| << Back |
New York, New York....April 24, 2002...Amerada Hess Corporation (NYSE: AHC) reported net income,
including gains on asset sales, of $141 million for the first quarter of 2002 compared with income
of $337 million for the first quarter of 2001. Excluding asset sales, operating earnings amounted
to $113 million in the first quarter of 2002.
The after-tax results by major operating activity for the first quarters of 2002 and 2001 were as
follows (in millions, except per share amounts):
|
Three Months Ended March 31 (unaudited) | |||
| 2002 | 2001 | ||
| Exploration and production | $199 | $275 | |
| Refining, marketing and shipping | (22) | 105 | |
| Corporate | (15) | (13) | |
| Interest expense | (49) | (30) | |
| Operating earnings | 113 | 337 | |
| Net gain from asset sales | 28 | - | |
| Net income | $141 | $337 | |
| Net income per share (diluted) | $1.58 | $3.79 | |
The Corporation's oil and gas production, on a barrel-of-oil equivalent basis,
was 460,000 barrels per day in the first quarter of 2002, an increase of 14% over
the first quarter of 2001. In the first quarter of 2002, the Corporation's average
worldwide crude oil selling price, including the effect of hedging, was approximately
$23.40 per barrel, a decrease of $1.90 per barrel from the first quarter of 2001.
The Corporation's average United States natural gas selling price, including the effect of
hedging, was $3.43 per Mcf in the first quarter of 2002, a decrease of approximately $2.00
per Mcf from the first quarter of 2001.
Refining and marketing results were lower in the first quarter of 2002 compared with
the first quarter of 2001, principally reflecting lower refining margins, warmer weather
in the northeastern United States and decreased trading results.
The net gain from asset sales in the first quarter of 2002 includes the sale of the
Corporation's energy marketing business in the United Kingdom and the disposition
of several small United Kingdom oil and gas fields.
Sales and other operating revenues in the first quarter of 2002 amounted to $3,021 million
compared with $4,182 million in the first quarter of 2001. Capital expenditures in the
first quarter of 2002 amounted to $452 million of which $434 million related to exploration
and production activities. Capital expenditures in the first quarter of 2001 amounted to $331
million including $318 million for exploration and production.
Consolidated Financial Information (unaudited)
(In millions, except per share amounts)
|
Three Months Ended March 31 | ||
| 2002 | 2001 | |
| Sales and other operating revenues | $3,021 | $4,182 |
| Operating earnings | $113 | $337 |
| Net gain from asset sales | 28 | - |
| Net income | $141 | $337 |
| Net income per share (diluted) | $1.58 | $3.79 |
| Weighted average number of shares | 88.8 | 88.9 |
| March 31 | December 31 | |||
| 2002 | 2001 | |||
| Balance sheet information | ||||
| Current assets | $2,635 | $3,946 | ||
| Investments | 1,607 | 1,636 | ||
| Property, plant and equipment - net | 8,292 | 8,165 | ||
| Other assets | 1,627 | 1,622 | ||
| Total assets | $14,161 | $15,369 | ||
| Current liabilities | $2,436 | $3,718 | ||
| Long-term debt | 5,456 | 5,283 | ||
| Deferred liabilities and credits | 1,453 | 1,461 | ||
| Stockholders' equity | 4,816 | 4,907 | ||
| Total liabilities and stockholders' equity | $14,161 | $15,369 | ||
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
| Line | INCOME STATEMENT |
First Quarter 2002 (A) |
First Quarter 2001 (B) |
Fourth Quarter 2001 (C) | ||||||
| No. | Revenues | |||||||||
| 1 | Sales and other operating revenues | $3,021 | $4,182 | $2,881 | ||||||
| Non-operating income | ||||||||||
| 2 | Equity in income (loss) of HOVENSA L.L.C. | (26) | 14 | (19) | ||||||
| 3 | Other | 62 | 33 | 23 | ||||||
