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): September 21, 2004
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
Item 7. 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 Asphalt Barge Prices
99.16 Website data concerning Sour Crude Differential
99.17 Website data concerning Chicago 3-2-1 Crack Spreads
99.18 Website date concerning APAC's 14-State Weighted Diesel Price Index
Item 9. Regulation FD Disclosure
- ------ ------------------------
On September 21, 2004, Ashland Inc. will include the information
contained in exhibits 99.1 - 99.18, and graphic images thereof, on the
"Investor Relations" section of its website located at www.ashland.com.
Ashland is furnishing the information pursuant to the Securities and
Exchange Commission's ("SEC") Regulation FD. The information contained in
exhibits 99.1 - 99.18 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
from its website at any time.
-2-
SIGNATURE
---------
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: Setpember 21, 2004 /s/ J. Marvin Quin
-----------------------------------
Name: J. Marvin Quin
Title: Senior Vice President
and Chief Financial Officer
-3-
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 Asphalt Barge Prices
99.16 Website data concerning Sour Crude Differential
99.17 Website data concerning Chicago 3-2-1- Crack Spreads
99.18 Website date concerning APAC's 14-State Weighted Diesel Price Index
-4-
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 ($, Millions)
2001 2002 2003 2004
------ ------ ------ ------
January 10.993 9.537 10.815 11.749
February 11.712 10.084 11.538 12.534
March 11.378 10.480 11.586 12.520
April 11.713 10.308 11.780 13.274
May 11.756 10.493 11.444 13.403
June 10.630 10.642 11.686 13.247
July 10.330 9.950 11.019 13.126
August 10.230 10.264 11.357 13.668
September 10.636 10.738 11.513
October 9.845 10.390 11.428
November 9.767 11.025 12.233
December 8.529 9.392 10.146
ADC Non-Durable Manufacturing (%)
2001 2002 2003 2004
----- ----- ---- ----
January 100.0 98.1 96.3 96.1
February 100.1 97.9 96.3 96.5
March 99.1 98.4 96.4 97.1
April 99.2 98.5 95.9 97.8
May 99.2 98.4 95.7 98.5
June 98.7 99.1 95.2 98.3
July 98.0 98.9 95.6 98.7
August 98.2 98.6 95.4 98.9
September 98.2 98.4 95.5
October 98.3 97.3 95.5
November 97.5 96.7 96.4
December 97.1 96.3 96.3
Exhibit 99.2
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Distribution Company's revenue)
ADC Revenue - Monthly Sales ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 246 242 210 238 247
February 269 234 202 231 251
March 297 250 210 243 288
April 265 234 227 247 279
May 286 280 231 240 268
June 291 223 213 245 291
July 253 217 219 242 276
August 285 235 226 238 301
September 255 202 215 242
October 268 226 239 263
November 244 195 209 220
December 219 162 188 213
ADC - 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 251 265 222 218 239
February 254 262 220 221 241
March 257 258 216 223 245
April 258 255 216 225 247
May 262 255 212 226 250
June 264 249 211 228 254
July 265 246 211 230 256
August 268 242 210 231 262
September 268 237 211 234
October 269 234 212 236
November 268 230 214 236
December 265 225 216 239
Exhibit 99.3
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Distribution Company's gross profit)
ADC Gross Profit (%) - 3 Month Rolling Average
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 15.4 16.1 17.2 15.9 15.1
February 15.4 16.3 16.6 15.5 15.0
March 15.3 16.4 16.1 15.0 14.6
April 15.1 16.2 15.8 14.9 14.4
May 15.1 15.6 15.7 15.0 14.4
June 15.0 15.5 15.7 15.1 14.4
