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New York, New York....January 23, 2002...Amerada Hess Corporation (NYSE: AHC)
reported operating earnings, excluding special items, of $85 million for the fourth
quarter of 2001 compared with earnings of $304 million for the fourth quarter of
2000. For the full year, operating earnings were $945 million compared with
earnings of $987 million in 2000. Net income amounted to $54 million in the fourth
quarter of 2001 and $914 million for the year.
The after-tax results by major operating activity in 2001 and 2000 were as follows
(in millions, except per share amounts):
|
Three Months Ended December 31 |
Year Ended December 31 | ||||||
| 2001* | 2000* | 2001* | 2000 | ||||
| Exploration and production | $115 | $234 | $923 | $868 | |||
| Refining, marketing and shipping | 25 | 114 | 235 | 288 | |||
| Corporate | (14) | (11) | (78) | (43) | |||
| Interest expense | (41) | (33) | (135) | (126) | |||
| Operating earnings | 85 | 304 | 945 | 987 | |||
| Special items | (31) | 36 | (31) | 36 | |||
| Net income | $54 | $340 | $914 | $1,023 | |||
| Net income per share (diluted) | $.61 | $3.83 | $10.25 | $11.38 | |||
| * Unaudited | |||||||
The Corporation's oil and gas production, on a barrel-of-oil equivalent basis,
was 468,000 barrels per day in the fourth quarter of 2001, an increase of 20% over
2000. Full year 2001 production averaged 433,000 barrels per day, an increase of
16% over last year. The Corporation's average worldwide crude oil selling price
in the fourth quarter of 2001 was approximately $21.00 per barrel, a decrease of
$3.80 per barrel from the fourth quarter of 2000. The average crude oil selling
price for the full year of 2001 was approximately $24.25 per barrel, a decrease
of $.90 per barrel from 2000. The Corporation's average United States natural
gas selling price was $2.87 per Mcf in the fourth quarter of 2001, a decrease of
$2.40 from the fourth quarter of 2000. The Corporation's average United States
natural gas selling price was $3.99 per Mcf for the year 2001, an increase of
$.25 per Mcf from 2000. Exploration and production earnings in the fourth
quarter and year of 2001 reflect higher exploration expenses than in the
corresponding periods of 2000.
Refining and marketing results were lower in the fourth quarter of 2001 compared
with the fourth quarter of 2000, principally reflecting lower refining margins,
partially offset by improved earnings from retail operations.
After-tax special items in 2001 and 2000 are summarized below (in millions):
|
Three Months Ended December 31 |
Year Ended December 31 | ||||||
| 2001 | 2000 | 2001 | 2000 | ||||
| Charges related to Enron bankruptcy | $(19) | $- - | $(19) | $- - | |||
| Severance accrual | (12) | - - | (12) | - - | |||
| Net gain on termination of acquisition | - - | 60 | - - | 60 | |||
| Costs associated with a research and development venture | - - | (24) | - - | (24) | |||
| $(31) | $36 | $(31) | $36 | ||||
In the fourth quarter of 2001, the Corporation recorded a charge for
estimated losses due to the bankruptcy of certain subsidiaries of Enron
Corporation. In addition, the Corporation recorded a charge for severance
expenses resulting from cost reduction initiatives.
Sales and other operating revenues in the fourth quarter of 2001 amounted to
$2,881 million compared with $3,685 million in the fourth quarter of 2000. Sales
and other operating revenues were $13,413 million for the year 2001 compared with
$11,993 million in 2000. Capital expenditures for the year 2001 were $5,221
million, including $2,720 million for the purchase of Triton Energy Limited.
Capital expenditures for the year 2000 were $938 million.
