Hess 2014 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 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

81
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
81
The following table provides information about the effect of netting arrangements on the presentation of the Corporation’s physical
and financial derivative assets and (liabilities) that are measured at fair value, with the effect of single counterparty multilateral netting
being included in column (v):
Gross Amounts Offset in the
Consolidated Balance Sheet
Gross Amounts
Physical
Derivative and
Financial
Instruments
Cash Collateral
(a)
Net Amounts
Presented in the
Consolidated
Balance Sheet
Gross Amounts
Not Offset in the
Consolidated
Balance Sheet Net Amounts
(i) (ii) (iii) (iv)=(i)+(ii)+(iii) (v) (vi)=(iv)+(v)
(In millions)
December 31, 2014
Assets
Derivative contracts
Commodity ...............................
.
$ 7,465 $ (6,664) $ (36) $ 765 $ (3) $ 762
Interest rate and other ...............
.
76 (7) (1) 68 (1) 67
Counterparty netting .................
.
— (63) —(63) — (63)
Total derivative contracts .. $ 7,541 $ (6,734) $ (37) $ 770 $ (4) $ 766
Liabilities
Derivative contracts ......................
.
Commodity ...............................
.
$ (7,871) $ 6,664 $ 299 $ (908) $ 3 $ (905)
Interest rate and other ...............
.
(13) 7 3 (3) 1 (2)
Counterparty netting .................
.
— 63 — 63 — 63
Total derivative contracts .. $ (7,884) $ 6,734 $ 302 $ (848) $ 4 $ (844)
December 31, 2013 (b)
Assets
Derivative contracts
Commodity ...............................
.
$ 3,086 $ (1,867) $ (79) $ 1,140 $ (41) $ 1,099
Interest rate and other ...............
.
51 (10) — 41 (3) 38
Counterparty netting .................
.
— (206) — (206 ) — (206)
Total derivative contracts .. $ 3,137 $ (2,083) $ (79) $ 975 $ (44) $ 931
Liabilities
Derivative contracts
Commodity ...............................
.
$ (3,212) $ 1,867 $ 168 $ (1,177 ) $ 41 $ (1,136)
Other .........................................
.
(12) 10 — (2 ) 3 1
Counterparty netting .................
.
— 206 — 206 — 206
Total derivative contracts .. $ (3,224) $ 2,083 $ 168 $ (973 ) $ 44 $ (929)
(a) All cash collateral was offset in the Consolidated Balance Sheet.
(b) Assets and liabilities in 2013 include amounts relating to the divested energy marketing business.
The net assets and liabilities that were offset in the Consolidated Balance Sheet as reflected in column (iv) of the table above were
primarily included in Accounts receivable—Trade and Accounts payable, respectively. Included in these net amounts were the assets
and liabilities related to the Corporation’s discontinued operations of approximately $701 million and $845 million, respectively, as of
December 31, 2014, and $612 million and $620 million, respectively, as of December 31, 2013.