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New York, New York....July 25, 2001....Amerada Hess Corporation (NYSE:AHC) reported net income of $357 million for the second quarter of 2001 compared with income of $202 million for the second quarter of 2000. Net income in the first half of 2001 was $694 million compared with $426 million in the first half of 2000.
The after-tax results by major operating activity for the three and six month periods ended June 30, 2001 and 2000 were as follows (in millions, except per share amounts):
|
Three months ended June 30 (unaudited) |
Six months ended June 30 (unaudited) | ||||||
| 2001 | 2000 | 2001 | 2000 | ||||
| Exploration and production | $304 | $178 | $579 | $396 | |||
| Refining, marketing and shipping | 101 | 64 | 206 | 112 | |||
| Corporate | (19) | (10) | (32) | (22) | |||
| Interest expense | (29) | (30) | (59) | (60) | |||
| Net income | $357 | $202 | $694 | $426 | |||
| Net income per share (diluted) | $3.98 | $2.24 | $7.77 | $4.71 | |||
The Corporation's average worldwide crude oil selling price in the second quarter of 2001 was approximately $27.00 per barrel, an increase of $2.90 from the second quarter of 2000. The average United States natural gas selling price was $4.64 per Mcf in the second quarter of 2001 compared with $3.37 per Mcf in the second quarter of 2000. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 426,000 barrels per day in the second quarter of 2001, an increase of 18% over the second quarter of 2000.
The increased refining, marketing and shipping results in the second quarter of 2001, reflect higher refining margins at HOVENSA and Port Reading and improved earnings from retail operations.
Capital expenditures in the second quarter of 2001 were $1,136 million of
which $1,048 million related to exploration and production activities. These
expenditures include the purchase of natural gas properties onshore and offshore
Louisiana for $767 million. Capital expenditures in the second quarter of 2000
amounted to $243 million including $194 million for exploration and production.
Consolidated Financial Information (unaudited)
|
Three months ended June 30 |
Six months ended June 30 | ||||
| 2001 | 2000 | 2001 | 2000 | ||
| (In millions, except per share amounts) | |||||
| Sales and other operating revenues | $3,461 | $2,644 | $7,644 | $5,475 | |
| Net income | $357 | $202 | $694 | $426 | |
| Net income per share (diluted) | $3.98 | $2.24 | $7.77 | $4.71 | |
| Weighted average number of shares | 89.6 | 90.5 | 89.3 | 90.5 | |
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
| Line | INCOME STATEMENT |
Second Quarter 2001 (A) |
Second Quarter 2000 (B) |
First Quarter 2001 (C) | ||||||
| No. | REVENUES | |||||||||
| 1 | Sales and other operating revenues | $3,461 | $2,644 | $4,182 | ||||||
| Non-operating income | ||||||||||
| 2 | Equity in income of HOVENSA L.L.C. | 51 | 41 | 14 | ||||||
| 3 | Other | 53 | 29 | 33 | ||||||
| 4 | Total revenues | 3,565 | 2,714 | 4,229 | ||||||
| COSTS AND EXPENSES | ||||||||||
| 5 | Cost of products sold | 2,236 | 1,717 | 2,933 | ||||||
| 6 | Production expenses | 173 | 129 | 153 | ||||||
| 7 | Marketing expenses | 152 | 122 | 153 | ||||||
| 8 | Exploration expenses, including dry holes and lease impairment | 73 | 90 | 84 | ||||||