Consolidated Financial Information
|
Three Months Ended December 31 |
Year Ended December 31 | ||||
| 2001* | 2000* | 2001* | 2000 | ||
| Sales and other operating revenues | $2,881 | $3,685 | $13,413 | $11,993 | |
| Operating earnings | $85 | $304 | $945 | $987 | |
| Special items | (31) | 36 | (31) | 36 | |
| Net income | $54 | $340 | $914 | $1,023 | |
| Net income per share (diluted) | $.61 | $3.83 | $10.25 | $11.38 | |
| Weighted average number of shares | 88.7 | 88.8 | 89.1 | 89.9 | |
| * Unaudited | |||||
About Amerada Hess
Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
Contact: Amerada
Hess Corporation - C.T. Tursi (212) 536-8593
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
| Line | INCOME STATEMENT |
Fourth Quarter 2001 (A) |
Fourth Quarter 2000 (B) |
Third Quarter 2001 (C) | ||||||
| No. | REVENUES | |||||||||
| 1 | Sales and other operating revenues | $2,881 | $3,685 | $2,888 | ||||||
| Non-operating income | ||||||||||
| 2 | Equity in income of HOVENSA L.L.C. | (19) | 46 | 11 | ||||||
| 3 | Other | 23 | 75 | 35 | ||||||
| 4 | Total revenues | 2,885 | 3,806 | 2,934 | ||||||
| COSTS AND EXPENSES | ||||||||||
| 5 | Cost of products sold | 1,717 | 2,523 | 1,848 | ||||||
| 6 | Production expenses | 189 | 156 | 196 | ||||||
| 7 | Marketing expenses | 197 | 157 | 161 | ||||||
| 8 | Exploration expenses, including dry holes and lease impairment | 137 | 72 | 75 | ||||||
| 9 | Other operating expenses | 61 | 66 | 54 | ||||||
| 10 | General and administrative expenses | 118 | 72 | 71 | ||||||
| 11 | Interest expense | 62 | 43 | 51 | ||||||
| 12 | Depreciation, depletion and amortization | 303 | 198 | 254 | ||||||
| 13 | Total costs and expenses | 2,784 | 3,287 | 2,710 | ||||||
| 14 | Income before income taxes | 101 | 519 | 224 | ||||||
| 15 | Provision for income taxes | 47 | 179 | 57 | ||||||
| 16 | NET INCOME | $54 | $340 | $167 | ||||||
| SEGMENT ANALYSIS | ||||||||||
| 17 | Exploration and production | $115 | $234 | $228 | ||||||
| 18 | Refining, marketing and shipping | 25 | 114 | 5 | ||||||
| 19 | Corporate | (14) | (11) | (32) | ||||||
| 20 | Interest expense | (41) | (33) | (34) | ||||||
| 21 | Operating earnings | 85 | 304 | 167 | ||||||
| 22 | Special items | (31) | 36 | - - | ||||||
| 23 | Net Income | $54 | $340 | $167 | ||||||
| 24 | CASH FLOW FROM OPERATIONS (*) | $439 | $526 | $500 | ||||||
| CAPITAL EXPENDITURES | ||||||||||
| 25 | Exploration and production | $488 | $292 | $3,208 | ||||||
| 26 | Refining, marketing and shipping | 32 | 35 | 25 | ||||||
| 27 | Total capital expenditures | $520 | $327 | $3,233 | ||||||
| AT END OF PERIOD | ||||||||||
| 28 | Total debt | $5,665 | $2,050 | $5,496 | ||||||
| 29 | Stockholders' equity | $4,907 | $3,883 | $4,820 | ||||||
| (*) Net income adjusted for depreciation and amortization, exploratory dry holes, deferred income taxes and undistributed earnings of affiliates. | ||||||||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
| Year | ||||||||
| Line | INCOME STATEMENT |
2001 (A) |
2000 (B) | |||||
| No. | REVENUES | |||||||
| 1 | Sales and other operating revenues | $13,413 | $11,993 | |||||
| Non-operating income | ||||||||
| 2 | Equity in income of HOVENSA L.L.C. | 58 | 121 | |||||
| 3 | Other | 142 | 163 | |||||
| 4 | Total revenues | 13,613 | 12,277 | |||||
| COSTS AND EXPENSES | ||||||||
| 5 | Cost of products sold | 8,735 | 7,883 | |||||
| 6 | Production expenses | 711 | 557 | |||||
| 7 | Marketing expenses | 663 | 542 | |||||
| 8 | Exploration expenses, including dry holes and lease impairment | 368 | 289 | |||||
| 9 | Other operating expenses | 224 | 234 | |||||
| 10 | General and administrative expenses | 313 | 224 | |||||
| 11 | Interest expense | 194 | 162 | |||||
| 12 | Depreciation, depletion and amortization | 967 | 714 | |||||
| 13 | Total costs and expenses | 12,175 | 10,605 | |||||
| 14 | Income before income taxes | 1,438 | 1,672 | |||||
| 15 | Provision for income taxes | 524 | 649 | |||||
| 16 | NET INCOME | $ 914 | $1,023 | |||||
| 17 | CASH FLOW FROM OPERATIONS | $2,141 | $1,948 | |||||
| CAPITAL EXPENDITURES | ||||||||
| 18 | Exploration and production | $5,061 | $783 | |||||
| 19 | Refining, marketing and shipping | 160 | 155 | |||||
| 20 | Total capital expenditures | $5,221 | $938 | |||||
