Hess 2002 Annual Report Download - page 31

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29
For the Years Ended December 31
Millions of dollars 2002 2001 2000
Cash Flows From Operating Activities
Net income (loss) $ (218) $ 914 $ 1,023
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation, depletion and amortization 1,320 967 714
Asset impairments 1,100
——
Exploratory dry hole costs 159 204 133
Lease impairment 41 38 33
Gain on asset sales (117)
——
Provision (benefit) for deferred income taxes (258) 64 164
Undistributed earnings of affiliates 47 (52) (119)
Changes in other operating assets and liabilities
(Increase) decrease in accounts receivable (104) 650 (1,792)
(Increase) decrease in inventories 51 (131) (23)
Increase (decrease) in accounts payable and
accrued liabilities (217) (553) 1,617
Increase (decrease) in taxes payable 50 (185) 272
Changes in prepaid expenses and other 111 44 (227)
Net cash provided by operating activities 1,965 1,960 1,795
Cash Flows From Investing Activities
Capital expenditures
Exploration and production (1,404) (2,341) (783)
Refining and marketing (130) (160) (155)
Total capital expenditures (1,534) (2,501) (938)
Acquisition of Triton Energy Limited, net of cash acquired
—
(2,720)
—
Payment received on note 48 48 48
Investment in affiliates
—
(86) (38)
Proceeds from asset sales and other 390 54 26
Net cash used in investing activities (1,096) (5,205) (902)
Cash Flows From Financing Activities
Debt with maturities of 90 days or less
—
increase (decrease) (581) 564 (131)
Debt with maturities of greater than 90 days
Borrowings 637 2,595 20
Repayments (686) (54) (296)
Cash dividends paid (107) (94) (54)
Common stock and warrants acquired
—
(100) (220)
Stock options exercised 28 59 59
Net cash provided by (used in) financing activities (709) 2,970 (622)
Net Increase (Decrease) in Cash and Cash Equivalents 160 (275) 271
Cash and Cash Equivalents at Beginning of Year 37 312 41
Cash and Cash Equivalents at End of Year $ 197 $ 37 $ 312
See accompanying notes to consolidated financial statements.
STATEMENT OF CONSOLIDATED CASH FLOWS
Amerada Hess Corporation and Consolidated Subsidiaries