UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 22, 2005
ASHLAND INC.
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of incorporation)
1-2918 61-0122250
(Commission File Number) (I.R.S. Employer
Identification No.)
50 E. RiverCenter Boulevard, Covington, Kentucky 41012-0391
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Covington, Kentucky 41012-0391
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (859) 815-3333
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 2230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
- ---------- ------------------------
On February 22, 2005, Ashland Inc. will include the information
contained in exhibits 99.1 - 99.19, and graphic images thereof, on the
"Investor Relations" section of its website located at www.ashland.com, or
in employee communications.
Ashland is furnishing the information pursuant to the Securities
and Exchange Commission's ("SEC") Regulation FD. The information contained
in exhibits 99.1 - 99.19 is summary information concerning key metrics for
Ashland's divisional operations and is intended to be considered in the
context of Ashland's SEC filings and other public announcements that
Ashland may make from time to time.
By filing this report on Form 8-K, Ashland makes no admission as
to the materiality of any information in this report. Ashland reserves the
right to discontinue the availability of the data in the attached exhibits.
Item 9.01. Financial Statements and Exhibits
- --------- ---------------------------------
(c) Exhibits
99.1 Website data concerning Ashland Distribution Company's sales per
ship day
99.2 Website data concerning Ashland Distribution Company's revenue
99.3 Website data concerning Ashland Distribution Company's gross profit
99.4 Website data concerning Ashland Specialty Chemical Company's average
sales per ship day
99.5 Website data concerning Ashland Specialty Chemical Company's revenue
99.6 Website data concerning Ashland Specialty Chemical Company's gross
profit
99.7 Website data concerning Valvoline's premium oil sales
99.8 Website data concerning Valvoline's revenue
99.9 Website data concerning Valvoline Instant Oil Change's twelve month
rolling average sales
99.10 Website data concerning APAC's twelve month average contract awards
99.11 Website data concerning APAC's lost time incident rates and OSHA
recordable incident rates
99.12 Website data concerning APAC's monthly revenue and twelve month
rolling average revenue
99.13 Website data concerning APAC's backlog
99.14 Website data concerning APAC's asphalt mix production
99.15 Website data concerning U.S. Gulf Coast Barge Prices
99.16 Website data concerning Sour Crude Differential
99.17 Website data concerning Chicago 3-2-1 Crack Spreads
99.18 Website data concerning APAC's 14-state weighted diesel price index
99.19 Ashland Distribution Company Non-GAAP Metric Information
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
ASHLAND INC.
-------------------------------------
(Registrant)
Date: February 22, 2005 /s/ J. Marvin Quin
-------------------------------------
Name: J. Marvin Quin
Title: Senior Vice President and
Chief Financial Officer
Exhibit Index
99.1 Website data concerning Ashland Distribution Company's sales per
ship day
99.2 Website data concerning Ashland Distribution Company's revenue
99.3 Website data concerning Ashland Distribution Company's gross profit
99.4 Website data concerning Ashland Specialty Chemical Company's average
