Hess 2014 Annual Report Download - page 41
Download and view the complete annual report
Please find page 41 of the 2014 Hess annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
 |
 |
26 26
Consolidated Results of Operations
The after-tax income (loss) by major operating activity is summarized below:
2014 2013 2012
(In millions,
except per share amounts)
Exploration and Production ............................................................................... $ 2,098
$ 4,303 $ 2,212
Corporate, Interest and Other ............................................................................. (406 ) (443) (422)
N
et income from continuing operations attributable to Hess Corporation ....... 1,692 3,860 1,790
N
et income from discontinued operations attributable to Hess Corporation ..... 625 1,192 235
N
et income attributable to Hess Corporation .................................................. $ 2,317 $ 5,052 $2,025
N
et income attributable to Hess Corporation per share - Diluted ................... $ 7.53
$ 14.82 $ 5.95
The following table summarizes, on an after-tax basis, items of income (expense) that are included in net income and
affect comparability between periods. The items in the table below are explained on pages 31 through 34.
2014 2013 2012
(In millions)
Exploration and Production ................................................................................. $ 542
$ 2,111 $ (44)
Corporate, Interest and Other ............................................................................... (74 ) (26) —
Discontinued operations ....................................................................................... 541 1,075 71
Total items affecting comparability of earnings between periods ...................... $ 1,009
$ 3,160 $ 27
In the following discussion and elsewhere in this report, the financial effects of certain transactions are disclosed on an
after-tax basis. Management reviews segment earnings on an after-tax basis and uses after-tax amounts in its review of
variances in segment earnings. Management believes that after-tax amounts are a preferable method of explaining variances
in earnings, since they show the entire effect of a transaction rather than only the pre-tax amount. After-tax amounts are
determined by applying the income tax rate in each tax jurisdiction to pre-tax amounts.