth and
Income - - 9,176,240
Convertible Income -
Growth Trust 5,624,573 - 5,624,573
Loans to participants
(note 2) - - 3,790,920
$ 5,624,573 44,285,388 78,583,439
LIABILITIES AND PLAN EQUITY
Loans payable to LL&E
(note 4) $ - 8,769,585 8,769,585
Interest payable to LL&E - 3,921 3,921
Plan equity 5,624,573 35,511,882 69,809,933
$ 5,624,573 44,285,388 78,583,439
Number of units outstanding 286,675 1,103,611
Plan equity per unit $ 19.6200 32.1779
</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, 1994
<CAPTION>
Participant Directed
FUND FUND FUND
A B C
Investment income:
<S> <C> <C> <C>
Interest and royalties $ - - 22,917
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 90,713 - -
Other investments - - -
90,713 - -
Interest income on loans
to participants 168,662 (2,237,510) -
Net realized gains (losses)
on disposition of invest-
ments (note 3) 69,710 - 139
Net unrealized appreciation
(depreciation) of invest-
ments (334,799) - (23,846)
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 604,015 - 2
Benefit payments for
terminations and with-
drawals (25,243) (47,613) (8,790)
Interest expense (note 4) - - -
Transfers between funds -
net (542,295) 2,758,000 (3,719)
Income (loss) and changes
in plan equity for year 30,763 472,877 (13,297)
Plan equity beginning of
year 3,280,605 3,790,920 208,646
Plan equity end of year $ 3,311,368 4,263,797 195,349
(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, 1994
<CAPTION>
Participant Directed
FUND FUND FUND
D E F
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 192,906 517,122 -
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - -
Other investments - - 680,655
- - 680,655
Interest income on loans
to participants 391,034 616,627 572,453
Net realized gains (losses)
on disposition of invest-
ments (note 3) - (109,301) (10,870)
Net unrealized appreciation
(depreciation) of invest-
ments - (590,046) (695,055)
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 564,277 651,834 1,815,606
Benefit payments for
terminations and with-
drawals (376,107) (101,463) (181,476)
Interest expense (note 4) - - -
Transfers between funds -
net 1,048,533 (1,754,821) (387,230)
Income (loss) and changes
in plan equity for year 1,820,643 (770,048) 1,794,083
Plan equity beginning of
year 4,843,675 7,373,392 9,176,240
Plan equity end of year $ 6,664,318 6,603,344 10,970,323
(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, 1994
<CAPTION>
Participant Employer
Directed Directed
FUND FUND
G A TOTAL
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 691,895 644 1,425,484
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - 1,108,509 1,199,222
Other investments - - 680,655
- 1,108,509 1,879,877
Interest income on loans
to participants 577,341 156,395 245,002
Net realized gains (losses)
on disposition of invest-
ments (note 3) (17,918) (1,436,898) (1,505,138)
Net unrealized appreciation
(depreciation) of invest-
ments (795,233) (2,595,018) (5,033,997)
Contributions:
Employer allocated - 3,250,249 3,250,249
Employer unallocated - 198,892 198,892
Employees 764,826 - 4,400,560
Benefit payments for
terminations and with-
drawals (131,196) (801,753) (1,673,641)
Interest expense (note 4) - (581,208) (581,208)
Transfers between funds -
net (499,002) (619,466) -
Income (loss) and changes
in plan equity for year 590,713 (1,319,654) 2,606,080
Plan equity beginning of
year 5,624,573 35,511,882 69,809,933
Plan equity end of year $ 6,215,286 34,192,228 72,416,013
/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>
Participant Directed
FUND FUND FUND
A B C
Investment income:
<S> <C> <C> <C>
Interest and royalties $ - - 19,001
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 67,121 - -
Other investments - - -
67,121 - -
Interest income on loans
to participants 275,225 (2,396,224) -
Net realized gains (losses)
on disposition of invest-
ments (note 3) 354,291 - 5,327
Net unrealized appreciation
(depreciation) of invest-
ments 143,962 - 43,736
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 220,746 - -
Benefit payments for
terminations and with-
drawals (96,606) (27,327) (24,121)
Interest expense (note 4) - - -
Transfers between funds -
net (775,941) 2,754,000 (3,279)
Income (loss) and changes
in plan equity for year 188,798 330,449 40,664
Plan equity beginning of
year 3,091,807 3,460,471 167,982
Plan equity end of year $ 3,280,605 3,790,920 208,646
(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>
Participant Directed
FUND FUND FUND
D E F
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 127,108 573,261 -
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - -
Other investments - - 679,768
- - 679,768
Interest income on loans
to participants 447,585 598,726 565,083
Net realized gains (losses)
on disposition of invest-
ments (note 3) - (2,444) 103,843
Net unrealized appreciation
(depreciation) of invest-
ments - (165,530) 366,342
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 338,611 553,293 839,106
Benefit payments for
terminations and with-
drawals (673,153) (730,727) (596,146)
Interest expense (note 4) - - -
Transfers between funds -