sales per ship day
99.5 Website data concerning Ashland Specialty Chemical Company's revenue
99.6 Website data concerning Ashland Specialty Chemical Company's gross
profit
99.7 Website data concerning Valvoline's premium oil sales
99.8 Website data concerning Valvoline's revenue
99.9 Website data concerning Valvoline Instant Oil Change's twelve month
rolling average sales
99.10 Website data concerning APAC's twelve month average contract awards
99.11 Website data concerning APAC's lost time incident rates and OSHA
recordable incident rates
99.12 Website data concerning APAC's monthly revenue and twelve month
rolling average revenue
99.13 Website data concerning APAC's backlog
99.14 Website data concerning APAC's asphalt mix production
99.15 Website data concerning U.S. Gulf Coast Barge Prices
99.16 Website data concerning Sour Crude Differential
99.17 Website data concerning Chicago 3-2-1 Crack Spreads
99.18 Website data concerning APAC's 14-state weighted diesel price index
99.19 Ashland Distribution Company Non-GAAP Metric Information
Exhibit 99.1
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Distribution Company's sales per ship day)
ADC Average Sales $ per Ship Day ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 11.733 10.993 9.567 10.842 11.777 15.187
February 12.813 11.712 10.109 11.555 12.575
March 12.898 11.378 10.503 11.607 12.549
April 13.944 11.713 10.330 11.806 13.302
May 12.995 10.756 10.506 11.469 13.442
June 13.209 10.630 10.668 11.710 13.282
July 12.664 10.330 9.966 11.042 13.166
August 12.377 10.230 10.281 11.379 13.707
September 12.745 10.636 10.749 11.540 14.062
October 12.163 9.877 10.415 11.453 14.340
November 12.215 9.806 11.054 12.262 15.234
December 11.526 8.565 9.420 10.174 13.772
ADC Non-Durable Manufacturing Index (%)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 100.0 98.9 97.6 96.0 95.9 99.5
February 100.4 98.5 96.9 96.5 96.7
March 101.2 97.4 97.4 96.7 96.9
April 101.5 97.5 97.3 95.8 97.6
May 101.4 97.4 97.6 95.4 98.1
June 101.3 96.8 98.4 95.3 98.0
July 100.8 96.3 98.3 95.4 98.5
August 100.2 96.7 97.9 95.2 98.5
September 100.4 96.6 97.9 95.5 98.0
October 99.8 97.0 96.8 95.5 99.0
November 99.8 96.6 96.3 96.3 98.9
December 99.6 96.6 96.1 96.1 99.0
Exhibit 99.2
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Distribution Company's revenue)
ADC Revenue - Monthly Sales ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 246 242 210 239 247 304
February 269 234 202 231 252
March 297 250 210 244 289
April 265 234 227 248 279
May 286 280 231 241 269
June 291 223 213 246 292
July 253 217 219 243 276
August 285 235 226 239 302
September 255 202 215 242 295
October 268 227 240 263 301
November 244 196 210 221 305
December 219 163 188 214 289
ADC - 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 251 265 223 218 240 288
February 254 262 220 221 242
March 257 258 217 224 245
April 258 255 216 225 248
May 262 255 212 226 250
June 264 249 211 229 254
July 265 246 211 231 257
August 268 242 211 232 262
September 268 237 212 234 267
October 269 234 213 236 270
November 268 230 214 237 277
December 265 225 216 239 283
Exhibit 99.3
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Distribution Company's gross profit)
ADC Gross Profit (%) - 3 Month Rolling Average
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 8.9 8.9 9.5 10.1 9.6 9.9
February 9.0 9.2 9.3 9.8 9.7
March 9.3 9.6 9.7 9.6 9.7
