Hess 2014 Annual Report Download - page 33

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18 18
with proceeds from a proposed sale of HOVENSA, which was not completed for the reasons described above. The Registrant
does not believe that the resolution of this matter will have a material adverse effect on its financial condition.
The Corporation periodically receives notices from the EPA that it is a “potential responsible party” under the Superfund
legislation with respect to various waste disposal sites. Under this legislation, all potentially responsible parties are jointly
and severally liable. For certain sites, the EPA’s claims or assertions of liability against the Corporation relating to these sites
have not been fully developed. With respect to the remaining sites, the EPA’s claims have been settled, or a proposed
settlement is under consideration, in all cases for amounts that are not material. The ultimate impact of these proceedings,
and of any related proceedings by private parties, on the business or accounts of the Corporation cannot be predicted at this
time due to the large number of other potentially responsible parties and the speculative nature of clean-up cost estimates, but
is not expected to be material.
The Corporation is from time to time involved in other judicial and administrative proceedings, including proceedings
relating to other environmental matters. The Corporation cannot predict with certainty if, how or when such proceedings will
be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of
development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through
potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably
estimated for any proceeding. Subject to the foregoing, in management’s opinion, based upon currently known facts and
circumstances, the outcome of such proceedings is not expected to have a material adverse effect on the financial condition,
results of operations or cash flows of the Corporation.
Item 4. Mine Safety Disclosures
None.