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New York, New York....January 25, 2001...Amerada Hess Corporation
reported net income of $340 million for the fourth quarter of 2000
compared with income of $131 million for the fourth quarter of 1999.
For the full year, net income was $1,023 million compared with income
of $438 million in 1999.
The after-tax results by major operating activity in 2000 and 1999
were as follows (in millions, except per share amounts):
Three Months Ended December 31 |
Year Ended December 31 | ||||||
2000* | 1999* | 2000* | 1999 | ||||
Exploration and production | $234 | $174 | $868 | $324 | |||
Refining, marketing and shipping | 114 | 39 | 288 | 133 | |||
Corporate | (11) | (5) | (43) | (31) | |||
Interest expense | (33) | (32) | (126) | (119) | |||
Operating earnings | 304 | 176 | 987 | 307 | |||
Special items | 36 | (45) | 36 | 131 | |||
Net income | $340 | $131 | $1,023 | $438 | |||
Net income per share (diluted) | $3.83 | $1.45 | $11.38 | $4.85 | |||
* - Unaudited |
The Corporation's average worldwide crude oil selling price in
the fourth quarter of 2000 was approximately $24.80 per barrel, an
increase of $1.60 per barrel from the fourth quarter of 1999. The
average crude oil selling price for the full year of 2000 was
approximately $25.00 per barrel, an increase of $7.40 per barrel
over 1999. The Corporation's oil and gas production, on a
barrel-of-oil equivalent basis, was 390,000 barrels per day in the
fourth quarter of 2000 and 1999. Full year 2000 production
averaged 374,000 barrels per day, an increase of 10% over 1999.
Refining, marketing and shipping results increased in the fourth
quarter and year 2000 compared with the corresponding periods of
1999, principally reflecting improved refining margins.
After-tax special items in 2000 and 1999 are summarized below (in
millions):
Three Months Ended December 31 |
Year Ended December 31 | ||||||
2000 | 1999 | 2000 | 1999 | ||||
Net gain on termination of acquisition | $60 | $- - | $60 | $- - | |||
Costs associated with a research and development venture | (24) | - - | (24) | - - | |||
Gains on asset sales | - - | - - | - - | 176 | |||
Income tax benefits | - - | 54 | - - | 54 | |||
Impairment of assets and operating leases | - - | (99) | - - | (99) | |||
Total special items | $36 | $(45) | $36 | $131 |
In the fourth quarter of 2000, the Corporation recorded a gain
in connection with the termination of its proposed acquisition of
another company. The income reflects transaction related foreign
currency gains and a termination payment from the other company,
partially offset by transaction costs. The Corporation expensed
costs associated with an alternative fuel research and development
venture in the fourth quarter of 2000.
Sales and other operating revenues in the fourth quarter of 2000
amounted to $3,685 million compared with $2,269 million in the
fourth quarter of 1999. Sales and other operating revenues were
$11,993 million for the year 2000 compared with $7,039 million in
1999. The increase reflects significantly higher crude oil,
natural gas and refined product selling prices.
Capital expenditures for the year 2000 were $938 million compared
with $797 million in 1999. Exploration and production expenditures
were $783 million in 2000 and $727 million in 1999.
