Hess 2000 Annual Report Download - page 45

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The following table presents the year-end fair values of
energy commodities and derivative instruments used in
trading activities and the average aggregate fair values
during the year:
Fair Value
At Average At Average
Millions of dollars, Dec. 31, for Dec. 31, for
asset (liability) 2000 2000 1999 1999
Commodities $6$17$69 $85
Futures and forwards
Assets 223 468 225 143
Liabilities (379) (490) (233) (148)
Options
Held 1,086 475 178 67
Written (1,043) (617) (192) (76)
Swaps
Assets 1,377 1,081 546 356
Liabilities (1,372) (1,077) (549) (342)
Notional amounts of commodities and derivatives relating
to trading activities follow:
At December 31,
Millions of barrels of oil equivalent 2000 1999
Commodities —3
Futures and forwards
Long 69 177
Short (74) (168)
Options
Held 2,115 343
Written (2,173) (318)
Swaps*
Held 878 304
Written (858) (329)
*Includes 50 million barrels long and 33 million barrels short related to
basis swaps at December 31, 2000 (41 million barrels long and 53 million
barrels short in 1999).
15. Segment Information
The information which follows is required by FAS No.
131, Disclosures about Segments of an Enterprise and
Related Information, and includes financial information
by geographic area and operating segment. Financial
information by major geographic area for each of the three
years ended December 31, 2000 follows:
United Consoli-
Millions of dollars States* Europe Other dated
2000
Operating revenues $8,953 $2,825 $215 $11,993
Property, plant and
equipment (net) 1,558 2,269 496 4,323
1999
Operating revenues $ 4,948 $ 1,944 $ 147 $ 7,039
Property, plant and
equipment (net) 1,289 2,396 367 4,052
1998
Operating revenues $ 5,046 $ 1,474 $ 60 $ 6,580
Property, plant and
equipment (net) 1,457 2,351 384 4,192
*Includes U.S. Virgin Islands and shipping operations.
The Corporation operates principally in the petroleum
industry and its operating segments are (1) exploration
and production and (2) refining, marketing and shipping.
Exploration and production operations include the explo-
ration for and the production, purchase, transportation and
sale of crude oil and natural gas. Refining, marketing and
shipping operations include the manufacture, purchase,
transportation, trading and marketing of petroleum and
other energy products.
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