net (442,908) (786,409) (207,974)
Income (loss) and changes
in plan equity for year (202,757) 40,170 1,750,022
Plan equity beginning of
year 5,046,432 7,333,222 7,426,218
Plan equity end of year $ 4,843,675 7,373,392 9,176,240
(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>
Participant Employer
Directed Directed
FUND FUND
G A TOTAL
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 442,101 551 1,162,022
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - 1,129,105 1,196,226
Other investments - - 679,768
- 1,129,105 1,875,994
Interest income on loans
to participants 529,532 215,326 235,253
Net realized gains (losses)
on disposition of invest-
ments (note 3) 75,555 (123,460) 413,112
Net unrealized appreciation
(depreciation) of invest-
ments 285,452 6,904,009 7,577,971
Contributions:
Employer allocated - 2,596,344 2,596,344
Employer unallocated - 560,014 560,014
Employees 466,460 - 2,418,216
Benefit payments for
terminations and with-
drawals (378,718) (2,463,590) (4,990,388)
Interest expense (note 4) - (856,015) (856,015)
Transfers between funds -
net (289,790) (247,699) -
Income (loss) and changes
in plan equity for year 1,130,592 7,714,585 10,992,523
Plan equity beginning of
year 4,493,981 27,797,297 58,817,410
Plan equity end of year $ 5,624,573 35,511,882 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>
Participant Directed
FUND FUND FUND
A B C
Investment income:
<S> <C> <C> <C>
Interest and royalties $ - - 12,077
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company 114,244 - -
Other investments - - -
114,244 - -
Interest income on loans
to participants 261,270 (2,018,025) -
Net realized gains (losses)
on disposition of invest-
ments (note 3) 524,786 - 7,224
Net unrealized appreciation
(depreciation) of invest-
ments 48,569 - 64,415
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 224,800 - -
Benefit payments for
terminations and with-
drawals (394,673) (460,399) (22,555)
Interest expense (note 4) - - -
Transfers between funds -
net (1,454,459) 2,341,000 (3,776)
Income (loss) and changes
in plan equity for year (675,463) (137,424) 57,385
Plan equity beginning of
year 3,767,270 3,597,895 110,597
Plan equity end of year $ 3,091,807 3,460,471 167,982
(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>
Participant Directed
FUND FUND FUND
D E F
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 164,797 620,153 -
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - - -
Other investments - - 517,051
- - 517,051
Interest income on loans
to participants 476,681 529,158 397,556
Net realized gains (losses)
on disposition of invest-
ments (note 3) - (32,304) 108,117
Net unrealized appreciation
(depreciation) of invest-
ments - (131,643) 160,569
Contributions:
Employer allocated - - -
Employer unallocated - - -
Employees 377,196 521,867 702,953
Benefit payments for
terminations and with-
drawals (1,245,548) (938,804) (1,426,073)
Interest expense (note 4) - - -
Transfers between funds -
net 833,744 (924,529) (464,223)
Income (loss) and changes
in plan equity for year 606,870 (356,102) (4,050)
Plan equity beginning of
year 4,439,562 7,689,324 7,430,268
Plan equity end of year $ 5,046,432 7,333,222 7,426,218
(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>
Participant Employer
Directed Directed
FUND FUND
G A TOTAL
Investment income:
<S> <C> <C> <C>
Interest and royalties $ 228,932 2,046 1,028,005
Dividends:
Capital Stock of The
Louisiana Land and
Exploration Company - 1,210,858 1,325,102
Other investments - - 517,051
- 1,210,858 1,842,153
Interest income on loans
to participants 352,109 272,494 271,243
Net realized gains (losses)
on disposition of invest-
ments (note 3) 82,392 (111,544) 578,671
Net unrealized appreciation
(depreciation) of invest-
ments 477,589 3,643,871 4,263,370
Contributions:
Employer allocated - 2,586,983 2,586,983
Employer unallocated - 428,791 428,791
Employees 381,886 - 2,208,702
Benefit payments for
terminations and with-
drawals (708,642) (3,706,667) (8,903,361)
Interest expense (note 4) - (1,094,506) (1,094,506)
Transfers between funds -
net (128,373) (199,384) -
Income (loss) and changes
in plan equity for year 685,893 3,032,942 3,210,051
Plan equity beginning of
year 3,808,088 24,764,355 55,607,359
Plan equity end of year $ 4,493,981 27,797,297 58,817,410
</TABLE>
Exhibit 23
The Benefits Committee
The Louisiana Land and Exploration Company:
We consent to incorporation by reference in the Registration
Statements No. 2-98948, No. 33-22338 and No. 33-56209 on Form S-8
of The Louisiana Land and Exploration Company of our report dated
June 16, 1995, relating to the statements of financial condition of
The LL&E Savings Plan as of December 31, 1994 and 1993 and the
related statements of income and changes in plan equity and related
schedules for each of the years in the three-year period ended
December 31, 1994 which report appears in the December 31, 1994
annual report on Form 11-K of The LL&E Savings Plan.
s/ KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
New Orleans, Louisiana
June 26, 1995
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