July 15.0 15.6 15.7 15.3 14.4
August 15.1 15.9 15.7 15.4 14.0
September 15.4 16.1 16.0 15.5
October 15.3 16.2 15.7 15.0
November 15.6 16.7 15.9 14.8
December 15.6 16.9 15.9 14.9
ADC Gross Profit (%) - 12 Month Rolling Average
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 15.8 15.4 16.2 15.8 15.1
February 15.7 15.5 16.1 15.7 15.0
March 15.6 15.5 16.1 15.6 15.0
April 15.5 15.6 16.1 15.5 14.9
May 15.5 15.6 16.2 15.5 14.9
June 15.4 15.7 16.2 15.5 14.8
July 15.3 15.8 16.2 15.4 14.7
August 15.2 15.8 16.2 15.4 14.5
September 15.2 15.9 16.1 15.3
October 15.2 16.0 16.1 15.3
November 15.3 16.1 16.0 15.2
December 15.3 16.2 15.9 15.1
Exhibit 99.4
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Specialty Chemical Company's average sales per ship day)
ASCC Average Net Sales per Ship Day ($, Thousands)
2001 2002 2003 2004
----- ----- ----- -----
January 3,711 3,656 3,904 4,401
February 4,070 4,421 4,724 4,595
March 4,014 4,277 4,674 5,016
April 4,257 4,409 4,906 5,637
May 3,988 4,414 4,783 5,628
June 4,739 4,794 4,992 5,601
July 4,352 4,214 4,546 5,633
August 4,018 4,429 4,244 5,512
September 4,644 4,749 5,520
October 4,187 4,425 4,869
November 4,419 4,872 5,520
December 4,200 4,433 4,758
ASCC Durable Manufacturing Index (%)
2001 2002 2003 2004
------ ----- ------ ------
January 100.0 93.4 97.4 102.7
February 99.1 93.7 97.1 104.6
March 99.2 94.0 96.2 104.9
April 98.4 94.6 95.4 105.6
May 97.4 95.3 95.4 106.3
June 96.2 96.1 96.2 106.4
July 96.0 95.9 97.4 107.9
August 94.7 96.7 97.5 108.7
September 93.5 96.4 99.6
October 92.7 96.1 99.8
November 92.9 97.1 101.4
December 93.0 96.2 101.9
Exhibit 99.5
(Text of graph posted to Ashland Inc.'s website concerning Ashland
Specialty Chemical Company's revenue)
ASCC Revenue - Net Monthly Sales ($, Millions)
2000 2001 2002 2003 2004
---- ---- ----- ----- ----
January 84.9 81.6 80.4 85.9 92.4
February 89.9 81.4 88.4 94.5 110.3
March 99.2 88.3 85.5 98.2 115.4
April 90.4 85.1 97.0 103.0 118.4
May 93.6 87.7 97.1 100.5 112.6
June 95.2 99.5 95.9 104.8 123.2
July 85.5 91.4 92.7 100.0 118.3
August 94.2 92.4 97.4 106.1 121.3
September 88.9 88.2 95.0 93.8
October 91.0 96.3 101.8 112.0
November 87.1 88.4 92.6 99.4
December 81.6 79.8 88.7 99.9
ASCC - 12 Month Net Sales Rolling Average ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- -----
January 91.4 89.9 88.2 93.2 100.4
February 91.7 89.1 88.8 93.7 101.7
March 91.9 88.2 88.6 94.7 103.1
April 91.5 87.8 89.6 95.2 104.4
May 91.9 87.3 90.4 95.5 105.4
June 92.1 87.7 90.1 96.3 107.0
July 91.7 88.2 90.2 96.9 108.5
August 91.3 88.0 90.6 97.6 109.7
September 91.0 87.9 91.2 97.5
October 91.0 88.4 91.6 98.3
November 90.7 88.5 92.0 98.9
December 90.1 88.3 92.7 99.8
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
---- ---- ---- ---- ----
January 36.0 33.9 36.0 34.2 33.0
February 35.1 33.4 36.6 34.2 33.0
March 34.4 33.2 37.6 33.4 33.0
April 34.4 33.8 38.4 33.1 32.5
May 34.4 34.3 38.5 32.5 31.7
June 34.0 34.4 38.0 33.1 30.7
July 33.2 34.1 37.3 33.7 30.7
August 33.3 34.4 36.5 34.4 30.3
September 34.1 34.9 36.4 33.7
October 34.3 35.5 36.2 33.4
November 34.4 35.7 35.5 33.2
December 33.8 36.0 34.9 33.5
ASCC Gross Profit (%) - 12 Month Rolling Average
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 36.4 34.0 34.8 36.5 33.3
February 36.3 33.9 35.2 36.2 33.3
March 36.1 33.8 35.7 35.7 33.3
April 35.8 33.8 36.0 35.2 33.1
May 35.4 33.9 36.3 34.7 33.0
June 34.9 33.9 36.6 34.4 32.7
July 34.6 34.0 36.8 34.3 32.3
August 34.6 34.2 36.8 34.1 31.9
September 34.7 34.1 37.0 33.8
October 34.5 34.3 37.0 33.6
