Hess 2011 Annual Report Download - page 131
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HOVENSA L.L.C.
Statements of Operations, Comprehensive Loss
and (Accumulated Deficit) Retained Earnings
Year ended December 31
2011 2010 2009
(Dollars in Thousands)
Sales .................................................. $13,126,326 $12,258,297 $10,048,271
Operating expenses:
Product costs .......................................... 12,803,408 11,926,310 9,782,220
Operating expenses ..................................... 554,516 586,336 548,265
Depreciation and amortization ............................ 128,403 142,503 139,854
Asset impairments and shutdown related charges ............. 2,072,600 ——
Total operating expenses ................................... 15,558,927 12,655,149 10,470,339
Operating loss ........................................... (2,432,601) (396,852) (422,068)
Other non-operating income (expense):
Interest expense ........................................ (38,689) (25,904) (22,299)
Other expense, net ...................................... (15,962) (15,173) (6,858)
Net loss ................................................ $ (2,487,252) $ (437,929) $ (451,225)
Components of comprehensive (loss) income:
Net loss .............................................. $ (2,487,252) $ (437,929) $ (451,225)
Change in retirement plan liabilities ........................ (9,898) 1,789 (18,021)
Comprehensive loss ...................................... $ (2,497,150) $ (436,140) $ (469,246)
(Accumulated deficit) retained earnings:
Opening balance ....................................... $ (410,980) $ 26,949 $ 478,174
Net loss .............................................. (2,487,252) (437,929) (451,225)
Closing balance ......................................... $ (2,898,232) $ (410,980) $ 26,949
See accompanying notes to financial statements.
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