Occidental Petroleum produces and markets crude oil. The following are selected numbers from the financial statements for 1992 and 1993 (in millions). 1992 Revenues $8,494.0, (Less) Operating Expenses ($6,424.0), (Less) Depreciation ($872.0), = EBIT $1,198.0, (Less) Interest Expenses ($510.0), (Less) Taxes ($362.0), = Net Income $326.0, Working Capital ($45.0), Total Debt $5.4 billion

1993 Revenues $9,000.0, (Less) Operating Expenses ($6,970.0), (Less) Depreciation ($860.0), = EBIT $1,170.0, (Less) Interest Expenses ($515.0), (Less) Taxes ($420.0), = Net Income $235.0, Working Capital ($50.0), Total Debt $5.0 billion

The firm had capital expenditures of $950 million in 1992 and $1 billion in 1993. The working capital in 1991 was $190 million, and the total debt outstanding in 1991 was $5.75 billion. There were 305 million shares outstanding, trading at $21 per share.

A) Estimate the cash flows to equity in 1992 and 1993.