Hess 2000 Annual Report Download - page 32

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30
For the Years Ended December 31
Millions of dollars 2000 1999 1998
Cash Flows From Operating Activities
Net income (loss) $ 1,023 $ 438 $ (459)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation, depletion and amortization 714 649 662
Impairment of assets and operating leases —128 206
Exploratory dry hole costs 133 69 160
Lease impairment 33 36 31
(Gain) loss on asset sales —(273) 26
Provision (benefit) for deferred income taxes 164 62 (138)
Undistributed earnings of affiliates (119) 733
1,948 1,116 521
Changes in other operating assets and liabilities
(Increase) decrease in accounts receivable (1,792) (155) 6
(Increase) decrease in inventories (23) 80 122
Increase (decrease) in accounts payable, accrued
liabilities and deferred revenue 1,617 (175) 186
Increase (decrease) in taxes payable 272 53 (87)
Changes in prepaid expenses and other (179) (149) (229)
Net cash provided by operating activities 1,843 770 519
Cash Flows From Investing Activities
Capital expenditures
Exploration and production (783) (727) (1,307)
Refining, marketing and shipping (155) (70) (132)
Total capital expenditures (938) (797) (1,439)
Investment in affiliates (38) (59) —
Proceeds from asset sales and other 27 432 503
Net cash used in investing activities (949) (424) (936)
Cash Flows From Financing Activities
Issuance (repayment) of notes (11) 15 (14)
Long-term borrowings —990 848
Repayment of long-term debt (396) (1,348) (317)
Cash dividends paid (54) (54) (55)
Common stock acquired (220) — (59)
Stock options exercised 59 18 —
Net cash provided by (used in) financing activities (622) (379) 403
Effect of Exchange Rate Changes on Cash (1) — (3)
Net Increase (Decrease) in Cash and Cash Equivalents 271 (33) (17)
Cash and Cash Equivalents at Beginning of Year 41 74 91
Cash and Cash Equivalents at End of Year $ 312 $41 $74
See accompanying notes to consolidated financial statements.
STATEMENT OF CONSOLIDATED CASH FLOWS
Amerada Hess Corporation and Consolidated Subsidiaries