November 34.3 34.5 36.8 33.5
December 34.1 34.6 36.7 33.4
Exhibit 99.7
(Text of graph posted to Ashland Inc.'s website concerning
Valvoline's premium oil sales)
Premium Lubricants (%) Of Branded Volume
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 8.8 9.5 14.2 16.7 20.8
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
October 8.6 13.4 16.5 17.1
November 10.3 14.7 17.4 19.5
December 10.4 13.6 16.8 22.1
Exhibit 99.8
(Text of graph posted to Ashland Inc.'s website
concerning Valvoline's revenue)
Valvoline Revenue Monthly ($, Millions)
2000 2001 2002 2003 2004
----- ----- ----- ----- -----
January 87.7 83.5 94.0 96.5 105.6
February 95.5 78.0 86.2 93.4 100.4
March 102.8 105.1 92.4 111.0 118.0
April 82.2 82.5 107.7 101.1 115.6
May 92.2 102.7 104.0 105.7 104.7
June 89.1 90.3 92.8 99.9 109.9
July 85.9 97.8 107.8 110.4 116.3
August 103.0 101.1 108.3 105.6 108.3
September 100.0 110.1 104.2 129.8
October 86.2 91.2 100.3 110.7
November 79.5 87.8 88.2 85.2
December 75.7 75.7 92.8 94.3
Valvoline Revenue 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- -----
January 89.5 89.6 93.0 98.4 104.4
February 90.6 88.2 93.7 99.0 105.0
March 91.6 88.4 92.7 100.6 105.6
April 90.1 88.4 94.8 100.0 106.8
May 90.1 89.3 94.9 100.2 106.7
June 89.4 89.4 95.1 100.8 107.5
July 88.9 90.4 95.9 101.0 108.0
August 89.5 90.2 96.5 100.8 108.2
September 89.7 91.0 96.0 102.9
October 90.1 91.5 96.8 103.8
November 90.2 92.2 96.8 103.5
December 90.0 92.2 98.2 103.6
Exhibit 99.9
(Text of graph posted to Ashland Inc.'s website concerning Valvoline
Instant Oil Change's twelve month rolling average sales)
VIOC Sames Store Sales ($, Millions)
(2 Years and Older)
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 11.9 12.6 13.3 14.2 14.6
February 12.0 12.6 13.4 14.2 14.6
March 12.1 12.7 13.4 14.3 14.6
April 12.1 12.7 13.5 14.3 14.5
May 12.2 12.7 13.6 14.4 14.4
June 12.3 12.7 13.7 14.5 14.4
July 12.4 12.8 13.8 14.5 14.3
August 12.5 12.8 13.8 14.5 14.2
September 12.5 12.9 13.9 14.6
October 12.6 13.0 14.0 14.6
November 12.6 13.1 14.1 14.6
December 12.6 13.2 14.1 14.6
Exhibit 99.10
(Text of graph posted to Ashland Inc.'s website concerning
APAC's Rolling 12 month contract awards)
2000 2001 2002 2003 2004
----- ----- ----- ----- -----
January 1,241 2,081 2,009 1,806 1,763
February 1,309 2,188 1,886 1,870 1,785
March 1,422 2,111 1,921 1,757 1,893
April 1,589 1,973 1,934 1,746 1,924
May 1,693 2,114 1,698 1,781 1,917
June 1,718 2,076 1,807 1,709 1,892
July 1,852 1,958 1,874 1,710 1,780
August 1,861 1,997 1,876 1,745 1,781
September 1,901 2,029 1,771 1,764
October 1,977 1,971 1,814 1,748
November 2,022 1,978 1,817 1,712
December 2,063 2,008 1,784 1,753
Exhibit 99.11
(Text of graph posted to Ashland Inc.'s website concerning APAC's lost
time incident rates and OSHA recordable incident rates)
Lost Time Incident Rates
(Rate = Lost Time Injuries x 200,000/Hours Worked)
APAC Industry
---- --------
1995 0.3 4.5
1996 0.3 4.1
1997 0.3 4.0
1998 0.4 3.4
1999 0.4 3.8
2000 0.4 3.2
2001 0.1 4.0
2002 0.2 3.9
2003 0.2 3.1
Recordable Incident Rates
APAC Industry
---- --------
1995 6.0 11.9
1996 5.8 10.7
1997 6.0 10.4
1998 6.0 9.6
1999 6.0 9.7
2000 5.1 9.3
2001 4.6 8.9
2002 4.3 8.2
2003 4.2 7.7
Exhibit 99.12
(Text of graph posted to Ashland Inc.'s website concerning APAC's
monthly revenue and twelve month rolling average revenue)
APAC Monthly Revenue ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 133 88 113 99 106
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
October 293 313 259 309
November 174 216 179 201
