Hess 2002 Annual Report Download - page 50

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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
2002
Sales and other operating revenues
Unaffiliated customers $3,139 $ 429 $1,819 $ 891
Inter-company 647 615 32 —
Total revenues 3,786 1,044 1,851 891
Costs and expenses
Production expenses, including related taxes 822 241 405 176
Exploration expenses, including dry holes and lease impairment 319 85 94 140
Other operating expenses 143 46 17 80
Depreciation, depletion and amortization 1,263 460 525 278
Asset impairments 1,100 394 — 706
Total costs and expenses 3,647 1,226 1,041 1,380
Results of operations before income taxes 139 (182) 810 (489)
Provision for income taxes 220 (64) 387 (103)
Results of operations $ (81) $ (118) $ 423 $ (386)
Share of equity investees’ results of operations $8 $ — $ (3) $ 11
2001
Sales and other operating revenues
Unaffiliated customers $2,519 $ 378 $1,706 $ 435
Inter-company 1,032 856 176 —
Total revenues 3,551 1,234 1,882 435
Costs and expenses
Production expenses, including related taxes 711 213 374 124
Exploration expenses, including dry holes and lease impairment 368 156 103 109
Other operating expenses 153 80 25 48
Depreciation, depletion and amortization 913 368 446 99
Total costs and expenses 2,145 817 948 380
Results of operations before income taxes 1,406 417 934 55
Provision for income taxes 523 143 320 60
Results of operations $ 883 $ 274 $ 614 $ (5)
Share of equity investees’ results of operations $17 $ — $12 $ 5
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 for income taxes 613 158 442 13
Results of operations $ 885 $ 273 $ 641 $ (29)
Share of equity investees’ results of operations $2 $ — $ (3) $ 5
The results of operations for oil and gas producing activities 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 exchange transactions.
Therefore, these results are on a different basis than the net income
from exploration and production operations reported in manage-
ment’s discussion and analysis of results of operations and in Note
19 to the financial statements.