April 9.6 9.4 9.8 9.6 9.7
May 9.9 9.3 10.0 9.9 9.8
June 9.6 8.9 10.1 10.0 9.8
July 9.5 8.6 10.3 10.3 9.7
August 9.3 8.1 10.1 10.2 9.4
September 9.1 8.3 9.2 10.1 9.5
October 9.0 9.2 8.9 9.8 9.3
November 8.9 10.0 9.2 9.5 9.6
December 8.8 9.8 10.1 9.6 9.6
ADC Gross Profit % - 12 Month Rolling Average
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 8.6 9.3 9.2 9.8 9.8 9.6
February 8.7 9.3 9.1 9.8 9.8
March 8.9 9.3 9.2 9.7 9.9
April 9.0 9.2 9.3 9.7 9.8
May 9.1 9.2 9.3 9.8 9.8
June 9.2 9.1 9.5 9.7 9.8
July 9.2 9.0 9.7 9.7 9.7
August 9.2 8.9 9.9 9.8 9.6
September 9.1 8.9 9.7 9.9 9.6
October 9.3 9.1 9.6 9.9 9.6
November 9.3 9.1 9.7 9.9 9.6
December 9.2 9.1 9.8 9.8 9.6
Exhibit 99.4
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Specialty Chemical Company's average sales per ship day)
ASCC Average Net Sales per Ship Day ($, Thousands)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 4,383 3,835 3,790 4,094 4,551 6,781
February 4,422 4,206 4,554 4,885 4,757
March 4,454 4,148 4,411 4,846 5,182
April 4,915 4,399 4,557 5,073 5,830
May 4,393 4,121 4,566 4,967 5,801
June 4,468 4,898 4,945 5,170 5,800
July 4,414 4,498 4,349 4,729 5,816
August 4,228 4,152 4,588 4,411 5,711
September 4,592 4,800 4,888 5,660 5,778
October 4,272 4,323 4,595 5,040 6,371
November 4,500 4,570 5,056 5,714 6,798
December 4,435 4,339 4,531 4,940 6,181
ASCC Durable Manufacturing Index (%)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 100.0 99.7 93.8 97.1 102.2 110.2
February 100.4 99.0 94.2 96.3 103.9
March 101.8 99.4 94.6 95.5 104.0
April 103.0 98.6 95.3 94.5 104.8
May 104.1 97.6 95.8 95.0 105.6
June 104.1 96.6 96.8 96.2 105.5
July 103.9 96.4 96.6 97.2 106.9
August 103.1 95.2 97.3 97.1 107.6
September 103.8 94.2 97.2 99.2 107.2
October 103.3 92.9 96.7 99.6 108.9
November 102.3 92.9 97.3 101.3 109.0
December 101.2 93.2 96.3 101.6 109.8
Exhibit 99.5
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Specialty Chemical Company's revenue)
ASCC Revenue - Net Monthly Sales ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 87.7 84.4 83.4 90.1 95.6 135.6
February 92.9 84.1 91.1 97.7 114.2
March 102.5 91.3 88.2 101.8 119.2
April 93.4 88.0 100.3 106.5 122.4
May 96.7 90.7 100.5 104.3 116.0
June 98.3 102.9 98.9 108.6 127.6
July 88.3 94.5 95.7 104.0 122.1
August 97.2 95.5 100.9 110.3 125.6
September 91.8 91.2 97.8 96.2 121.3
October 94.0 99.4 105.7 115.9 133.8
November 90.0 91.4 96.1 102.9 136.0
December 84.3 82.4 90.6 103.7 129.8
ASCC - 12 Month Net Sales Rolling Average ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 94.4 92.8 91.2 96.3 104.0 125.3
February 94.7 92.1 91.8 96.9 105.3
March 94.9 91.1 91.6 98.0 106.8
April 94.4 90.7 92.6 98.5 108.1
May 94.9 90.2 93.4 98.8 109.1
June 95.1 90.6 93.1 99.7 110.7
July 94.7 91.1 93.2 100.3 112.2
August 94.3 90.9 93.6 101.1 113.5
September 93.9 90.9 94.2 101.0 115.5
October 93.9 91.3 94.7 101.8 117.0
November 93.7 91.5 95.1 102.4 119.8
December 93.1 91.3 95.8 103.5 122.0
Exhibit 99.6
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Specialty Chemical Company's gross profit)
ASCC Gross Profit (%) - 3 Month Rolling Average
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 30.7 29.5 31.6 30.5 29.3 26.1
February 30.0 29.1 32.3 30.3 29.3
March 29.4 28.9 33.3 29.5 29.5
April 29.4 29.4 34.3 29.4 29.1
May 29.4 29.8 34.4 28.8 28.2
June 29.1 29.9 34.1 29.4 27.3
July 28.4 29.7 33.2 29.7 27.3
August 28.4 29.9 32.4 30.4 26.7
September 29.1 30.3 32.3 29.7 25.5