Consolidated Financial Information
Three Months Ended December 31 |
Year Ended December 31 | ||||
2000* | 1999* | 2000* | 1999 | ||
Sales and other operating revenues | $3,685 | $2,269 | $11,993 | $7,039 | |
Operating earnings | $304 | $176 | $987 | $307 | |
Special items | 36 | (45) | 36 | 131 | |
Net income | $340 | $131 | $1,023 | $438 | |
Net income per share (diluted) | $3.83 | $1.45 | $11.38 | $4.85 | |
Weighted average number of shares | 88.8 | 90.7 | 89.9 | 90.3 | |
* - Unaudited |
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
Line | INCOME STATEMENT |
Fourth Quarter 2000 (A) |
Fourth Quarter 1999 (B) |
Third Quarter 2000 (C) | ||||||
No. | REVENUES | |||||||||
1 | Sales and other operating revenues | $3,685 | $2,269 | $2,833 | ||||||
Non-operating income | ||||||||||
2 | Gains on asset sales | - - | - - | - - | ||||||
3 | Equity in income (loss) of HOVENSA L.L.C. | 46 | (17) | 24 | ||||||
4 | Other | 75 | 46 | 30 | ||||||
5 | Total revenues | 3,806 | 2,298 | 2,887 | ||||||
COSTS AND EXPENSES | ||||||||||
6 | Cost of products sold | 2,523 | 1,305 | 1,768 | ||||||
7 | Production expenses | 156 | 160 | 139 | ||||||
8 | Marketing expenses | 157 | 100 | 157 | ||||||
9 | Other operating expenses | 66 | 48 | 60 | ||||||
10 | Exploration expenses, including dry holes and lease impairment | 72 | 75 | 65 | ||||||
11 | General and administrative expenses | 72 | 47 | 50 | ||||||
12 | Interest expense | 43 | 42 | 42 | ||||||
13 | Depreciation, depletion and amortization | 198 | 215 | 176 | ||||||
14 | Impairment of assets and operating leases | - - | 128 | - - | ||||||
15 | Total costs and expenses | 3,287 | 2,120 | 2,457 | ||||||
16 | Income before income taxes | 519 | 178 | 430 | ||||||
17 | Provision for income taxes | 179 | 47 | 173 | ||||||
18 | NET INCOME | $340 | $131 | $257 | ||||||
SEGMENT ANALYSIS | ||||||||||
19 | Exploration and production | $234 | $174 | $238 | ||||||
20 | Refining, marketing and shipping | 114 | 39 | 62 | ||||||
21 | Corporate | (11) | (5) | (10) | ||||||
22 | Interest expense | (33) | (32) | (33) | ||||||
23 | Operating earnings | 304 | 176 | 257 | ||||||
24 | Special items | 36 | (45) | - - | ||||||
25 | Net Income | $340 | $131 | $257 | ||||||
26 | CASH FLOW FROM OPERATIONS (*) | $534 | $553 | $530 | ||||||
CAPITAL EXPENDITURES | ||||||||||
27 | Exploration and production | $292 | $167 | $170 | ||||||
28 | Refining, marketing and shipping | 35 | 13 | 35 | ||||||
29 | Total capital expenditures | $327 | $180 | $205 | ||||||
AT END OF PERIOD | ||||||||||
30 | Total debt | $2,050 | $2,310 | $1,999 | ||||||
31 | Stockholders' equity | $3,883 | $3,038 | $3,543 | ||||||
(*) 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)
Year | ||||||||
Line | INCOME STATEMENT |
2000 (A) |
1999 (B) | |||||
No. | REVENUES | |||||||
1 | Sales and other operating revenues | $11,993 | $7,039 | |||||
Non-operating income | ||||||||
2 | Gains on asset sales | - - | 273 | |||||
3 | Equity in income of HOVENSA L.L.C. | 121 | 7 | |||||
4 | Other | 163 | 142 | |||||
5 | Total revenues | 12,277 | 7,461 | |||||
COSTS AND EXPENSES | ||||||||
6 | Cost of products sold | 7,883 | 4,240 | |||||
7 | Production expenses | 557 | 487 | |||||
8 | Marketing expenses | 542 | 387 | |||||
9 | Other operating expenses | 234 | 217 | |||||
10 | Exploration expenses, including dry holes and lease impairment | 289 | 261 | |||||
11 | General and administrative expenses | 224 | 232 | |||||
12 | Interest expense | 162 | 158 | |||||
13 | Depreciation, depletion and amortization | 714 | 649 | |||||
14 | Impairment of assets and operating leases | - - | 128 | |||||
15 | Total costs and expenses | 10,605 | 6,759 | |||||
