Hess 2014 Annual Report Download - page 66

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31,
2014 2013
(In millions,
except share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents ............................................................................................................................ $ 2,444 $ 1,814
Accounts receivable
Trade ........................................................................................................................................................ 1,642 3,093
Other ....................................................................................................................................................... 431 432
Inventories ................................................................................................................... ................................ 527 954
Other current assets ..................................................................................................................................... 1,643 2,306
Total current assets ............................................................................................................................ 6,687 8,599
PROPERTY, PLANT AND EQUIPMENT
Total — at cost ............................................................................................................................................ 46,522 45,950
Less: Reserves for depreciation, depletion, amortization and lease impairment ......................................... 19,005 17,179
Property, plant and equipment — net ................................................................................................ 27,517 28,771
GOODWILL .................................................................................................................................................. 1,858 1,869
DEFERRED INCOME TAXES .................................................................................................................... 2,169 2,319
OTHER ASSETS ........................................................................................................................................... 347 1,196
TOTAL ASSETS ............................................................................................................................................ $ 38,578 $ 42,754
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable ........................................................................................................................................ $ 708 $ 2,109
Accrued liabilities ....................................................................................................................................... 3,781 3,551
Taxes payable .............................................................................................................................................. 294 520
Short-term debt and current maturities of long-term debt ........................................................................... 68 378
Total current liabilities ....................................................................................................................... 4,851 6,558
LONG-TERM DEBT ..................................................................................................................................... 5,919 5,420
DEFERRED INCOME TAXES .................................................................................................................... 2,009 2,292
ASSET RETIREMENT OBLIGATIONS ................................................................................................... 2,281 2,249
OTHER LIABILITIES AND DEFERRED CREDITS............................................................................... 1,198 1,451
Total liabilities ................................................................................................................................... 16,258 17,970
EQUITY
Hess Corporation stockholders’ equity
Common stock, par value $1.00
Authorized — 600,000,000 shares
Issued: 2014 — 285,834,964 shares; 2013 — 325,314,177 shares.................................................... 286 325
Capital in excess of par value ................................................................................................................. 3,277 3,498
Retained earnings ................................................................................................................................... 20,052 21,235
Accumulated other comprehensive income (loss) .................................................................................. (1,410) (338)
Total Hess Corporation stockholders’ equity ..................................................................................... 22,205 24,720
Noncontrolling interests .............................................................................................................................. 115 64
Total equity .................................................................................................................. ...................... 22,320 24,784
TOTAL LIABILITIES AND EQUITY ........................................................................................................ $ 38,578 $ 42,754
The consolidated financial statements reflect the successful efforts method of accounting for oil and gas exploration and production
activities.
See accompanying Notes to Consolidated Financial Statements.