Hess 2011 Annual Report Download - page 75

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
Years Ended December 31,
2011 2010 2009
(Millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
Netincome ....................................................... $1,676 $2,138 $ 807
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization ............................. 2,406 2,317 2,200
(Income) loss from equity investment in HOVENSA L.L.C. .............. 1,073 522 229
Assetimpairments ............................................... 358 532 54
Exploratorydryholecosts ......................................... 438 237 267
Leaseimpairment ................................................ 301 266 231
Stockcompensationexpense ....................................... 104 112 128
Gainsonassetsales .............................................. (446) (1,208) —
Provision (benefit) for deferred income taxes .......................... (623) (495) (438)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable .......................... (243) (760) 320
(Increase)decreaseininventories ................................. 4(16) (137)
Increase (decrease) in accounts payable and accrued liabilities .......... 544 1,141 (542)
Increase(decrease)intaxespayable ............................... 46 95 (81)
Changesinotherassetsandliabilities .............................. (654) (351) 8
Net cash provided by operating activities ......................... 4,984 4,530 3,046
CASH FLOWS FROM INVESTING ACTIVITIES
Capitalexpenditures................................................ (7,006) (5,492) (2,918)
Proceedsfromassetsales ............................................ 490 183 —
Other,net ........................................................ (50) 50 (6)
Net cash used in investing activities ............................. (6,566) (5,259) (2,924)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayments) of debt with maturities of 90 days or less ....... 100 — (850)
Debt with maturities of greater than 90 days
Borrowings ................................................... 422 1,278 1,991
Repayments .................................................. (100) (180) (694)
Cashdividendspaid ................................................ (136) (131) (131)
Noncontrollinginterests,net ......................................... (49) (46) (2)
Employee stock options exercised, including income tax benefits ............ 88 54 18
Net cash provided by financing activities ......................... 325 975 332
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .... (1,257) 246 454
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR .......... 1,608 1,362 908
CASH AND CASH EQUIVALENTS AT END OF YEAR ................. $ 351 $ 1,608 $ 1,362
See accompanying notes to consolidated financial statements.
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