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New York, New York....April 25, 2001...Amerada Hess Corporation (NYSE: AHC)
reported net income of $337 million for the first quarter of 2001
compared with income of $224 million for the first quarter of 2000.
The after-tax results by major operating activity for the first
quarters of 2001 and 2000 were as follows (in millions, except per
share amounts):
Three Months Ended March 31 (unaudited) | |||
2001 | 2000 | ||
Exploration and production | $275 | $218 | |
Refining, marketing and shipping | 105 | 48 | |
Corporate | (13) | (12) | |
Interest expense | (30) | (30) | |
Net income | $337 | $224 | |
Net income per share (diluted) | $3.79 | $2.47 |
The Corporation's average worldwide crude oil selling price in
the first quarter of 2001 was approximately $25.30 per barrel,
slightly higher than in the first quarter of 2000. The average
worldwide natural gas price increased to $3.93 per Mcf in the
first quarter of 2001 from $2.20 per Mcf in the first quarter of
2000, due largely to an average United States natural gas price of
$5.45 per Mcf in the current quarter. The Corporation's oil and
gas production, on a barrel-of-oil equivalent basis, was 405,000
barrels per day in the first quarter of 2001, an increase of 7%
over the first quarter of 2000.
The increased refining, marketing and shipping results in the
first quarter of 2001 reflect improved refining margins at Port
Reading and HOVENSA, partially offset by the effects of the six
week shutdown for scheduled maintenance of HOVENSA's fluid
catalytic cracking unit. Earnings from trading activities were
also higher in the 2001 quarter.
Capital expenditures in the first quarter of 2001 amounted to $331
million of which $318 million related to exploration and
production activities. These expenditures include the purchase of
natural gas reserves in the Gulf of Mexico for $98 million.
Capital expenditures in the first quarter of 2000 amounted to $162
million including $127 million for exploration and production.
Consolidated Financial Information (unaudited)
(In millions, except per share amounts)
Three Months Ended March 31 | ||
2001 | 2000 | |
Sales and other operating revenues | $4,182 | $2,831 |
Net income | $337 | $224 |
Net income per share (diluted) | $3.79 | $2.47 |
Weighted average number of shares | 88.9 | 90.5 |
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
Line | INCOME STATEMENT |
First Quarter 2001 (A) |
First Quarter 2000 (B) |
Fourth Quarter 2000 (C) | ||||||
No. | REVENUES | |||||||||
1 | Sales and other operating revenues | $4,182 | $2,831 | $3,685 | ||||||
Non-operating income | ||||||||||
2 | Equity in income of HOVENSA L.L.C. | 14 | 11 | 46 | ||||||
3 | Other | 33 | 28 | 75 | ||||||
4 | Total revenues | 4,229 | 2,870 | 3,806 | ||||||
COSTS AND EXPENSES | ||||||||||
5 | Cost of products sold | 2,933 | 1,875 | 2,523 | ||||||
6 | Production expenses | 153 | 133 | 156 | ||||||
7 | Marketing expenses | 153 | 106 | 157 | ||||||
8 | Exploration expenses, including dry holes and lease impairment | 84 | 62 | 72 | ||||||
9 | Other operating expenses | 56 | 57 | 66 | ||||||
10 | General and administrative expenses | 65 | 51 | 72 | ||||||
11 | Interest expense | 40 | 38 | 43 | ||||||
12 | Depreciation, depletion and amortization | 181 | 174 | 198 | ||||||
13 | Total costs and expenses | 3,665 | 2,496 | 3,287 | ||||||
14 | Income before income taxes | 564 | 374 | 519 | ||||||
15 | Provision for income taxes | 227 | 150 | 179 | ||||||
16 | NET INCOME | $337 | $224 | $340 | ||||||
SEGMENT ANALYSIS | ||||||||||
17 | Exploration and production | $275 | $218 | $234 | ||||||
18 | Refining, marketing and shipping | 105 | 48 | 114 | ||||||
19 | Corporate | (13) | (12) | (11) | ||||||
20 | Interest expense | (30) | (30) | (33) | ||||||
21 | Operating earnings | 337 | 224 | 304 | ||||||
22 | Special items | - - | - - | 36 | ||||||
23 | Net Income | $337 | $224 | $340 | ||||||
24 | CASH FLOW FROM OPERATIONS (*) | $590 | $454 | $526 | ||||||
CAPITAL EXPENDITURES | ||||||||||
25 | Exploration and production | $318 | $127 | $292 | ||||||
26 | Refining, marketing and shipping | 13 | 35 | 35 | ||||||
27 | Total capital expenditures | $331 | $162 | $327 | ||||||
AT END OF PERIOD | ||||||||||
28 | Total debt | $2,042 | $2,041 | $2,050 | ||||||
29 | Stockholders' equity | $4,286 | $3,250 | $3,883 | ||||||
(*) Net income adjusted for depreciation and amortization, exploratory dry holes, deferred income taxes, undistributed earnings of affiliates and gains on asset sales. |
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
Line | OPERATING DATA |
First Quarter 2001 (A) |
First Quarter 2000 (B) |
Fourth Quarter 2000 (C) | ||||||
No. | NET PRODUCTION PER DAY | |||||||||
Crude oil - barrels | ||||||||||
1 | United States | 57 | 52 | 54 | ||||||
2 | United Kingdom | 120 | 112 | 128 | ||||||
3 | Norway | 25 | 23 | 27 | ||||||
4 | Denmark | 23 | 30 | 25 | ||||||
5 | Gabon | 7 | 9 | 6 | ||||||
6 | Indonesia | 5 | 3 | 5 | ||||||
7 | Azerbaijan | 4 | 3 | 4 | ||||||
8 | Algeria | 14 | - - | 8 | ||||||
9 | Total | 255 | 232 | 257 | ||||||
Natural gas liquids- barrels | ||||||||||
10 | United States | 11 | 14 | 10 | ||||||
11 | United Kingdom | 8 | 6 | 6 | ||||||
12 | Norway | 1 | 2 | 1 | ||||||
13 | Thailand | 1 | 1 | 1 | ||||||
14 | Total | 21 | 23 | 18 | ||||||
Natural gas - mcf | ||||||||||
15 | United States | 322 | 294 | 277 | ||||||
16 | United Kingdom | 344 | 345 | 306 | ||||||
17 | Norway | 25 | 26 | 26 | ||||||
18 | Denmark | 49 | 35 | 45 | ||||||
19 | Indonesia and Thailand | 31 | 36 | 33 | ||||||
20 | Total | 771 | 736 | 687 | ||||||
21 | Barrels of oil equivalent | 405 | 378 | 390 | ||||||
AVERAGE SELLING PRICE | ||||||||||
Crude oil - per barrel | ||||||||||
22 | United States | $24.23 | $22.58 | $24.35 | ||||||
23 | Foreign | 25.62 | 25.65 | 24.99 | ||||||
Natural gas liquids - per barrel | ||||||||||
24 | United States | $26.76 | $20.87 | $26.38 | ||||||
25 | Foreign | 22.32 | 22.61 | 26.43 | ||||||
Natural gas - per mcf | ||||||||||
26 | United States | $5.45 | $2.40 | $5.27 | ||||||
27 | Foreign | 2.95 | 2.08 | 2.44 | ||||||
MARKETING AND REFINING - BARRELS PER DAY | ||||||||||
28 | Refined products sold | 464 | 402 | 396 | ||||||
29 | Refinery runs (net) | 206 | 200 | 217 |