Hess 2002 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2002 Hess annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

52
TEN-YEAR SUMMARY OF FINANCIAL DATA
Amerada Hess Corporation and Consolidated Subsidiaries
Millions of dollars, except per share data 2002 2001 2000
Statement of Consolidated Income
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues
Crude oil (including sales of purchased oil) $ 2,833 $ 2,343 $ 2,177
Natural gas (including sales of purchased gas) 3,088 4,614 3,319
Petroleum products 4,871 5,308 5,545
Other operating revenues 1,140 1,148 952
Total 11,932 13,413 11,993
Non-operating income
Gain on asset sales 117
——
Equity in income (loss) of HOVENSA L.L.C. (47) 58 121
Other 91 142 163
Total revenues and non-operating income 12,093 13,613 12,277
Costs and expenses
Cost of products sold 7,156 8,735 7,883
Production expenses 822 711 557
Marketing expenses 703 663 542
Exploration expenses, including dry holes and
lease impairment 319 368 289
Other operating expenses 199 224 234
General and administrative expenses 256 313 224
Interest expense 269 194 162
Depreciation, depletion and amortization 1,320 967 714
Impairment of assets and operating leases 1,100
——
Total costs and expenses 12,144 12,175 10,605
Income (loss) before income taxes (51) 1,438 1,672
Provision (benefit) for income taxes 167 524 649
Net income (loss) $ (218)(a) $ 914(c) $ 1,023(d)
Net income (loss) per share
Basic $ (2.48) $ 10.38 $ 11.48
Diluted (2.48) 10.25 11.38
Dividends Per Share of Common Stock $ 1.20 $ 1.20 $ .60
Weighted Average Diluted
Shares Outstanding (thousands) 88,187(b) 89,129 89,878
(a) Includes net after-tax special charges aggregating $769 million, principally resulting from asset impairments. See Note 2 to financial statements.
(b) Represents basic shares.
(c) Reflects after-tax special charges aggregating $31 million for losses related to the bankruptcy of certain subsidiaries of Enron and accrued severance.
(d) Includes an after-tax gain of $60 million on termination of acquisition, partially offset by a $24 million charge for costs associated with a research and development venture.
(e) On January 1, 1999, the Corporation adopted the last-in, first-out (LIFO) inventory method for refining and marketing inventories.
(f) Includes after-tax gains on asset sales of $176 million and special tax benefits of $54 million, partially offset by impairment of assets and operating leases of $99 million
(after income taxes).
(g) Reflects after-tax special charges aggregating $263 million representing impairments of assets and operating leases, a net loss on asset sales and accrued severance.
(h) After income taxes, the net gain was $421 million.
(i) After income taxes, the net charge was $416 million.
See accompanying notes to consolidated financial statements, including Note 3 on Acquisition of Triton Energy Limited in August of 2001.