Hess 2008 Annual Report Download - page 89

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Exploration
and Production
Marketing
and Refining
Corporate
and Interest Consolidated(a)
(Millions of dollars)
2007
Operating revenues
Total operating revenues(b) ........ $ 7,933 $23,913 $ 2
Less: Transfers between affiliates .... 201 — —
Operating revenues from
unaffiliated customers ........ $ 7,732 $23,913 $ 2 $31,647
Net income (loss) . ................ $ 1,842 $ 300 $ (310) $ 1,832
Equity in income of HOVENSA
L.L.C. ....................... $ — $ 176 $ — $ 176
Interest expense . . ................ — — 256 256
Depreciation, depletion and
amortization . . . ................ 1,503 68 5 1,576
Provision (benefit) for income taxes . . . 1,865 181 (174) 1,872
Investments in affiliates ............. 57 1,060 — 1,117
Identifiable assets . ................ 17,008 6,667 2,456 26,131
Capital employed(c) ............... 11,274 2,979 (499) 13,754
Capital expenditures ............... 3,438 118 22 3,578
2006
Operating revenues
Total operating revenues(b) ........ $ 6,860 $21,480 $ 2
Less: Transfers between affiliates .... 275 — —
Operating revenues from
unaffiliated customers ........ $ 6,585 $21,480 $ 2 $28,067
Net income (loss) . ................ $ 1,763 $ 394 $ (237) $ 1,920
Equity in income of HOVENSA
L.L.C. ....................... $ — $ 201 $ — $ 201
Interest expense . . ................ — — 201 201
Depreciation, depletion and
amortization . . . ................ 1,159 61 4 1,224
Provision (benefit) for income taxes . . . 2,019 226 (119) 2,126
Investments in affiliates ............. 57 1,186 — 1,243
Identifiable assets . ................ 14,397 6,228 1,817 22,442
Capital employed(c) ............... 9,397 2,955 (433) 11,919
Capital expenditures ............... 3,675 158 11 3,844
(a) After elimination of transactions between affiliates, which are valued at approximate market prices.
(b) Sales and operating revenues are reported net of excise and similar taxes in the consolidated statement of income, which amounted to
approximately $2,200 million, $2,000 million and $1,900 million in 2008, 2007 and 2006, respectively.
(c) Calculated as equity plus debt.
73
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)