Hess 2008 Annual Report Download - page 62
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME
2008 2007 2006
Years Ended December 31,
(In millions, except per share data)
REVENUES AND NON-OPERATING INCOME
Sales (excluding excise taxes) and other operating revenues ............ $41,165 $31,647 $28,067
Equity in income of HOVENSA L.L.C. .......................... 44 176 201
Gain on asset sales .......................................... —21 369
Other, net ................................................. (115) 80 81
Total revenues and non-operating income........................ 41,094 31,924 28,718
COSTS AND EXPENSES
Cost of products sold (excluding items shown separately below) ........ 29,595 22,573 19,912
Production expenses ......................................... 1,872 1,581 1,250
Marketing expenses ......................................... 1,025 944 940
Exploration expenses, including dry holes and lease impairment ........ 725 515 552
Other operating expenses ..................................... 209 161 122
General and administrative expenses ............................. 672 614 471
Interest expense ............................................ 267 256 201
Depreciation, depletion and amortization .......................... 2,029 1,576 1,224
Total costs and expenses .................................... 36,394 28,220 24,672
INCOME BEFORE INCOME TAXES ........................... 4,700 3,704 4,046
Provision for income taxes .................................... 2,340 1,872 2,126
NET INCOME .............................................. $ 2,360 $ 1,832 $ 1,920
Less preferred stock dividends ................................. ——44
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS ..... $ 2,360 $ 1,832 $ 1,876
BASIC NET INCOME PER SHARE ............................. $ 7.35 $ 5.86 $ 6.75
DILUTED NET INCOME PER SHARE .......................... $ 7.24 $ 5.74 $ 6.08
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (DILUTED)................................. 325.8 319.3 315.7
See accompanying notes to consolidated financial statements.
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