October 29.5 31.2 32.0 29.7 24.5
November 29.8 31.5 31.7 29.6 24.1
December 29.4 31.8 31.2 29.8 24.2
ASCC Gross Profit % - 12 Month Rolling Average
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 31.1 29.2 30.4 32.5 29.5 24.8
February 31.0 29.2 30.9 32.2 29.5
March 30.9 29.1 31.3 31.8 29.6
April 30.6 29.2 31.7 31.3 29.5
May 30.3 29.3 32.0 30.8 29.4
June 29.8 29.3 32.4 30.6 29.0
July 29.6 29.5 32.6 30.4 28.8
August 29.6 29.7 32.7 30.3 28.4
September 29.7 29.7 32.9 29.9 27.9
October 29.5 29.9 32.8 29.8 27.4
November 29.4 30.1 32.7 29.8 27.0
December 29.2 30.3 32.7 29.6 26.5
Exhibit 99.7
(Text of graph posted to Ashland Inc.'s website concerning Valvoline's
premium oil sales) (% of Branded)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 8.8 9.5 14.2 16.7 20.8 25.1
February 9.6 10.6 14.8 20.2 21.7
March 11.6 11.4 17.9 19.4 21.8
April 12.0 11.1 17.2 17.1 22.4
May 10.9 14.0 16.8 20.5 22.5
June 11.0 13.6 17.8 21.5 20.9
July 13.1 13.6 15.9 17.2 21.4
August 11.9 13.7 17.1 18.7 24.3
September 11.5 12.8 17.5 19.4 23.3
October 8.6 13.4 16.5 17.1 22.4
November 10.3 14.7 17.4 19.5 20.9
December 10.4 13.6 16.8 22.1 22.2
Exhibit 99.8
(Text of graph posted to Ashland Inc.'s website concerning
Valvoline's revenue)
Valvoline Revenue Monthly ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 89.9 85.8 94.0 96.5 105.5 103.0
February 97.9 79.9 86.2 93.4 100.4
March 105.4 107.1 92.4 111.0 118.0
April 84.3 84.2 107.7 101.1 115.6
May 94.5 105.5 104.0 105.7 104.6
June 91.4 92.8 92.8 99.9 109.9
July 88.1 100.5 107.8 110.4 116.3
August 105.6 104.4 108.3 105.6 108.2
September 102.5 113.4 104.2 129.8 128.0
October 88.1 91.2 100.3 110.7 104.6
November 81.5 87.8 88.2 85.2 103.3
December 77.4 75.7 92.8 94.3 101.1
Valvoline Revenue 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 91.7 91.9 94.7 98.4 104.4 109.4
February 92.8 90.4 95.2 99.0 105.0
March 93.9 90.5 94.0 100.6 105.6
April 92.4 90.5 96.0 100.0 106.8
May 92.4 91.4 95.8 100.2 106.7
June 91.7 91.5 95.8 100.8 107.5
July 91.1 92.6 96.5 101.0 108.0
August 91.8 92.5 96.8 100.8 108.2
September 92.0 93.4 96.0 102.9 108.1
October 92.4 93.6 96.8 103.8 107.6
November 92.4 94.2 96.8 103.5 109.1
December 92.2 94.0 98.2 103.6 109.6
Exhibit 99.9
(Text of graph posted to Ashland Inc.'s website concerning Valvoline
Instant Oil Change's twelve month rolling average sales)
VIOC Same Store Sales ($, Millions)
(2 Years and Older)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 11.9 12.6 13.3 14.2 14.6 14.2
February 12.0 12.6 13.4 14.2 14.6
March 12.1 12.7 13.4 14.3 14.6
April 12.1 12.7 13.5 14.3 14.5
May 12.2 12.7 13.6 14.4 14.4
June 12.3 12.7 13.7 14.5 14.4
July 12.4 12.8 13.8 14.5 14.3
August 12.5 12.8 13.8 14.5 14.2
September 12.5 12.9 13.9 14.6 14.3
October 12.6 13.0 14.0 14.6 14.2
November 12.6 13.1 14.1 14.6 14.2
December 12.6 13.2 14.1 14.6 14.3
Exhibit 99.10
(Text of graph posted to Ashland Inc.'s website concerning
APAC's Rolling 12 month contract awards)
Rolling 12 Month Construction Awards in 14 APAC States ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 1,241 2,081 2,009 1,806 1,763 1,841
February 1,309 2,188 1,886 1,870 1,785
March 1,422 2,111 1,921 1,757 1,893
April 1,589 1,973 1,934 1,746 1,924
May 1,693 2,114 1,698 1,781 1,917
June 1,718 2,076 1,807 1,709 1,892
July 1,852 1,958 1,874 1,710 1,780
August 1,861 1,997 1,876 1,745 1,781
September 1,901 2,029 1,771 1,764 1,806
October 1,977 1,971 1,814 1,748 1,828
November 2,022 1,978 1,817 1,712 1,816
