Hess 2014 Annual Report Download - page 93

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78
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
78
The following table presents financial information by major geographic area:
United
States Europe Africa
Asia and
Other
Countries
Corporate,
Interest
and Other Total
(In millions)
2014
Operating revenues ............................................ $ 6,270 $ 1,557 $ 2,002 $ 908 $ — $ 10,737
Net income (loss) from continuing operations
attributable to Hess Corporation ................... 656 226 545 671 (406) 1,692
Depreciation, depletion and amortization .......... 1,751 683 487 289 14 3,224
Provision (benefit) for income taxes ................. 446 91 435 24 (252) 744
Identifiable assets .............................................. 18,472 7,800 3,049 7,191 908 37,420
Property, plant and equipment (net) (a) ............. 15,595 6,339 2,235 3,232 116 27,517
Capital expenditures .......................................... 3,467 524 399 831 53 5,274
2013
Operating revenues ............................................ $ 6,076 $ 1,337 $ 2,736 $ 1,756 $ — $ 11,905
Net income (loss) from continuing operations
attributable to Hess Corporation ................... 777 2,051 594 881 (443) 3,860
Depreciation, depletion and amortization .......... 1,393 484 518 276 16 2,687
Asset impairments ............................................. — — — 289 — 289
Provision (benefit) for income taxes ................. 495 (646) 767 215 (266) 565
Identifiable assets .............................................. 18,617 9,032 3,198 7,016 1,352 39,215
Property, plant and equipment (net) (a) ............. 14,873 7,475 2,310 2,899 193 27,750
Capital expenditures .......................................... 3,613 689 578 829 58 5,767
2012
Operating revenues ............................................ $ 5,294 $ 2,530 $ 2,484 $ 1,937 $ — $ 12,245
Net income (loss) from continuing operations
attributable to Hess Corporation ................... 438 1,010 602 162 (422) 1,790
Depreciation, depletion and amortization .......... 1,406 466 529 452 13 2,866
Asset impairments ............................................. 432 119 — 31 — 582
Provision (benefit) for income taxes ................. 267 376 905 245 (264) 1,529
Identifiable assets .............................................. 16,403 8,957 3,811 8,516 813 38,500
Property, plant and equipment (net) (a) ............. 12,893 8,172 2,516 3,875 86 27,542
Capital expenditures .......................................... 4,620 1,330 733 993 6 7,682
(a) Of the total Europe, Property, plant and equipment (net), Norway represented $5,246 million, $6,348 million and $6,426 million in 2014, 2013, and 2012,
respectively.
20. Related Party Transactions
The following table presents the Corporation’s related party transactions:
2014 2013 2012
(In millions)
Purchases:
HOVENSA (a) ........................................................................................................................ $ — $ — $ 145
Bayonne Energy Center LLC (b) ............................................................................................ — 38 20
Sales:
WilcoHess (c) ................................................................................................................. ......... 211 2,828 3,058
HOVENSA .............................................................................................................................. 31 90 191
(a) The Corporation ceased purchasing refined products from HOVENSA following the closure of HOVENSA’s refinery in January 2012.
(b) Represents purchases of electricity from this 50% owned joint venture under a tolling agreement.
(c) The Corporation acquired its partners’ 56% interest in WilcoHess in January 2014.
The following table presents the Corporation’s related party accounts receivable (payable) at December 31:
2014 2013
(In millions)
WilcoHess ........................................................................................................................................................ $ — $ 114
Bayonne Energy Center LLC ..................................................................................................... ...................... — (4)