Hess 2000 Annual Report Download - page 7

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5
RESULTS OF OPERATIONS
Amerada Hess had record earnings of $1.023 billion ($11.38 per share) in 2000
compared with $438 million ($4.85 per share) in 1999. Earnings from opera-
tions were $987 million in 2000 compared with $307 million in 1999.
Exploration and production operating earnings were $868 million in 2000 com-
pared with $324 million in 1999. Operating earnings from refining and
marketing amounted to $288 million in 2000 versus $133 million in 1999.
Interest expense and other corporate charges were $169 million in 2000 com-
pared with $150 million in 1999. Special items contributed $36 million in
2000 compared with $131 million in 1999.
In 2000, sales and other operating revenues were $12 billion compared with
$7 billion in 1999. Capital expenditures were $938 million versus $797 mil-
lion in 1999. Details on results of operations appear under Management’s
Discussion and Analysis of Results of Operations and Financial Condition
beginning on page 19 of this Annual Report.
We express our appreciation to our employees for their dedication and con-
tributions. We are proud of their achievements in the past year. We thank
our Directors for their guidance and leadership. We thank our stockholders
for their strong support.
JOHN B. HESS W.S.H. LAIDLAW
Chairman of the Board and President and
Chief Executive Officer Chief Operating Officer
March 7, 2001