Hess 2014 Annual Report Download - page 111

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96 96
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
QUARTERLY FINANCIAL DATA (UNAUDITED)
Following are quarterly results of operations:
2014
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
(In millions, except per share amounts)
Sales and other operating revenues ....................................................... $ 2,673 $ 2,829 $ 2,678 $ 2,557
Gross profit from continuing operations (a) .......................................... $ 1,026 $ 1,000 $ 837 $ 622
Income from continuing operations ...................................................... $ 364 $ 974 $ 359 $ (5)
Income (loss) from discontinued operations ......................................... 57 (44) 671 (2)
N
et income ............................................................................................ 421 930 1,030 (7)
Less: Net income (loss) attributable to noncontrolling interests ........... 35 (1) 22 1
N
et income (loss) attributable to Hess Corporation .............................. $ 386(b) $ 931(c) $ 1,008(d) $ (8)(e)
N
et income (loss) attributable to Hess Corporation per share:
Basic:
Continuing operations ...................................................................... $ 1.14 $ 3.15 $ 1.19 $ (0.02)
Discontinued operations ................................................................... 0.07 (0.14) 2.16 (0.01)
N
et income (loss) per share ................................................................... $ 1.21 $ 3.01 $ 3.35 $ (0.03)
Diluted:
Continuing operations ...................................................................... $ 1.13 $ 3.10 $ 1.18 $ (0.02)
Discontinued operations ................................................................... 0.07 (0.14) 2.13 (0.01)
N
et income (loss) per share ................................................................... $ 1.20 $ 2.96 $ 3.31 $ (0.03)
2013
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
(In millions, except per share amounts)
Sales and other operating revenues ....................................................... $ 3,466 $ 3,011 $ 2,706 $ 2,722
Gross profit from continuing operations (a) .......................................... $ 1,476 $ 1,370 $ 1,091 $ 651
Income from continuing operations ...................................................... $ 1,183 $ 1,577 $ 365 $ 911
Income from discontinued operations ................................................... 90 39 53 1,004
N
et income ............................................................................................ 1,273 1,616 418 1,915
Less: Net income (loss) attributable to noncontrolling interests ........... (3) 185 (2) (10)
N
et income a
t
tributable to Hess Corporation ........................................ $ 1,276(f) $ 1,431(g) $ 420(h) $ 1,925(i)
N
et income (loss) attributable to Hess Corporation per share:
Basic:
Continuing operations ...................................................................... $ 3.47 $ 4.14 $ 1.08 $ 2.76
Discontinued operations ................................................................... 0.29 0.07 0.16 3.08
N
et income per share ............................................................................ $ 3.76 $ 4.21 $ 1.24 $ 5.84
Diluted:
Continuing operations ...................................................................... $ 3.43 $ 4.09 $ 1.07 $ 2.73
Discontinued operations ................................................................... 0.29 0.07 0.16 3.03
N
et income per share ............................................................................ $ 3.72 $ 4.16 $ 1.23 $ 5.76
(a) Gross profit represents Sales and other operating revenues, less Cost of products sold, Operating costs and expenses, Production and severance taxes,
Depreciation, depletion and amortization and Asset impairments.
(b) Includes after-tax charge of $52 million to reduce carrying value of its investments in Bayonne Energy Center asset sales to fair value and $48 million after-tax
charge relating to severance and other exits costs partially offset by $40 million after-tax gain on sale of assets and liquidation of LIFO inventories.
(c) Includes after-tax gain of $765 million related to an asset sale and liquidation of LIFO inventories, partially offset by after-tax charges totaling $266 million for
dry hole expenses, asset impairment, employee severance and other exit costs.
(d) Includes an after-tax gain of $749 million relating to asset sales and liquidation of LIFO inventories, partially offset by after-tax charges totaling $118 million
related to environmental, impairment, severance and exit related costs.
(e) Includes after-tax charge of $48 million for remeasurement of deferred taxes resulting from legal entity restructurings and $13 million after-tax charges related to
severance, exit costs and other charges.
(f) Includes after-tax gains of $820 million related to asset sales and the liquidation of LIFO inventories, partially offset by after-tax charges of $213 million for an
asset impairment, employee severance costs, refinery shutdown costs and an income tax charge related to a planned divestiture.
(g) Includes a non-taxable gain of $951 million related to an asset sale, partially offset by after-tax charges totaling $40 million for employee severance, refinery
shutdown costs and other exit costs.