Amerada Hess Reports Operating Earnings of $257 Million for the Third Quarter; $683 Million for Nine Months.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 25, 2000 Amerada Hess Corporation The Hess Corporation (NYSE: HES) is an integrated oil company based in New York City. The company changed its name from Amerada Hess as of May 8, 2006. The company explores, produces, transports, and refines oil. (NYSE NYSE See: New York Stock Exchange :AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ) reported operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $257 million for the third quarter of 2000 compared with earnings of $52 million for the third quarter of 1999. Operating earnings in the first nine months of 2000 were $683 million compared with earnings of $131 million in the first nine months of 1999. The after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. results by major operating activity for the three and nine month periods ended september September: see month. 30, 2000 and 1999 were as follows (in millions, except per share amounts):
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
(UNAUDITED) (UNAUDITED)
--------------------------------------------
2000 1999 2000 1999
--------------------------------------------
EXPLORATION AND
PRODUCTION $ 238 $ 71 $ 634 $ 149
REFINING, MARKETING
AND SHIPPING 62 22 174 94
CORPORATE (10) (11) (32) (26)
INTEREST EXPENSE (33) (30) (93) (86)
----- ----- ----- -----
OPERATING EARNINGS 257 52 683 131
GAINS ON ASSET SALES -- 106 -- 176
----- ----- ----- -----
NET INCOME $ 257 $ 158 $ 683 $ 307
===== ===== ===== =====
NET INCOME PER
SHARE (DILUTED) $2.86 $1.75 $7.57 $3.40
===== ===== ===== =====
The corporation's average worldwide crude oil selling price in the third quarter of 2000 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $26.00 per barrel barrel: see English units of measurement. , an increase of $6.00 from the third quarter of 1999. The corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 367,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. in the third quarter of 2000, an increase of 10% over the third quarter of 1999. Increased refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing and shipping results in the third quarter of 2000, compared with the third quarter of 1999, reflect improved refining margins and higher earnings from retail operations. Sales and other operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. amounted to $2,833 million in the third quarter of 2000 compared with $1,802 million in the third quarter of 1999. The increase principally reflects significantly higher crude oil and refined product selling prices. Capital expenditures in the third quarter of 2000 were $205 million of which $170 million related to exploration and production activities. Capital expenditures in the third quarter of 1999 amounted to $197 million including $177 million for exploration and production.
CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
----------------------------------------------
2000 1999 2000 1999
----------------------------------------------
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
SALES AND OTHER
OPERATING REVENUES $2,833 $1,802 $8,308 $ 4,770
NET INCOME $ 257 $ 158(a) $ 683 $ 307(a)
NET INCOME PER
SHARE (DILUTED) $ 2.86 $ 1.75(a) $ 7.57 $ 3.40(a)
WEIGHTED AVERAGE
NUMBER OF SHARES 89.8 90.5 90.2 90.2
(a) Includes gains on asset sales of $106 million ($1.17 per
share) and $176 million ($1.95 per share) in the third quarter and
first nine months of 1999, respectively.
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Third Third Second
Quarter Quarter Quarter
2000 1999 2000
-------------------------------
(A) (B) (C)
INCOME STATEMENT
REVENUES
Sales and other
operating revenues $ 2,833 $ 1,802 $ 2,644
Non-operating income
Gains on asset sales -- 165 --
Equity in income
of HOVENSA L.L.C 24 7 41
Other 30 3 29
------- ------- -------
Total revenues 2,887 1,977 2,714
------- ------- -------
COSTS AND EXPENSES
Cost of products sold 1,768 1,073 1,717
Production expenses 139 111 129
Marketing expenses 157 108 122
Other operating
expenses 60 52 51
Exploration expenses,
including dry holes
and lease impairment 65 45 90
General and administrative
expenses 50 70 51
Interest expense 42 39 39
Depreciation, depletion
and amortization 176 159 167
------- ------- -------