December 2,063 2,008 1,784 1,753 1,837
Exhibit 99.11
(Text of graph posted to Ashland Inc.'s website concerning APAC's lost
time incident rates and OSHA recordable incident rates)
Lost Time Incident Rates
(Rate = Lost Time Injuries x 200,000/Hours Worked)
APAC Industry
------ --------
1995 0.3 4.5
1996 0.3 4.1
1997 0.3 4.0
1998 0.4 3.4
1999 0.4 3.8
2000 0.4 3.2
2001 0.1 4.0
2002 0.2 3.9
2003 0.2 3.1
2004 0.2 2.3
Recordable Incident Rates
APAC Industry
------ --------
1995 6.0 11.9
1996 5.8 10.7
1997 6.0 10.4
1998 6.0 9.6
1999 6.0 9.7
2000 5.1 9.3
2001 4.6 8.9
2002 4.3 8.2
2003 4.2 7.7
2004 3.9 6.8
Exhibit 99.12
(Text of graph posted to Ashland Inc.'s website concerning APAC's
monthly revenue and twelve month rolling average revenue)
APAC Monthly Revenue ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 133 88 113 99 106 107
February 134 151 161 126 131
March 165 145 150 148 171
April 237 206 216 195 204
May 236 306 289 262 279
June 229 234 251 226 214
July 269 241 231 236 233
August 256 324 314 311 307
September 242 309 246 238 230
October 293 313 259 309 285
November 174 216 179 201 176
December 153 152 121 140 150
APAC 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------
January 159 206 226 210 208 207
February 163 208 227 207 209
March 169 206 227 207 211
April 177 203 228 205 211
May 182 209 226 203 213
June 189 210 228 201 212
July 199 207 227 201 211
August 202 213 226 201 211
September 209 219 221 200 210
October 216 220 216 204 208
November 217 224 213 206 206
December 210 224 211 208 207
Exhibit 99.13
(Text of graph posted to Ashland Inc.'s website concerning APAC's backlog)
($,Thousands)
1999 2000 2001 2002 2003 2004 2005
------ ------ ------ ------ ------ ------ ------
January 792,886 1,209,729 1,645,913 1,571,094 1,760,266 1,726,897 1,789,999
February 804,954 1,319,956 1,798,572 1,591,236 1,872,914 1,846,860
March 872,496 1,387,553 1,855,681 1,658,211 1,799,947 1,896,824
April 883,616 1,373,245 1,835,945 1,826,261 1,812,477 1,924,190
May 889,033 1,410,490 1,775,066 1,747,191 1,793,366 1,882,179
June 911,792 1,409,917 1,745,523 1,797,221 1,824,298 1,869,271
July 926,650 1,423,593 1,704,099 1,821,660 1,797,561 1,779,323
August 945,826 1,416,419 1,684,890 1,807,560 1,821,527 1,804,859
September 947,640 1,396,705 1,629,004 1,691,458 1,745,219 1,745,829
October 935,465 1,356,512 1,546,217 1,675,113 1,675,929 1,718,930
November 913,938 1,348,831 1,510,454 1,672,317 1,616,826 1,669,638
December 1,210,362 1,600,107 1,546,110 1,696,931 1,658,581 1,730,336
Exhibit 99.14
(Text of graph posted to Ashland Inc.'s website concerning APAC asphalt
mix production in tons)
APAC Asphaltic Mix Production
(Thousands of Tons)
2000 2001 2002 2003 2004 2005
January 1,322 566 1,022 945 974 1,015
February 1,685 1,724 1,688 1,291 1,241
March 2,179 1,785 1,927 1,838 2,215
April 3,217 3,003 3,201 2,761 2,848
May 3,253 4,795 4,381 3,866 4,059
June 3,278 3,349 3,792 3,201 2,970
July 3,936 3,651 3,370 3,387 3,178
August 3,885 4,837 4,702 4,632 4,388
September 3,453 4,500 3,365 3,515 3,101
October 4,538 4,728 3,418 4,335 3,950
November 2,150 2,779 2,359 2,541 2,106
December 1,821 1,763 1,308 1,548 1,717
Exhibit 99.15
(Text of graph posted to Ashland Inc.'s website concerning U.S. Gulf
Coast Asphalt Barge Prices)
ARGUS ASPHALT REPORT ((C), 2004 ARGUS MEDIA) U.S. GULF COAST ASPHALT
BARGE PRICES*
SOURCE: Argus Media
Information concerning Argus may be accessed at www.argusonline.com.
Ashland makes no warranties or representations concerning any information
posted or distributed by Argus, including without limitation information
contained on its website.
Argus Asphalt Report U.S. Gulf Coast Asphalt Barge Prices ($, per Ton)
2000 2001 2002 2003 2004 2005 '00-'04 Avg by Month
Jan 102.06 71.69 73.31 144.31 113.69 106.55 101.01
Feb 116.56 64.25 91.69 167.00 111.65 110.23
March 130.60 68.50 102.50 156.25 116.06 114.78
April 135.13 72.13 120.75 138.75 125.69 118.49
May 132.19 78.88 139.75 120.20 142.35 122.67
June 128.95 87.44 145.75 121.38 155.25 127.75
July 126.19 94.75 131.63 121.50 156.88 126.19
August 119.65 102.35 122.56 126.75 154.40 125.14
Sept 115.88 106.42 117.63 128.81 153.50 124.45
Oct 102.17 100.44 114.44 127.19 145.44 117.94
Nov 91.00 86.25 98.75 118.50 126.60 104.22
Dec 84.83 69.00 94.58 115.00 110.69 94.82
Annual Avg. 115.43 83.51 112.78 132.14 134.35 106.55
* 2005 YTD prices are excluded from the historic price average by month column
Argus Asphalt Report monthly liquid asphalt barge price averages for East and West Gulf Coast f.o.b.
refinery sources. Prices represent non-polymerized AC-20 or PG 64-22 grade asphalt
Exhibit 99.16
(Text of graph posted to Ashland Inc.'s website concerning Sour Crude
Differential)
MAYA - WTI SPREADS ($, per barrel)
1998 1999 2000 2001 2002 2003 2004 2005 1998-2004 Avg.
January -5.99 -4.69 -6.52 -11.26 -5.90 -5.33 -8.62 -17.26 -6.90
February -5.57 -4.89 -6.24 -10.69 -5.77 -7.97 -9.83 -7.28
March -6.24 -4.99 -6.14 -10.35 -5.30 -9.28 -9.69 -7.43
April -4.97 -4.75 -5.78 -11.55 -4.28 -7.82 -8.69 -6.84
May -4.55 -5.01 -5.74 -11.02 -4.76 -6.32 -8.43 -6.55
June -4.24 -4.94 -6.74 -9.11 -4.06 -7.43 -8.70 -6.46
July -4.43 -4.81 -6.97 -8.02 -4.56 -5.84 -10.06 -6.38
August -4.60 -4.05 -7.53 -8.41 -5.46 -5.95 -12.25 -6.89
September -5.10 -4.70 -7.42 -6.40 -5.16 -6.13 -12.49 -6.77
October -4.84 -4.28 -7.60 -6.46 -5.07 -6.16 -14.28 -6.96
November -4.65 -5.43 -10.25 -6.75 -6.60 -6.79 -16.50 -8.14
December -4.78 -5.99 -10.50 -6.04 -6.58 -7.38 -17.29 -8.36
Average -5.00 -4.88 -7.29 -8.84 -5.29 -6.87 -11.40 -17.26 -7.08
Mars - WTI Spreads ($, per barrel)
1998 1999 2000 2001 2002 2003 2004 2005 1998-2004 Avg.
January -3.20 -2.45 -3.52 -7.69 -2.17 -3.38 -4.12 -7.28 -3.79
February -3.88 -2.64 -2.91 -7.53 -1.99 -5.39 -5.67 -4.29
March -3.88 -3.11 -3.91 -6.04 -2.08 -6.10 -4.62 -4.25
April -3.98 -2.70 -3.87 -5.58 -1.66 -4.09 -5.53 -3.92
May -3.16 -2.84 -3.83 -5.10 -2.78 -3.59 -4.38 -3.67
June -2.52 -3.35 -4.30 -3.48 -2.05 -3.73 -4.81 -3.46
July -2.29 -2.64 -4.41 -3.65 -1.94 -3.28 -5.04 -3.32
August -2.39 -1.90 -3.86 -5.02 -3.02 -3.13 -6.25 -3.65
September -2.47 -2.74 -4.91 -4.37 -2.47 -3.34 -7.04 -3.91
October -2.48 -2.67 -6.17 -4.29 -2.85 -3.10 -10.62 -4.60
November -3.31 -2.45 -5.87 -3.92 -4.46 -3.53 -9.04 -4.65
December -3.22 -2.85 -5.61 -2.89 -2.88 -2.82 -7.86 -4.02
Average -3.06 -2.69 -4.43 -4.96 -2.53 -3.79 -6.25 -7.28 -3.96
Exhibit 99.17
(Text of graph posted to Ashland Inc.'s website concerning Chicago 3-2-1
Crack Spreads)
CHICAGO 3-2-1 CRACK SPREADS ($, per barrel)
1998 1999 2000 2001 2002 2003 2004 2005 1998-2004 Avg.
