Hess 2014 Annual Report Download - page 50

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35 35
Liquidity and Capital Resources
The following table sets forth certain relevant measures of the Corporation’s liquidity and capital resources at
December 31:
2014 2013
(In millions)
Cash and cash equivalents .......................................................................................................... $ 2,444 $ 1,814
Short-term debt and current maturities of long-term debt .......................................................... $ 68 $ 378
Total debt .................................................................................................................................... $ 5,987 $ 5,798
Total equity ................................................................................................................................ $ 22,320 $ 24,784
Debt to capitalization ratio* ....................................................................................................... 21.2% 19.0%
*Total debt as a percentage of the sum of total debt plus equity.
Cash Flows
The following table sets forth a summary of the Corporation’s cash flows:
2014 2013 2012
(In millions)
Cash flows from operating activities ..............................................................................
Cash provided by operating activities - continuing operations ...................................... $ 4,511 $ 3,708 $ 5,521
Cash provided by (used in) operating activities - discontinued operations .................... (47 ) 1,162 139
N
et cash provided by operating activities ................................................................... 4,464 4,870 5,660
Cash flows from investing activities ...............................................................................
Capital expenditures ........................................................................................................ (5,274 ) (5,767) (7,682)
Proceeds from asset sales ................................................................................................ 2,978 4,458 843
Other, net ........................................................................................................................ (139 ) (227) (64)
Cash provided by (used in) investing activities - continuing operations ........................ (2,435 ) (1,536) (6,903)
Cash provided by (used in) investing activities - discontinued operations .................... 2,436 2,114 (148)
N
et cash provided by (used in) investing activities ..................................................... 1 578 (7,051)
Cash flows from financing activities ...............................................................................
Cash provided by (used in) financing activities - continuing operations ....................... (3,828 ) (4,266) 1,685
Cash provided by (used in) financing activities - discontinued operations .................... (7 ) (10) (3)
N
et cash provided by (used in) financing activities .................................................... (3,835 ) (4,276) 1,682
Net increase in cash and cash equivalents .............................................................. $ 630 $ 1,172 $ 291
Operating Activities: Net cash provided by operating activities amounted to $4,464 million in 2014 compared with
$4,870 million in 2013, reflecting the impact of changes in working capital, lower operating earnings primarily as a result of
asset sales and the decline in benchmark crude oil prices. Operating cash flow decreased to $4,870 million in 2013 from
$5,660 million in 2012 principally reflecting decreases in cash flows from asset sales and changes in working capital.