Retail, Energy Marketing and Other: Earnings from retail gasoline operations were higher in 2003 compared with 2002, reflecting increased margins and sales volumes. Retail gasoline operations in 2002 were profitable but less so than in 2001, reflecting lower margins. Energy marketing activities had increased earnings in 2003, reflecting increased margins and sales volumes in the early part of the year resulting from the cold winter. Energy marketing activities were profitable in 2002 compared with a loss in 2001. Results of the Port Reading refining facility improved in 2003 reflecting higher margins than in 2002. Total refined product sales volumes were 153 million barrels in 2003, 140 million barrels in 2002 and 141 million barrels in 2001. The Corporation has a 50% voting interest in a consolidated partnership that trades energy commodities and energy derivatives. The Corporation also takes trading positions in addition to its hedging program. The Corporation’s after-tax results from trading activities, including its share of the earnings of the trading partnership amounted to income of $17 million in 2003, $3 million in 2002 and $45 million in 2001. Before income taxes, the trading income was $30 mil- lion in 2003, $6 million in 2002 and $72 million in 2001. Refining and marketing earnings include the following items: The Corporation recorded an after-tax charge of $14 million ($22 million before income taxes) in 2002 for the write-off of intangible assets in its U.S. energy marketing business. In addition, after-tax accrued severance of $8 million ($13 million before income taxes) was recorded for cost reduction initiatives in refining and marketing, principally energy marketing. In 2003, refining and marketing earnings include a net loss of $20 million (loss of $9 million before income taxes) from the sale of the Corporation’s interest in a shipping joint venture. In 2002, the Corporation completed the sale of six United States flag vessels for $161 million in cash and a note for $29 million. The sale resulted in a net gain of $67 million ($102 million before income taxes). In connection with this sale, the Corporation agreed to support the buyer’s charter rate on these vessels for up to five years. The support agreement requires that if the actual contracted rate for the charter of a vessel is less than the stipulated support rate in the agreement the Corporation will pay to the buyer the difference between the contracted rate and the stipulated rate. At January 1, 2003, the charter support reserve was $48 million. During 2003, the Corporation paid $5 million of charter support. Based on contractual long-term charters entered into in 2003, and estimates of future char- ter rates, the Corporation lowered the estimated charter support reserve by $11 million. The balance in this reserve at December 31, 2003 was $32 million. Refining and marketing earnings will likely continue to be volatile reflecting competitive industry conditions and supply and demand factors, including the effects of weather. Corporate: After-tax corporate expenses amounted to $101 million in 2003, $63 million in 2002 and $78 million in 2001. The 2003 amount includes expenses of $34 million for premiums paid on the repurchase of bonds compared with $6 million in 2002. The pre-tax amounts of the bond repur- chase premiums were $58 million in 2003 and $15 million in 2002 and are recorded in non-operating income (expense) in the income statement. Corporate administra- tive expenses, before income taxes, increased slightly in 2003 and were comparable in 2002 and 2001. The decrease in after-tax expenses in 2002 reflects lower United States taxes on foreign source income. After-tax corporate expenses for 2004 are estimated to be in the range of $60to$70 million. Before Income Taxes Millions of dollars 2003 2002 2001 Gain (loss) from asset sales $(9) $102 $ GLYPH<209> Reduction in carrying value of  intangible assets GLYPH<209> (22) GLYPH<209> Severance accrual GLYPH<209> (13) (3) $(9) $6 7 $( 3 ) 20 After Income Taxes Millions of dollars 2003 2002 2001 Gain (loss) from asset sales $(20) $67 $GLYPH<209> Reduction in carrying value of  intangible assets GLYPH<209> (14) GLYPH<209> Severance accrual GLYPH<209> (8) (2) $(20) $45 $ (2)