December 153 152 121 140
APAC 12 Month Rolling Average ($, Millions)
2000 2001 2002 2003 2004
---- ---- ---- ---- ----
January 159 206 226 210 208
February 163 208 227 207 209
March 169 206 227 207 211
April 177 203 228 205 211
May 182 209 226 203 213
June 189 210 228 201 212
July 199 207 227 201 211
August 202 213 226 201 211
September 209 219 221 200
October 216 220 216 204
November 217 224 213 206
December 210 224 211 208
Exhibit 99.13
(Text of graph posted to Ashland Inc.'s website concerning APAC's backlog)
APAC Backlog
($,Thousands)
1999 2000 2001 2002 2003 2004
------- --------- --------- --------- --------- ---------
January 792,886 1,209,729 1,645,913 1,571,094 1,760,266 1,726,897
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
October 935,465 1,356,512 1,546,217 1,675,113 1,675,929
November 913,938 1,348,831 1,510,454 1,672,317 1,616,826
December 1,210,362 1,600,107 1,546,110 1,696,931 1,658,581
Exhibit 99.14
(Text of graph posted to Ashland Inc.'s website concerning
APAC asphalt mix production in tons)
APAC Asphalt Mix Production
1999 2000 2001 2002 2003 2004
----- ----- ----- ----- ----- -----
January 852 1,322 566 1,022 945 974
February 997 1,685 1,724 1,688 1,291 1,241
March 1,250 2,179 1,785 1,927 1,838 2,215
April 2,034 3,217 3,003 3,201 2,761 2,848
May 2,853 3,253 4,795 4,381 3,866 4,059
June 2,334 3,278 3,349 3,792 3,201 2,970
July 2,504 3,936 3,651 3,370 3,387 3,178
August 3,603 3,885 4,837 4,702 4,632 4,388
September 2,644 3,453 4,500 3,365 3,515
October 3,677 4,538 4,728 3,418 4,335
November 3,026 2,150 2,779 2,359 2,541
December 2,097 1,821 1,763 1,308 1,548
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.
1999-2003
1999 2000 2001 2002 2003 2004 Average
----- ------ ----- ----- ------ ------ ---------
Jan. 42.06 102.06 71.69 73.31 144.31 113.69 86.69
Feb. 46.63 116.56 64.25 91.69 167.00 111.65 97.23
March 53.50 130.60 68.50 102.50 156.25 116.06 102.27
April 63.94 135.13 72.13 120.75 138.75 125.69 106.14
May 68.20 132.19 78.88 139.75 120.20 142.35 107.84
June 72.55 128.95 87.44 145.75 121.38 155.25 111.21
July 83.05 126.19 94.75 131.63 121.50 156.88 111.42
August 88.06 119.65 102.35 122.56 126.75 154.40 111.87
Sept. 90.85 115.88 106.42 117.63 128.81 111.92
Oct. 91.81 102.17 100.44 114.44 127.19 107.21
Nov. 91.50 91.00 86.25 98.75 118.50 97.20
Dec. 92.92 84.83 69.00 94.58 115.00 91.27
- ---------------------------------------------------------------------------------------------------------------
AVG. 73.76 115.43 83.51 112.78 132.14 134.50 103.52
*($, Ton)
Exhibit 99.16
(Text of graph posted to Ashland Inc.'s website concerning
Sour Crude Differential)
MAYA - WTI SPREADS
1998 1999 2000 2001 2002 2003 2004 1998-2003 Avg.
---- ---- ---- ---- ---- ---- ---- --------------
January -5.99 -4.69 -6.52 -11.26 -5.90 -5.33 -8.62 -6.61
February -5.57 -4.89 -6.24 -10.69 -5.77 -7.97 -9.83 -6.86
March -6.24 -4.99 -6.14 -10.35 -5.30 -9.28 -9.69 -7.05
April -4.97 -4.75 -5.78 -11.55 -4.28 -7.82 -8.69 -6.53
May -4.55 -5.01 -5.74 -11.02 -4.76 -6.32 -8.43 -6.23
June -4.24 -4.94 -6.74 -9.11 -4.06 -7.43 -8.70 -6.09
July -4.43 -4.81 -6.97 -8.02 -4.56 -5.84 -10.06 -5.77
August -4.60 -4.05 -7.53 -8.41 -5.46 -5.95 -12.25 -6.00
September -5.10 -4.70 -7.42 -6.40 -5.16 -6.13 -5.82
October -4.84 -4.28 -7.60 -6.46 -5.07 -6.16 -5.74
November -4.65 -5.43 -10.25 -6.75 -6.60 -6.79 -6.74
December -4.78 -5.99 -10.50 -6.04 -6.58 -7.38 -6.88
Average -5.00 -4.88 -7.29 -8.84 -5.29 -6.87 -9.53 -6.36
MARS - WTI SPREADS
1998 1999 2000 2001 2002 2003 2004 1998-2003 Avg.
