Hess 2002 Annual Report Download - page 49

47
SUPPLEMENTARY OIL AND GAS DATA (UNAUDITED)
Amerada Hess Corporation and Consolidated Subsidiaries
Costs Incurred in Oil and Gas Producing Activities
United Africa, Asia
For the Years Ended December 31 (Millions of dollars) Total States Europe and other
2002
Property acquisitions
Proved $70 $ — $ — $70
Unproved 23 22 — 1
Exploration 335 120 53 162
Development 1,095 146 509 440
Share of equity investees’ costs incurred 39 — 25 14
2001
Property acquisitions
Proved $2,772 $831 $ — $1,941
Unproved 820 121 1 698
Exploration 297 107 87 103
Development 1,182 322 516 344
Share of equity investees’ costs incurred 14 — 95
2000
Property acquisitions
Proved $80 $ — $ — $80
Unproved 38 22 8 8
Exploration 252 119 49 84
Development 536 155 321 60
Share of equity investees’ costs incurred 49 — 940
Capitalized Costs Relating to Oil and Gas Producing Activities
At December 31 (Millions of dollars) 2002 2001
Unproved properties $ 1,020 $ 1,099
Proved properties 2,843 3,804
Wells, equipment and related facilities 10,836 10,291
Total costs 14,699 15,194
Less: Reserve for depreciation, depletion, amortization and lease impairment 8,539 7,907
Net capitalized costs $ 6,160 $ 7,287
Share of equity investees’ capitalized costs $ 704 $ 655
The supplementary oil and gas data that follows is presented in
accordance with Statement of Financial Accounting Standards (FAS)
No. 69, Disclosures about Oil and Gas Producing Activities, and
includes (1) costs incurred, capitalized costs and results of opera-
tions relating to oil and gas producing activities, (2) net proved oil
and gas reserves, and (3) a standardized measure of discounted
future net cash flows relating to proved oil and gas reserves,
including a reconciliation of changes therein.
The Corporation produces crude oil and/or natural gas in the United
States, Europe, Equatorial Guinea, Gabon, Indonesia, Thailand,
Azerbaijan, Algeria and Colombia. Exploration activities are also
conducted, or are planned, in additional countries.
Through an equity investee, the Corporation owns a 25% interest in
certain oil and gas fields in the joint development area of Malaysia
and Thailand (JDA). The Corporation also owns a 25% interest in
an oil and gas exploration and production company, Premier Oil plc.
The Corporation accounts for both of these investments on the
equity method.
Subsequent to year-end, the Corporation exchanged its producing
properties in Colombia for an additional 25% interest in the JDA. The
Corporation’s JDA interest will be consolidated in future periods. The
Corporation has also agreed to exchange its interest in Premier for
an interest in a producing gas field in Indonesia.