Hess 2000 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2000 Hess annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

46
The Board of Directors and Stockholders
Amerada Hess Corporation
We have audited the accompanying consolidated balance
sheet of Amerada Hess Corporation and consolidated sub-
sidiaries as of December 31, 2000 and 1999 and the related
consolidated statements of income, retained earnings,
cash flows, changes in preferred stock, common stock and
capital in excess of par value and comprehensive income
for each of the three years in the period ended December
31, 2000. These financial statements are the responsibility
of the Corporation’s management. Our responsibility is to
express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with auditing
standards generally accepted in the United States. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement presen-
tation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated
financial position of Amerada Hess Corporation and
consolidated subsidiaries at December 31, 2000 and 1999
and the consolidated results of their operations and
their consolidated cash flows for each of the three years
in the period ended December 31, 2000, in conformity
with accounting principles generally accepted in the
United States.
As discussed in Note 3 to the consolidated financial
statements, in 1999 the Corporation adopted the last-in,
first-out (LIFO) inventory method for valuing its refining
and marketing inventories.
New York, NY
February 21, 2001
R
EPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITOR
S