---- ---- ---- ---- ---- ---- ---- --------------
January -3.20 -2.45 -3.52 -7.69 -2.17 -3.38 -4.12 -3.73
February -3.88 -2.64 -2.91 -7.53 -1.99 -5.39 -5.67 -4.06
March -3.88 -3.11 -3.91 -6.04 -2.08 -6.10 -4.62 -4.18
April -3.98 -2.70 -3.87 -5.58 -1.66 -4.09 -5.53 -3.65
May -3.16 -2.84 -3.83 -5.10 -2.78 -3.59 -4.38 -3.55
June -2.52 -3.35 -4.30 -3.48 -2.05 -3.73 -4.81 -3.24
July -2.29 -2.64 -4.41 -3.65 -1.94 -3.28 -5.04 -3.03
August -2.39 -1.90 -3.86 -5.02 -3.02 -3.13 -6.25 -3.22
September -2.47 -2.74 -4.91 -4.37 -2.47 -3.34 -3.38
October -2.48 -2.67 -6.17 -4.29 -2.85 -3.10 -3.59
November -3.31 -2.45 -5.87 -3.92 -4.46 -3.53 -3.92
December -3.22 -2.85 -5.61 -2.89 -2.88 -2.82 -3.38
Average -3.06 -2.69 -4.43 -4.96 -2.53 -3.79 -5.05 -3.58
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
1998 1999 2000 2001 2002 2003 2004 1998-2003 Avg.
---- ---- ---- ---- ---- ---- ---- --------------
January 1.92 1.92 3.42 7.84 2.69 3.67 6.34 3.58
February 3.22 0.76 6.07 4.91 2.58 8.62 7.30 4.36
March 3.32 3.44 5.71 6.03 5.60 7.54 7.69 5.27
April 4.51 3.44 6.25 13.15 5.17 7.51 10.30 6.67
May 5.76 2.78 7.74 16.94 4.89 6.77 13.27 7.48
June 5.83 3.33 12.24 7.19 6.19 5.66 9.87 6.74
July 4.50 3.86 3.89 4.68 5.89 5.78 9.87 4.77
August 3.30 4.67 5.05 11.72 4.31 10.14 6.02 6.53
September 3.12 3.95 6.73 10.79 4.87 8.86 6.39
October 3.11 3.22 7.52 5.47 8.63 6.71 5.78
November 2.24 4.45 5.12 4.83 5.75 3.79 4.36
December 1.84 2.46 5.08 2.95 4.49 3.65 3.41
Average 3.56 3.19 6.24 8.04 5.09 6.56 8.83 5.44
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
1998 1999 2000 2001 2002 2003 2004 1998-2003 Avg.
---- ---- ---- ---- ---- ---- ---- --------------
January 108.93 93.59 132.07 149.26 113.00 146.95 152.19 123.97
February 106.27 92.92 142.33 146.71 112.80 163.90 153.88 127.49
March 104.21 96.09 144.49 135.85 120.37 167.25 158.18 128.04
April 104.23 103.14 138.71 138.11 127.71 150.70 162.00 127.10
May 104.20 103.03 138.74 144.73 127.42 142.26 165.42 126.73
June 101.56 102.56 138.98 143.23 125.11 138.35 164.39 124.96
July 100.40 107.61 140.25 133.89 126.73 139.27 167.71 124.69
August 97.70 112.76 143.40 135.50 129.17 143.88 178.34 127.07
September 99.51 118.06 159.23 143.93 137.26 141.76 133.29
October 101.12 119.28 158.52 129.99 143.41 144.01 132.72
November 99.25 122.48 158.04 121.61 138.17 143.86 130.57
December 94.19 125.79 151.36 113.97 139.79 144.64 128.29
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Average 101.80 108.11 145.51 136.40 128.41 147.23 162.76 127.91