Hess 2002 Annual Report Download - page 48

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46
The Board of Directors and Stockholders
Amerada Hess Corporation
We have audited the accompanying consolidated balance sheet of
Amerada Hess Corporation and consolidated subsidiaries as of
December 31, 2002 and 2001 and the related consolidated state-
ments of income, retained earnings, cash flows, changes in preferred
stock, common stock and capital in excess of par value and compre-
hensive income for each of the three years in the period ended
December 31, 2002. These financial statements are the responsibility
of the Corporation’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards gen-
erally accepted in the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
Amerada Hess Corporation and consolidated subsidiaries at Decem-
ber 31, 2002 and 2001 and the consolidated results of their opera-
tions and their consolidated cash flows for each of the three years
in the period ended December 31, 2002, in conformity with account-
ing principles generally accepted in the United States.
As discussed in Note 15 to the consolidated financial statements, the
Corporation adopted Statement of Financial Accounting Standards
No. 133, Accounting for Derivative Instruments and Hedging Activi-
ties, effective January 1, 2001.
New York, NY
February 21, 2003
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS