tax ($.03 per share diluted). Assuming the accounting change had been applied retroactively to January 1, 2001 (rather than January 1, 2003), there would not have been a material change in income from continuing operations and net income in 2002 and 2001. The following table describes changes to the Corporation’s asset retirement obligations: If FAS No. 143 had been applied beginning January 1, 2002 (rather than at January 1, 2003), the pro forma liability for asset retirement obligations at that date would have been $537 million. The Corporation has adopted Emerging Issues Task Force abstract 02-3,  Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management Activities. In accor- dance with EITF 02-3, the Corporation began accounting for trading inventory purchased after October 25, 2002 at the lower of cost or market. Inventory purchased prior to this date was marked-to-market with changes reflected in income currently. Beginning January 1, 2003, the Corpora- tion accounted for all trading inventory at the lower of cost or market. This accounting change did not have a material effect on the Corporation’s income or financial position. The oil and gas industry is currently discussing the appro- priate balance sheet classification of oil and gas mineral rights held by lease or contract. The Corporation classifies these assets as property, plant and equipment in accor- dance with its interpretation of FAS No. 19 and common industry practice. There is also a view that these mineral rights are intangible assets as defined in FAS No. 141, Business Combinations , and, therefore, should be classi- fied separately on the balance sheet as intangible assets. 5. ACQUISITION OF TRITON ENERGY LIMITED If the accounting for mineral rights held by lease or con- tract is ultimately changed, the Corporation believes that any such reclassification of mineral rights could amount to approximately $2.3 billion at December 31, 2003, and $2.2 billion at December 31, 2002, if the Corporation is required to include the purchase price allocated to hydro- carbon reserves obtained in acquisitions of oil and gas properties. The determination of this amount is based on the Corporation’s current understanding of this evolving issue and how the provisions of FAS No. 141 might be applied to oil and gas mineral rights. If mineral rights are reclassified to intangible assets, FAS No. 142,  Goodwill and Other Intangible Assets, will require additional disclosures in the financial statement footnotes. This potential balance sheet reclassification would not affect results of operations or cash flows. In 2001, the Corporation acquired 100% of the outstanding ordinary shares of Triton Energy Limited, an international oil and gas exploration and production company. The Corpora- tion’s consolidated financial statements include Triton’s results of operations from August 14, 2001. The purchase price resulted in the recognition of goodwill of $977 million. Factors contributing to the recognition of goodwill included the strategic value of expanding global operations to access new growth areas outside of the United States and the North Sea, obtaining critical mass in Africa and Southeast Asia, and synergies, including cost savings, improved processes and portfolio high grading opportunities. The goodwill is assigned to the exploration and production reporting unit and is not deductible for income tax purposes. The following 2001 pro forma results of operations present information as if the Triton acquisition occurred at the beginning of 2001: 45 Millions of dollars, except per share data Pro forma revenue $13,936 Pro forma income $ 914 Pro forma earnings per share Basic $ 10.38 Diluted $ 10.25 Millions of dollars 2003 Asset retirement obligations at  January 1 $ 556 Liabilities incurred 15 Liabilities settled or disposed of (173) Accretion expense 28 Revisions 25 Foreign currency translation 11 Asset retirement obligations at  December 31 $ 462