| 4 | Total revenues | 3,057 | 4,229 | 2,885 | ||||||
| Costs and Expenses | ||||||||||
| 5 | Cost of products sold | 1,925 | 2,933 | 1,717 | ||||||
| 6 | Production expenses | 182 | 153 | 189 | ||||||
| 7 | Marketing expenses | 160 | 153 | 197 | ||||||
| 8 | Exploration expenses, including dry holes and lease impairment | 54 | 84 | 137 | ||||||
| 9 | Other operating expenses | 50 | 56 | 61 | ||||||
| 10 | General and administrative expenses | 63 | 65 | 118 | ||||||
| 11 | Interest expense | 70 | 40 | 62 | ||||||
| 12 | Depreciation, depletion and amortization | 302 | 181 | 303 | ||||||
| 13 | Total costs and expenses | 2,806 | 3,665 | 2,784 | ||||||
| 14 | Income before income taxes | 251 | 564 | 101 | ||||||
| 15 | Provision for income taxes | 110 | 227 | 47 | ||||||
| 16 | NET INCOME | $141 | $337 | $54 | ||||||
| Segment Analysis | ||||||||||
| 17 | Exploration and production | $199 | $275 | $115 | ||||||
| 18 | Refining, marketing and shipping | (22) | 105 | 25 | ||||||
| 19 | Corporate | (15) | (13) | (14) | ||||||
| 20 | Interest expense | (49) | (30) | (41) | ||||||
| 21 | Operating earnings | 113 | 337 | 85 | ||||||
| 22 | Special items | 28 | - - | (31) | ||||||
| 23 | Net Income | $141 | $337 | $54 | ||||||
| 24 | Cash Flow From Operations (*) | $453 | $590 | $433 | ||||||
| Capital Expenditures | ||||||||||
| 25 | Exploration and production | $434 | $318 | $488 | ||||||
| 26 | Refining, marketing and shipping | 18 | 13 | 32 | ||||||
| 27 | Total capital expenditures | $452 | $331 | $520 | ||||||
| At End of Period | ||||||||||
| 28 | Total debt | $5,555 | $2,042 | $5,665 | ||||||
| 29 | Stockholders' equity | $4,816 | $4,286 | $4,907 | ||||||
| (*) Net income adjusted for depreciation and amortization, exploratory dry holes, deferred income taxes, undistributed earnings of affiliates and net gain on asset sales. | ||||||||||
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
| Line | Operating Data |
First Quarter 2002 (A) |
First Quarter 2001 (B) |
Fourth Quarter 2001 (C) | ||||||
| No. | Net Production Per Day | |||||||||
| Crude oil - barrels | ||||||||||
| 1 | United States | 59 | 57 | 62 | ||||||
| 2 | United Kingdom | 112 | 120 | 127 | ||||||
| 3 | Equatorial Guinea | 30 | -- | 13 | ||||||
| 4 | Colombia | 24 | -- | 26 | ||||||
| 5 | Norway | 23 | 25 | 26 | ||||||
| 6 | Denmark | 23 | 23 | 23 | ||||||
| 7 | Algeria | 12 | 14 | 11 | ||||||
| 8 | Gabon | 9 | 7 | 9 | ||||||
| 9 | Indonesia | 6 | 5 | 6 | ||||||
| 10 | Azerbaijan | 4 | 4 | 4 | ||||||
| 11 | Total | 302 | 255 | 307 | ||||||
| Natural gas liquids- barrels | ||||||||||
| 12 | United States | 13 | 11 | 15 | ||||||
| 13 | United Kingdom | 6 | 8 | 7 | ||||||
| 14 | Norway | 1 | 1 | 1 | ||||||
| 15 | Indonesia and Thailand | 2 | 1 | 1 | ||||||
| 16 | Total | 22 | 21 | 24 | ||||||
| Natural gas - mcf | ||||||||||
| 17 | United States | 394 | 322 | 436 | ||||||
| 18 | United Kingdom | 326 | 344 | 291 | ||||||
| 19 | Denmark | 42 | 49 | 45 | ||||||
| 20 | Norway | 23 | 25 | 27 | ||||||
| 21 | Indonesia, Thailand and other | 28 | 31 | 21 | ||||||
| 22 | Total | 813 | 771 | 820 | ||||||
| 23 | Barrels of oil equivalent | 460 | 405 | 468 | ||||||
| Average Selling Price (including hedging) | ||||||||||
| Crude oil - per barrel | ||||||||||
| 24 | United States | $21.51 | $24.23 | $20.66 | ||||||
| 25 | Foreign | 23.82 | 25.62 | 21.18 | ||||||
| Natural gas liquids - per barrel | ||||||||||
| 26 | United States | $12.90 | $26.76 | $12.31 | ||||||
| 27 | Foreign | 16.36 | 22.32 | 14.97 | ||||||
| Natural gas - per mcf | ||||||||||
| 28 | United States | $3.43 | $5.45 | $2.87 | ||||||
| 29 | Foreign | 2.37 | 2.95 | 2.65 | ||||||
| Marketing and Refining - Barrels Per Day | ||||||||||
| 30 | Refined products sold | 407 | 464 | 353 | ||||||
| 31 | Refinery runs (net) | 196 | 206 | 194 | ||||||