January 1.92 1.92 3.42 7.84 2.69 3.67 6.34 6.89 3.97
February 3.22 0.76 6.07 4.91 2.58 8.62 7.30 4.78
March 3.32 3.44 5.71 6.03 5.60 7.54 7.69 5.62
April 4.51 3.44 6.25 13.15 5.17 7.51 10.30 7.19
May 5.76 2.78 7.74 16.94 4.89 6.77 13.27 8.31
June 5.83 3.33 12.24 7.19 6.19 5.66 9.87 7.19
July 4.50 3.86 3.89 4.68 5.89 5.78 9.87 5.50
August 3.30 4.67 5.05 11.72 4.31 10.14 6.02 6.46
September 3.12 3.95 6.73 10.79 4.87 8.86 7.29 6.52
October 3.11 3.22 7.52 5.47 8.63 6.71 6.31 5.85
November 2.24 4.45 5.12 4.83 5.75 3.79 6.04 4.60
December 1.84 2.46 5.08 2.95 4.49 3.65 3.67 3.45
Average 3.56 3.19 6.24 8.04 5.09 6.56 7.83 6.89 5.79
Exhibit 99.18
(Text of graph posted to Ashland Inc.'s website concerning APAC's
14-State Weighted Retail Diesel Price Index)
APAC's 14-State Weighted Retail Diesel Price Index (cents per gallon)
1998 1999 2000 2001 2002 2003 2004 2005 1998-2004 Avg.
January 108.93 93.59 132.07 149.26 113.00 146.95 152.19 193.28 128.00
February 106.27 92.92 142.33 146.71 112.80 163.90 153.88 131.26
March 104.21 96.09 144.49 135.85 120.37 167.25 158.18 132.35
April 104.23 103.14 138.71 138.11 127.71 150.70 162.00 132.08
May 104.20 103.03 138.74 144.73 127.42 142.26 165.42 132.26
June 101.56 102.56 138.98 143.23 125.11 138.35 164.39 130.60
July 100.40 107.61 140.25 133.89 126.73 139.27 167.71 130.84
August 97.70 112.76 143.40 135.50 129.17 143.88 178.34 134.39
September 99.51 118.06 159.23 143.93 137.26 141.76 187.75 141.07
October 101.12 119.28 158.52 129.99 143.41 144.01 208.91 143.61
November 99.25 122.48 158.04 121.61 138.17 143.86 210.43 141.98
December 94.19 125.79 151.36 113.97 139.79 144.64 197.90 138.23
Average 101.80 108.11 145.51 136.40 128.41 147.23 175.59 193.28 134.72
Exhibit 99.19
Ashland Distribution Company Non-GAAP Metric Information
ADC POCKET PROFIT Q1 2005 Q1 2004
- ------------------------------- ---------- ---------
Operating Income 24,253 13,083
Income Taxes (9,317) (4,773)
---------- ---------
Net Income 14,936 8,310
Average Invested Capital 508,455 450,467
Cost of Capital (9.5%/4) 2.375% 2.375%
---------- ---------
Cost of Capital $ (COC$) 12,076 10,699
Pocket Profit 2,860 (2,389)
(Net Income less COC$)
Pocket Profit is a Non-GAAP metric used by management to measure our
overall performance as it relates to covering our cost of capital.
Pocket Profit definition : Operating Income less Income Taxes equals Net
Income. The Average Invested Capital for the quarter is multiplied by
2.375% (9.5%/4) which equals the Cost of Capital which is then subtracted
from our Net Income to arrive at our Pocket Profit.