| 9 | Other operating expenses | 54 | 51 | 56 | ||||||
| 10 | General and administrative expenses | 58 | 51 | 65 | ||||||
| 11 | Interest expense | 41 | 39 | 40 | ||||||
| 12 | Depreciation, depletion and amortization | 229 | 167 | 181 | ||||||
| 13 | Total costs and expenses | 3,016 | 2,366 | 3,665 | ||||||
| 14 | Income before income taxes | 549 | 348 | 564 | ||||||
| 15 | Provision for income taxes | 192 | 146 | 227 | ||||||
| 16 | NET INCOME | $357 | $202 | $337 | ||||||
| SEGMENT ANALYSIS | ||||||||||
| 17 | Exploration and production | $304 | $178 | $275 | ||||||
| 18 | Refining, marketing and shipping | 101 | 64 | 105 | ||||||
| 19 | Corporate | (19) | (10) | (13) | ||||||
| 20 | Interest expense | (29) | (30) | (30) | ||||||
| 21 | Net Income | $357 | $202 | $337 | ||||||
| 22 | CASH FLOW FROM OPERATIONS (*) | $611 | $437 | $590 | ||||||
| CAPITAL EXPENDITURES | ||||||||||
| 23 | Exploration and production | $1,048 | $194 | $318 | ||||||
| 24 | Refining, marketing and shipping | 88 | 49 | 13 | ||||||
| 25 | Total capital expenditures | $1,136 | $243 | $331 | ||||||
| AT END OF PERIOD | ||||||||||
| 26 | Total debt | $2,280 | $2,114 | $2,042 | ||||||
| 27 | Stockholders' equity | $4,621 | $3,408 | $4,286 | ||||||
| (*) 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)
| First Half | ||||||||
| Line | INCOME STATEMENT |
2001 (A) |
2000 (B) | |||||
| No. | REVENUES | |||||||
| 1 | Sales and other operating revenues | $7,644 | $5,475 | |||||
| Non-operating income | ||||||||
| 2 | Equity in income of HOVENSA L.L.C. | 66 | 52 | |||||
| 3 | Other | 84 | 57 | |||||
| 4 | Total revenues | 7,794 | 5,584 | |||||
| COSTS AND EXPENSES | ||||||||
| 5 | Cost of products sold | 5,168 | 3,592 | |||||
| 6 | Production expenses | 326 | 262 | |||||
| 7 | Marketing expenses | 305 | 228 | |||||
| 8 | Exploration expenses, including dry holes and lease impairment | 157 | 152 | |||||
| 9 | Other operating expenses | 110 | 108 | |||||
| 10 | General and administrative expenses | 123 | 102 | |||||
| 11 | Interest expense | 81 | 77 | |||||
| 12 | Depreciation, depletion and amortization | 410 | 341 | |||||
| 13 | Total costs and expenses | 6,680 | 4,862 | |||||
| 14 | Income before income taxes | 1,114 | 722 | |||||
| 15 | Provision for income taxes | 420 | 296 | |||||
| 16 | NET INCOME | $ 694 | $ 426 | |||||
| 17 | CASH FLOW FROM OPERATIONS | $1,201 | $ 892 | |||||
| CAPITAL EXPENDITURES | ||||||||
| 18 | Exploration and production | $1,365 | $321 | |||||
| 19 | Refining, marketing and shipping | 102 | 84 | |||||
| 20 | Total capital expenditures | $1,467 | $ 405 | |||||
|
June 30 2001 |
December 31 2000 | |||||||
| BALANCE SHEET INFORMATION | ||||||||
| 21 | Current assets | $3,725 | $4,115 | |||||
| 22 | Investments | 1,196 | 1,050 | |||||
| 23 | Property, plant and equipment - net | 5,226 | 4,323 | |||||
| 24 | Other assets | 717 | 786 | |||||
| 25 | Total assets | $10,864 | $10,274 | |||||
| 26 | Current liabilities | $3,409 | $3,538 | |||||
| 27 | Long-term debt | 1,998 | 1,985 | |||||
| 28 | Deferred liabilities and credits | 836 | 868 | |||||
| 29 | Stockholders' equity | 4,621 | 3,883 | |||||
| 30 | Total liabilities and stockholders' equity | $10,864 | $10,274 | |||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
| Line | OPERATING DATA |
Second Quarter 2001 (A) |