|
December 31 2001 |
December 31 2000 | |||||||
| BALANCE SHEET INFORMATION | ||||||||
| 21 | Current assets | $3,972 | $4,115 | |||||
| 22 | Investments | 1,636 | 1,050 | |||||
| 23 | Property, plant and equipment - net | 8,165 | 4,323 | |||||
| 24 | Other assets | 1,607 | 786 | |||||
| 25 | Total assets | $15,380 | $10,274 | |||||
| 26 | Current liabilities | $3,729 | $3,538 | |||||
| 27 | Long-term debt | 5,283 | 1,985 | |||||
| 28 | Deferred liabilities and credits | 1,461 | 868 | |||||
| 29 | Stockholders' equity | 4,907 | 3,883 | |||||
| 30 | Total liabilities and stockholders' equity | $15,380 | $10,274 | |||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
| Line | OPERATING DATA |
Fourth Quarter 2001 (A) |
Fourth Quarter 2000 (B) |
Third Quarter 2001 (C) | ||||||
| No. | NET PRODUCTION PER DAY | |||||||||
| Crude oil - barrels | ||||||||||
| 1 | United States | 62 | 54 | 66 | ||||||
| 2 | United Kingdom | 127 | 128 | 114 | ||||||
| 3 | Norway | 26 | 27 | 23 | ||||||
| 4 | Denmark | 23 | 25 | 18 | ||||||
| 5 | Colombia | 26 | - - | 14 | ||||||
| 6 | Equatorial Guinea | 13 | - - | 9 | ||||||
| 7 | Algeria | 11 | 8 | 13 | ||||||
| 8 | Gabon | 9 | 6 | 9 | ||||||
| 9 | Indonesia | 6 | 5 | 6 | ||||||
| 10 | Azerbaijan | 4 | 4 | 4 | ||||||
| 11 | Total | 307 | 257 | 276 | ||||||
| Natural gas liquids- barrels | ||||||||||
| 12 | United States | 15 | 10 | 16 | ||||||
| 13 | United Kingdom | 7 | 6 | 6 | ||||||
| 14 | Norway | 1 | 1 | 1 | ||||||
| 15 | Indonesia and Thailand | 1 | 1 | 1 | ||||||
| 16 | Total | 24 | 18 | 24 | ||||||
| Natural gas - mcf | ||||||||||
| 17 | United States | 436 | 277 | 464 | ||||||
| 18 | United Kingdom | 291 | 306 | 240 | ||||||
| 19 | Denmark | 45 | 45 | 39 | ||||||
| 20 | Norway | 27 | 26 | 24 | ||||||
| 21 | Indonesia, Thailand and other | 21 | 33 | 30 | ||||||
| 22 | Total | 820 | 687 | 797 | ||||||
| 23 | Barrels of oil equivalent | 468 | 390 | 433 | ||||||
| AVERAGE SELLING PRICE | ||||||||||
| Crude oil - per barrel | ||||||||||
| 24 | United States | $20.66 | $24.35 | $23.38 | ||||||
| 25 | Foreign | 21.18 | 24.99 | 24.62 | ||||||
| Natural gas liquids - per barrel | ||||||||||
| 26 | United States | $12.31 | $26.38 | $17.73 | ||||||
| 27 | Foreign | 14.97 | 26.43 | 17.86 | ||||||
| Natural gas - per mcf | ||||||||||
| 28 | United States | $2.87 | $5.27 | $3.42 | ||||||
| 29 | Foreign | 2.65 | 2.44 | 1.96 | ||||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||||
| 30 | Refined products sold | 353 | 396 | 343 | ||||||
| 31 | Refinery runs (net) | 194 | 217 | 205 | ||||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
| Year | ||||||||
| Line | OPERATING DATA |
2001 (A) |
2000 (B) | |||||
| No. | NET PRODUCTION PER DAY | |||||||
| Crude oil - barrels | ||||||||
| 1 | United States | 63 | 55 | |||||
| 2 | United Kingdom | 119 | 119 | |||||
| 3 | Norway | 25 | 25 | |||||
| 4 | Denmark | 20 | 25 | |||||
| 5 | Colombia | 10 | - - | |||||
| 6 | Equatorial Guinea | 6 | - - | |||||
| 7 | Algeria | 13 | 2 | |||||
| 8 | Gabon | 9 | 7 | |||||
| 9 | Indonesia | 6 | 4 | |||||
| 10 | Azerbaijan | 4 | 3 | |||||
| 11 | Total | 275 | 240 | |||||
| Natural gas liquids- barrels | ||||||||
| 12 | United States | 14 | 12 | |||||
| 13 | United Kingdom | 7 | 6 | |||||
| 14 | Norway | 1 | 2 | |||||
| 15 | Indonesia and Thailand | 1 | 1 | |||||
| 16 | Total | 23 | 21 | |||||
| Natural gas - mcf | ||||||||
| 17 | United States | 424 | 288 | |||||
| 18 | United Kingdom | 291 | 297 | |||||
| 19 | Denmark | 43 | 37 | |||||
| 20 | Norway | 25 | 24 | |||||
| 21 | Indonesia, Thailand and other | 29 | 33 | |||||
| 22 | Total | 812 | 679 | |||||
| 23 | Barrels of oil equivalent | 433 | 374 | |||||
| AVERAGE SELLING PRICE | ||||||||
| Crude oil - per barrel | ||||||||
| 24 | United States | $23.29 | $23.97 | |||||
| 25 | Foreign | 24.58 | 25.53 | |||||
| Natural gas liquids - per barrel | ||||||||
| 26 | United States | $18.64 | $22.30 | |||||
| 27 | Foreign | 18.91 | 23.41 | |||||
| Natural gas - per mcf | ||||||||
| 28 | United States | $3.99 | $3.74 | |||||
| 29 | Foreign | 2.54 | 2.20 | |||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||
| 30 | Refined products sold | 387 | 366 | |||||
| 31 | Refinery runs (net) | 202 | 211 | |||||