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85
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
85
Unit of Range /
Measurement Weighted Average
December 31, 2014
Assets
Commodity contracts with a fair value of $114 million
Contract prices
Crude oil and refined petroleum products ..................................... $ / bbl (a) $ 36.27 - 122.66 / 65.63
Electricity ...................................................................................... $ / MWH (b) $ 38.80 - 71.69 / 57.22
Basis prices
Natural gas ..................................................................................... $ / MMBTU (c) $ (0.61) - 13.50 / 6.19
Contract volatilities
Crude oil and refined petroleum products ..................................... % 32.00 - 45.00 / 43.00
Natural gas ..................................................................................... % 19.00 - 53.00 / 40.00
Liabilities
Commodity contracts with a fair value of $62 million
Contract prices
Crude oil and refined petroleum products ..................................... $ / bbl (a) $ 36.27 - 85.40 / 69.54
Basis prices
Natural gas ..................................................................................... $ / MMBTU (c) $ 2.84 - 4.45 / 2.94
Contract volatilities
Crude oil and refined petroleum products ..................................... % 32.00 - 45.00 / 41.00
Natural gas ..................................................................................... % 23.00 - 53.00 / 41.00
Unit of Range /
Measurement Weighted Average
December 31, 2013 (b)
Assets
Commodity contracts with a fair value of $494 million
Contract prices
Crude oil and refined petroleum products .................................... $ / bbl (a) $ 78.45 - 228.86 / 118.68
Electricity ..................................................................................... $ / MWH (b) $ 19.52 -165.75 / 45.76
Basis prices
Natural gas .................................................................................... $ / MMBTU (c) $ (4.99) - 18.10 / 0.23
Contract volatilities
Crude oil and refined petroleum products .................................... % 16.00 - 18.00 / 17.00
Natural gas .................................................................................... % 17.00 - 35.00 / 22.00
Electricity ..................................................................................... % 16.00 - 36.00 / 23.00
Liabilities
Commodity contracts with a fair value of $285 million
Contract prices
Crude oil and refined petroleum products .................................... $ / bbl (a) $ 57.45 - 183.89 / 122.54
Electricity ..................................................................................... $ / MWH (b) $ 26.48 - 155.33 / 43.12
Basis prices
Natural gas .................................................................................... $ / MMBTU (c) $ (1.90) - 18.00 / (0.62)
Contract volatilities
Crude oil and refined petroleum products .................................... % 16.00 - 17.00 / 17.00
Natural gas .................................................................................... % 34.00 - 35.00 / 35.00
Electricity ..................................................................................... % 16.00 – 36.00 / 22.00
(a) Price per barrel.
(b) Price per megawatt hour.
(c) Price per million British thermal unit
(d Assets and liabilities in 2013 include amounts relating to the divested energy marketing business.
Credit Risk: The Corporation is exposed to credit risks that may at times be concentrated with certain counterparties, groups of
counterparties or customers. Accounts receivable are generated from a diverse domestic and international customer base. As of
December 31, 2014, the Corporation’s net Accounts receivable—Trade related to continuing operations were concentrated with the
following counterparty industry segments: Integrated Oil Companies — 23%, Financial Institutions — 22%, Government Entities —
18%, Refiners — 14%, and Trading Companies — 13%. As of December 31, 2013, the Corporation’s net Accounts receivable —