Second Quarter 2000 (B) |
First Quarter 2001 (C) | ||||||
| No. | NET PRODUCTION PER DAY | |||||||||
| Crude oil - barrels | ||||||||||
| 1 | United States | 69 | 55 | 57 | ||||||
| 2 | United Kingdom | 117 | 112 | 120 | ||||||
| 3 | Norway | 25 | 27 | 25 | ||||||
| 4 | Denmark | 17 | 19 | 23 | ||||||
| 5 | Algeria | 13 | - - | 14 | ||||||
| 6 | Gabon | 9 | 7 | 7 | ||||||
| 7 | Indonesia | 6 | 4 | 5 | ||||||
| 8 | Azerbaijan | 4 | 3 | 4 | ||||||
| 9 | Total | 260 | 227 | 255 | ||||||
| Natural gas liquids- barrels | ||||||||||
| 10 | United States | 15 | 12 | 11 | ||||||
| 11 | United Kingdom | 5 | 7 | 8 | ||||||
| 12 | Norway | 2 | 2 | 1 | ||||||
| 13 | Thailand | 1 | 1 | 1 | ||||||
| 14 | Total | 23 | 22 | 21 | ||||||
| Natural gas - mcf | ||||||||||
| 15 | United States | 474 | 298 | 322 | ||||||
| 16 | United Kingdom | 289 | 299 | 344 | ||||||
| 17 | Denmark | 38 | 25 | 49 | ||||||
| 18 | Norway | 25 | 24 | 25 | ||||||
| 19 | Indonesia and Thailand | 34 | 33 | 31 | ||||||
| 20 | Total | 860 | 679 | 771 | ||||||
| 21 | Barrels of oil equivalent | 426 | 362 | 405 | ||||||
| AVERAGE SELLING PRICE | ||||||||||
| Crude oil - per barrel | ||||||||||
| 22 | United States | $24.82 | $24.46 | $24.23 | ||||||
| 23 | Foreign | 27.87 | 24.09 | 25.62 | ||||||
| Natural gas liquids - per barrel | ||||||||||
| 24 | United States | $20.25 | $18.69 | $26.76 | ||||||
| 25 | Foreign | 20.28 | 20.64 | 22.32 | ||||||
| Natural gas - per mcf | ||||||||||
| 26 | United States | $4.64 | $3.37 | $5.45 | ||||||
| 27 | Foreign | 2.48 | 2.10 | 2.95 | ||||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||||
| 28 | Refined products sold | 389 | 352 | 464 | ||||||
| 29 | Refinery runs (net) | 202 | 223 | 206 | ||||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
| First Half | ||||||||
| Line | OPERATING DATA |
2001 (A) |
2000 (B) | |||||
| No. | NET PRODUCTION PER DAY | |||||||
| Crude oil - barrels | ||||||||
| 1 | United States | 63 | 53 | |||||
| 2 | United Kingdom | 119 | 112 | |||||
| 3 | Norway | 25 | 25 | |||||
| 4 | Denmark | 20 | 25 | |||||
| 5 | Algeria | 13 | - - | |||||
| 6 | Gabon | 8 | 8 | |||||
| 7 | Indonesia | 6 | 4 | |||||
| 8 | Azerbaijan | 4 | 3 | |||||
| 9 | Total | 258 | 230 | |||||
| Natural gas liquids- barrels | ||||||||
| 10 | United States | 13 | 13 | |||||
| 11 | United Kingdom | 7 | 6 | |||||
| 12 | Norway | 1 | 2 | |||||
| 13 | Thailand | 1 | 1 | |||||
| 14 | Total | 22 | 22 | |||||
| Natural gas - mcf | ||||||||
| 15 | United States | 399 | 296 | |||||
| 16 | United Kingdom | 316 | 322 | |||||
| 17 | Denmark | 44 | 29 | |||||
| 18 | Norway | 25 | 25 | |||||
| 19 | Indonesia and Thailand | 32 | 35 | |||||
| 20 | Total | 816 | 707 | |||||
| 21 | Barrels of oil equivalent | 416 | 370 | |||||
| AVERAGE SELLING PRICE | ||||||||
| Crude oil - per barrel | ||||||||
| 22 | United States | $24.55 | $23.55 | |||||
| 23 | Foreign | 26.76 | 24.89 | |||||
| Natural gas liquids - per barrel | ||||||||
| 24 | United States | $22.98 | $19.84 | |||||
| 25 | Foreign | 21.41 | 21.60 | |||||
| Natural gas - per mcf | ||||||||
| 26 | United States | $4.96 | $2.90 | |||||
| 27 | Foreign | 2.73 | 2.09 | |||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||
| 28 | Refined products sold | 426 | 377 | |||||
| 29 | Refinery runs (net) | 204 | 212 | |||||