Hess 2000 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 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

48
Results of Operations for Oil and Gas Producing Activities
United Africa, Asia
For the Years Ended December 31 (Millions of dollars) Total States Europe and other
2000
Sales and other operating revenues
Unaffiliated customers $2,153 $146 $1,813 $194
Inter-company 944 792 152 —
Total revenues 3,097 938 1,965 194
Costs and expenses
Production expenses, including related taxes 557 147 361 49
Exploration expenses, including dry holes and lease impairment 289 141 51 97
Other operating expenses 86 44 20 22
Depreciation, depletion and amortization 667 175 450 42
Total costs and expenses 1,599 507 882 210
Results of operations before income taxes 1,498 431 1,083 (16)
Provision (benefit) for income taxes 613 158 442 13
Results of operations $ 885 $273 $ 641 $ (29)
Share of equity investee’s results of operations $ 2 $ — $ (3) $ 5
1999
Sales and other operating revenues
Unaffiliated customers $1,548 $ 192 $ 1,242 $ 114
Inter-company 450 450 — —
Total revenues 1,998 642 1,242 114
Costs and expenses
Production expenses, including related taxes 487 126 336 25
Exploration expenses, including dry holes and lease impairment 261 96 91 74
Other operating expenses 101 47 34 20
Depreciation, depletion and amortization 604 194 385 25
Impairment of assets and operating leases 94 59 — 35
Total costs and expenses 1,547 522 846 179
Results of operations before income taxes 451 120 396 (65)
Provision (benefit) for income taxes 152 43 160 (51)
Results of operations $ 299 $ 77 $ 236 $ (14)
Share of equity investee’s results of operations $ (6) $ — $ (11) $ 5
1998
Sales and other operating revenues
Unaffiliated customers $ 1,182 $ 174 $ 975 $ 33
Inter-company 314 254 — 60
Total revenues 1,496 428 975 93
Costs and expenses
Production expenses, including related taxes 518 129 357 32
Exploration expenses, including dry holes and lease impairment 349 133 135 81
Other operating expenses 151* 67 68 16
Depreciation, depletion and amortization 534 154 351 29
Impairment of assets and operating leases 162 7 104 51
Total costs and expenses 1,714 490 1,015 209
Results of operations before income taxes (218) (62) (40) (116)
Provision (benefit) for income taxes (38) (22) (22) 6
Results of operations $ (180) $ (40) $ (18) $(122)
Share of equity investee’s results of operations $ (31) $ — $ (25) $ (6)
*Includes severance and related costs of approximately $32 million.
The results of operations for oil and gas producing activi-
ties shown below exclude sales of purchased natural
gas, non-operating income (including gains on sales of oil
and gas properties), interest expense and gains and losses
resulting from foreign currency exchange transactions.
Therefore, these results are on a different basis
than the net income from exploration and production
operations reported in management’s discussion and
analysis of results of operations and in Note 15 to the
financial statements.