Notes To Consolidated Financial Statements 2004 ANNUAL REPORT  | 77 Mining and  Smelting and  Eliminations Exploration  Refining  and Other  FCX Total (In Thousands)  2004 Revenues $1,746,573$^{a}$  $873,700  $(248,407)  $2,371,866 Production and delivery  760,131   914,452   (224,292)$^{b}$   1,450,291 Depreciation and amortization  168,195  28,632  9,581  206,408 Exploration expenses  8,471  —  193  8,664 General and administrative expenses  151,944$^{c}$  14,196  (76,213)$^{c}$  89,927 Gain on insurance settlement  (87,000)  —  —  (87,000) Operating income (loss)  $  744,832  $ (83,580)  $  42,324  $  703,576 Equity in PT Smelting earnings  $  —  $  2,045  $  —  $  2,045 Interest expense, net  $  22,209  $ 13,783  $ 112,111  $  148,103 Provision for income taxes  $  266,372  $  —  $  64,308  $  330,680 Capital expenditures  $  119,426  $ 21,792  $  (219)  $  140,999 Total assets  $4,070,767$^{d}$  $753,883$^{e}$  $ 262,345  $5,086,995 2003 Revenues  $1,744,580$^{a}$  $910,417  $(442,832)  $2,212,165 Production and delivery  631,951   892,681   (453,306)$^{b}$   1,071,326 Depreciation and amortization  190,450  28,464  11,889  230,803 Exploration expenses  6,284  —  165  6,449 General and administrative expenses  123,408$^{c}$  11,023  (54,152)$^{c}$  80,279 Operating income (loss)  $  792,487  $ (21,751)  $  52,572  $  823,308 Equity in PT Smelting earnings  $  —  $  5,609  $  —  $  5,609 Interest expense, net  $  44,861  $ 16,675  $ 135,481  $  197,017 Provision for income taxes  $  273,378  $  —  $  64,675  $  338,053 Capital expenditures  $  129,029  $  9,941  $  216  $  139,186 Total assets  $3,656,714$^{d}$  $689,213$^{e}$  $ 372,439  $4,718,366 2002 Revenues  $1,519,010$^{a}$  $768,680  $(377,228)  $1,910,462 Production and delivery  554,870   729,789   (346,197)$^{b}$  938,462 Depreciation and amortization  218,716  27,652  14,078  260,446 Exploration expenses  2,965  —  147  3,112 General and administrative expenses  55,302$^{c}$  8,675  4,328$^{c}$  68,305 Operating income (loss)  $  687,157  $ 2,564  $ (49,584)  $  640,137 Equity in PT Smelting losses  $  —  $  4,181  $  —  $  4,181 Interest expense, net  $  71,424  $ 18,436  $  81,349  $  171,209 Provision for income taxes  $  221,527  $  —  $  23,991  $  245,518 Capital expenditures  $  181,092  $  5,108  $  1,804  $  188,004 Total assets  $3,339,449$^{d}$  $650,640$^{e}$  $ 202,104  $4,192,193 a. Includes PT Freeport Indonesia’s sales to PT Smelting totaling $696.0 million in 2004, $ 510.2 million in 2003 and $391.1 million in 2002. b. Includes deferrals (recognition) of intercompany profits on 25 percent of PT Freeport In donesia’s sales to PT Smelting, for which the final sale has not occurred, totaling  $13.8 million in 2004, $(7.0) million in 2003 and $8.4 million in 2002. c. Includes charges to the mining and exploration segment for FCX stock option exercises  which are eliminated in consolidation totaling $87.3 million in 2004, $57.8 million in  2003 and $5.5 million in 2002. d. Includes PT Freeport Indonesia’s trade receivables with PT Smelting totaling $87.5 milli on at December 31, 2004, $33.5 million at December 31, 2003, and $51.2 million at  December 31, 2002. e. Includes PT Freeport Indonesia’s equity investment in PT Smelting totaling $47.8 millio n at December 31, 2004, $58.2 million at December 31, 2003, and $44.6 million at  December 31, 2002.