At December 31 2003 2002 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable—trade $ 1,542 $ 1,401 Accrued liabilities 855 830 Taxes payable 199 306 Notes payable GLYPH<209> 2 Current maturities of long-term debt 73 14 Total current liabilities 2,669 2,553 LONG-TERM DEBT 3,868 4,976 DEFERRED LIABILITIES AND CREDITS Deferred income taxes 1,144 1,044 Asset retirement obligations 462 GLYPH<209> Other 500 440 Total deferred liabilities and credits 2,106 1,484 STOCKHOLDERSGLYPH<213> EQUITY Preferred stock, par value $1.00, 20,000 shares authorized 7% cumulative mandatory convertible series Authorized—13,500 shares  Issued—13,500 shares in 2003 ($675 liquidation prefer ence) 14 GLYPH<209> 3% cumulative convertible series Authorized—330 shares  Issued—327 shares in 2003 and 2002 ($16 liquidation pr eference) GLYPH<209> GLYPH<209> Common stock, par value $1.00 Authorized—200,000 shares Issued—89,868 shares in 2003; 89,193 shares in 2002 90 89 Capital in excess of par value 1,603 932 Retained earnings 4,011 3,482 Accumulated other comprehensive income (loss) (350) (254) Deferred compensation (28) GLYPH<209> Total stockholders’ equity 5,340 4,249 TOTAL LIABILITIES AND STOCKHOLDERSGLYPH<213> EQUITY $13,983 $13,262 The consolidated GLYPH<222>nancial statements reGLYPH<223>ect the successful efforts method of accounting for oil and gas exploration and production activities. See accompanying notes to consolidated GLYPH<222>nancial statements. 35