Total costs and expenses 2,457 1,657 2,366
------- ------- -------
Income before income taxes 430 320 348
Provision for income taxes 173 162 146
------- ------- -------
NET INCOME $ 257 $ 158 $ 202
======= ======= =======
SEGMENT ANALYSIS
Exploration and production $ 238 $ 71 $ 178
Refining, marketing
and shipping 62 22 64
Corporate (10) (11) (10)
Interest expense (33) (30) (30)
------- ------- -------
Operating earnings 257 52 202
Gains on asset sales -- 106 --
------- ------- -------
NET INCOME $ 257 $ 158 $ 202
======= ======= =======
CASH FLOW FROM OPERATIONS (a) $ 530 $ 246 $ 437
======= ======= =======
CAPITAL EXPENDITURES
Exploration and production $ 170 $ 177 $ 194
Refining, marketing and shipping 35 20 49
------- ------- -------
Total capital expenditures $ 205 $ 197 $ 243
======= ======= =======
AT END OF PERIOD
Total debt $ 1,999 $ 2,401 $ 2,114
======= ======= =======
Stockholders' equity $ 3,543 $ 2,927 $ 3,408
======= ======= =======
(a) 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 FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Nine Months
---------------------------
2000 1999
---------------------------
(A) (B)
INCOME STATEMENT
REVENUES
Sales and other
operating revenues $8,308 $4,770
Non-operating income
Gains on asset sales -- 273
Equity in income
of HOVENSA L.L.C 76 24
Other 87 95
------ ------
Total revenues 8,471 5,162
------ ------
COSTS AND EXPENSES
Cost of products sold 5,361 2,935
Production expenses 401 327
Marketing expenses 385 288
Other operating expenses 168 168
Exploration expenses,
including dry holes
and lease impairment 217 186
General and administrative
expenses 152 184
Interest expense 119 116
Depreciation, depletion
and amortization 516 434
------ ------
Total costs and expenses 7,319 4,638
------ ------
Income before income taxes 1,152 524
Provision for income taxes 469 217
------ ------
NET INCOME $ 683 $ 307
====== ======
CASH FLOW FROM OPERATIONS (a) $1,422 $ 564
----------------------------- ====== ======
CAPITAL EXPENDITURES
Exploration and production $492 $560
Refining, marketing and shipping 118 57
---- ----
Total capital expenditures $610 $617
==== ====
(a) 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)
Third Third Second
Quarter Quarter Quarter
2000 1999 2000
---------------------------
(A) (B) (C)
OPERATING DATA
NET PRODUCTION PER DAY
Crude oil - barrels
United States 56 57 55
United Kingdom 123 111 112
Norway 23 26 27
Denmark 26 7 19
Gabon 7 10 7
Indonesia and Azerbaijan 8 4 7
--- --- ---
Total 243 215 227
=== === ===
Natural gas liquids - barrels
United States 13 12 12
United Kingdom 6 4 7
Norway 1 2 2
Thailand 1 1 1
--- --- ---
Total 21 19 22
=== === ===
Natural gas - mcf
United States 282 346 298
United Kingdom 239 219 299
Norway 21 31 24
Denmark 45 -- 25
Indonesia and Thailand 29 12 33
--- --- ---
Total 616 608 679
=== === ===
Barrels of oil equivalent 367 335 362
=== === ===
AVERAGE SELLING PRICE
Crude oil - per barrel
United States $24.40 $18.93 $24.46
Foreign 26.55 20.47 24.09
Natural gas liquids - per barrel
United States $23.81 $14.42 $18.69
Foreign 24.54 16.44 20.64
Natural gas - per mcf
United States $3.98 $2.39 $3.37
Foreign 2.16 1.60 2.10
MARKETING AND REFINING -
BARRELS PER DAY
Refined products sold 314 310 352
=== === ===
Refinery runs (net) 203 198 223
=== === ===
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
Nine Months
-------------------------
2000 1999
-------------------------
(A) (B)
OPERATING DATA
NET PRODUCTION PER DAY
Crude oil - barrels
United States 54 53
United Kingdom 116 108
Norway 24 25
Denmark 25 2
Gabon 8 11
Indonesia and Azerbaijan 7 4
--- ---
Total 234 203
=== ===
Natural gas liquids - barrels
United States 13 9
United Kingdom 6 6
Norway 2 1
Thailand 1 --
--- ---
Total 22 16
=== ===
Natural gas - mcf
United States 292 338
United Kingdom 294 242
Norway 23 31
Denmark 35 --
Indonesia and Thailand 33 6
--- ---
Total 677 617
=== ===
Barrels of oil equivalent 369 322
=== ===
AVERAGE SELLING PRICE
Crude oil - per barrel
United States $23.84 $15.10
Foreign 25.72 15.64
Natural gas liquids - per barrel
United States $21.22 $11.76
Foreign 22.50 12.02
Natural gas - per mcf
United States $3.26 $2.07
Foreign 2.12 1.79
MARKETING AND REFINING -
BARRELS PER DAY
Refined products sold 356 340
=== ===
Refinery runs (net) 209 214
=== ===
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion