Hess 2014 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 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.

Page out of 137

  • 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

54 54
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
Years Ended December 31,
2014 2013 2012
(In millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ............................................................................................................................. $ 2,374
$ 5,222 $ 2,063
Adjustments to reconcile net income to net cash provided by operating activities
(Gains) losses on asset sales .............................................................................................. (823 ) (2,174) (584)
Depreciation, depletion and amortization .......................................................................... 3,224 2,687 2,866
Loss from equity affiliates ................................................................................................. 84 — —
Asset impairments ............................................................................................................. — 289 582
Exploratory dry hole costs ................................................................................................. 301 344 377
Exploration lease impairment ............................................................................................ 207 245 223
Stock compensation expense ............................................................................................. 87 60 83
Provision (benefit) for deferred income taxes ................................................................... 270 (427) (584)
Income from discontinued operations ................................................................................ (682 ) (1,186) (255)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable ................................................................... (199 ) (239) 125
(Increase) decrease in inventories ................................................................................. 62 134 (124)
Increase (decrease) in accounts payable and accrued liabilities ................................... 86 (603) 884
Increase (decrease) in taxes payable ............................................................................. (108 ) (435) 28
Changes in other assets and liabilities .......................................................................... (372 ) (209) (163)
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
Net 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)
Net cash provided by (used in) investing activities .................................................. 1 578 (7,051)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayments) of debt with maturities of 90 days or less ............................... — (1,748) 1,648
Debt with maturities of greater than 90 days
Borrowings ........................................................................................................................ 598 535 630
Repayments ....................................................................................................................... (590 ) (1,271) (433)
Common stock acquired and retired ....................................................................................... (3,715 ) (1,493) —
Cash dividends paid ............................................................................................................... (303 ) (235) (171)
Noncontrolling interests, net .................................................................................................. — (182) —
Employee stock options exercised, including income tax benefits ........................................ 182 128 11
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)
Net cash provided by (used in) financing activities ................................................. (3,835 ) (4,276) 1,682
NET INCREASE IN CASH AND CASH EQUIVALENTS .................................................. 630 1,172 291
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR .................................... 1,814 642 351
CASH AND CASH EQUIVALENTS AT END OF YEAR ................................................... $ 2,444 $ 1,814 $ 642
See accompanying Notes to Consolidated Financial Statements.