16 | Income before income taxes | 1,672 | 702 | |||||
17 | Provision for income taxes | 649 | 264 | |||||
18 | NET INCOME | $1,023 | $438 | |||||
19 | CASH FLOW FROM OPERATIONS (*) | $1,956 | $1,116 | |||||
CAPITAL EXPENDITURES | ||||||||
20 | Exploration and production | $783 | $727 | |||||
21 | Refining, marketing and shipping | 155 | 70 | |||||
22 | Total capital expenditures | $938 | $797 | |||||
(*) 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 |
Fourth Quarter 2000 (A) |
Fourth Quarter 1999 (B) |
Third Quarter 2000 (C) | ||||||
No. | NET PRODUCTION PER DAY | |||||||||
Crude oil - barrels | ||||||||||
1 | United States | 54 | 61 | 56 | ||||||
2 | United Kingdom | 128 | 124 | 123 | ||||||
3 | Norway | 27 | 25 | 23 | ||||||
4 | Denmark | 25 | 23 | 26 | ||||||
5 | Gabon | 6 | 9 | 7 | ||||||
6 | Indonesia | 5 | 4 | 5 | ||||||
7 | Azerbaijan | 4 | 2 | 3 | ||||||
8 | Algeria | 8 | - - | - - | ||||||
9 | Total | 257 | 248 | 243 | ||||||
Natural gas liquids- barrels | ||||||||||
10 | United States | 10 | 12 | 13 | ||||||
11 | United Kingdom | 6 | 6 | 6 | ||||||
12 | Norway | 1 | 2 | 1 | ||||||
13 | Thailand | 1 | 2 | 1 | ||||||
14 | Total | 18 | 22 | 21 | ||||||
Natural gas - mcf | ||||||||||
15 | United States | 277 | 338 | 282 | ||||||
16 | United Kingdom | 306 | 306 | 239 | ||||||
17 | Norway | 26 | 30 | 21 | ||||||
18 | Denmark | 45 | 11 | 45 | ||||||
19 | Indonesia and Thailand | 33 | 34 | 29 | ||||||
20 | Total | 687 | 719 | 616 | ||||||
21 | Barrels of oil equivalent | 390 | 390 | 367 | ||||||
AVERAGE SELLING PRICE | ||||||||||
Crude oil - per barrel | ||||||||||
22 | United States | $24.35 | $20.89 | $24.40 | ||||||
23 | Foreign | 24.99 | 24.04 | 26.55 | ||||||
Natural gas liquids - per barrel | ||||||||||
24 | United States | $26.38 | $17.29 | $23.81 | ||||||
25 | Foreign | 26.43 | 19.63 | 24.54 | ||||||
Natural gas - per mcf | ||||||||||
26 | United States | $5.27 | $2.34 | $3.98 | ||||||
27 | Foreign | 2.44 | 1.85 | 2.16 | ||||||
MARKETING AND REFINING - BARRELS PER DAY | ||||||||||
28 | Refined products sold | 396 | 355 | 314 | ||||||
29 | Refinery runs (net) | 217 | 194 | 203 |
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
Year | ||||||||
Line | OPERATING DATA |
2000 (A) |
1999 (B) | |||||
No. | NET PRODUCTION PER DAY | |||||||
Crude oil - barrels | ||||||||
1 | United States | 55 | 55 | |||||
2 | United Kingdom | 119 | 112 | |||||
3 | Norway | 25 | 25 | |||||
4 | Denmark | 25 | 7 | |||||
5 | Gabon | 7 | 10 | |||||
6 | Indonesia | 4 | 3 | |||||
7 | Azerbaijan | 3 | 2 | |||||
8 | Algeria | 2 | - - | |||||
9 | Total | 240 | 214 | |||||
Natural gas liquids- barrels | ||||||||
10 | United States | 12 | 10 | |||||
11 | United Kingdom | 6 | 5 | |||||
12 | Norway | 2 | 2 | |||||
13 | Thailand | 1 | 1 | |||||
14 | Total | 21 | 18 | |||||
Natural gas - mcf | ||||||||
15 | United States | 288 | 338 | |||||
16 | United Kingdom | 297 | 258 | |||||
17 | Norway | 24 | 31 | |||||
18 | Denmark | 37 | 3 | |||||
19 | Indonesia and Thailand | 33 | 13 | |||||
20 | Total | 679 | 643 | |||||
21 | Barrels of oil equivalent | 374 | 339 | |||||
AVERAGE SELLING PRICE | ||||||||
Crude oil - per barrel | ||||||||
22 | United States | $23.97 | $16.71 | |||||
23 | Foreign | 25.53 | 18.07 | |||||
Natural gas liquids - per barrel | ||||||||
24 | United States | $22.30 | $13.59 | |||||
25 | Foreign | 23.41 | 14.29 | |||||
Natural gas - per mcf | ||||||||
26 | United States | $3.74 | $2.14 | |||||
27 | Foreign | 2.20 | 1.79 | |||||
MARKETING AND REFINING - BARRELS PER DAY | ||||||||
28 | Refined products sold | 366 | 344 | |||||
29 | Refinery runs (net) | 211 | 209 |
Contact: Amerada Hess Corporation- C.T. Tursi (212) 536-8593