================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 29, 2003 AMERADA HESS CORPORATION - -------------------------------------------------------------------------------- (Exact name of Registrant as Specified in Charter) DELAWARE NO. 1-1204 NO. 13-4921002 - -------------------------------------------------------------------------------- (State or Other (Commission (IRS Employer Jurisdiction of File Number) Identification No.) Incorporation) 1185 AVENUE OF THE AMERICAS NEW YORK, NEW YORK 10036 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 997-8500 N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits 99 News release dated April 29, 2003 reporting results for the first quarter of 2003. ITEM 9. REGULATION FD DISCLOSURE. The following information is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Results of Operations and Financial Condition." On April 29, 2003, Amerada Hess Corporation issued a news release reporting its results for the first quarter of 2003. A copy of this news release is attached hereto as Exhibit 99 and is hereby incorporated by reference. 2
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 29, 2003 AMERADA HESS CORPORATION By: /s/John Y. Schreyer ---------------------------- Name: John Y. Schreyer Title: Executive Vice President and Chief Financial Officer 3
EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99 News release dated April 29, 2003 reporting results for the first quarter of 2003. 4
EXHIBIT 99 NEWS RELEASE AMERADA HESS CORPORATION 1185 AVENUE OF THE AMERICAS, N.Y., N.Y. 10036 FOR IMMEDIATE RELEASE --------------------- AMERADA HESS REPORTS RESULTS FOR THE FIRST QUARTER OF 2003 New York, New York....April 29, 2003...Amerada Hess Corporation (NYSE: AHC) reported net income of $176 million for the first quarter of 2003 compared with income of $141 million for the first quarter of 2002. The after-tax results by major operating activity in 2003 and 2002 were as follows (in millions, except per share amounts): Three months ended March 31 (unaudited) --------------------------- 2003 2002(*) ------- ------- Exploration and production $ 146 $ 210 Refining and marketing 136 (22) Corporate (20) (15) Interest expense (46) (45) ------- ------- Income from continuing operations 216 128 Discontinued operations (47) 13 Income from cumulative effect of accounting change 7 -- ------- ------- Net income $ 176 $ 141 ======= ======= Income per share from continuing operations (diluted) $ 2.43 $ 1.44 ======= ======= Net income per share (diluted) $ 1.98 $ 1.58 ======= ======= (*) Restated to conform with current period presentation. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 421,000 barrels per day in the first quarter of 2003, a decrease of 8% from the first quarter of 2002. In the first quarter of 2003, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was $25.55 per barrel, an increase of $2.60 per barrel from the first quarter of 2002. The Corporation's average United States natural gas selling price, including the effect of hedging, was $4.89 per Mcf in the first quarter of 2003, an increase of $1.46 per Mcf from the first quarter of 2002. Exploration and production earnings include after-tax gains from asset sales of $31 million and $28 million in the first quarters of 2003 and 2002, respectively. The gain in the first quarter of 2003 reflects the sale of the Corporation's 1.5% interest in the Trans Alaska Pipeline System. Results in the first quarter of 2003 included higher exploration expense than the first quarter of 2002.
On February 26, 2003, the Corporation exchanged its crude oil producing properties in Colombia, plus $10 million in cash, for an additional 25% interest in natural gas reserves in the joint development area of Malaysia and Thailand. This transaction resulted in a net loss from discontinued operations of $47 million, including $13 million of operating income from January 1 through the date of disposition. Effective January 1, 2003, the Corporation adopted the provisions of FAS No. 143, Accounting for Asset Retirement Obligations, and recorded a net benefit of $7 million from the cumulative effect of the accounting change. Refining and marketing results improved in the first quarter of 2003 compared with the first quarter of 2002, principally reflecting higher refining margins and increased energy marketing earnings due to a colder winter. Sales and other operating revenues in the first quarter of 2003 amounted to $4,297 million compared with $2,958 million in the first quarter of 2002. Capital expenditures in the first quarter of 2003 amounted to $341 million of which $321 million related to exploration and production activities. Capital expenditures in the first quarter of 2002 amounted to $445 million, including $427 million for exploration and production. Consolidated Financial Information (unaudited) Three months ended March 31 ----------------------------- 2003 2002 -------- -------- (In millions, except per share amounts) Income Statement Information Sales and other operating revenues $ 4,297 $ 2,958 ======== ======== Income from continuing operations $ 216* $ 128* Discontinued operations (47) 13 Cumulative effect of accounting change 7 -- -------- -------- Net income $ 176 $ 141 ======== ======== Income per share from continuing operations (diluted) $ 2.43 $ 1.44 ======== ======== Net income per share (diluted) $ 1.98 $ 1.58 ======== ======== Weighted average number of shares 89.1 88.8 ======== ======== * Includes net gains from asset sales of $31 million and $28 million in the first quarters of 2003 and 2002, respectively. March 31 December 31 2003 2002 -------- -------- Balance Sheet Information Current assets $ 2,968 $ 2,756 Investments 1,185 1,622 Property, plant and equipment - net 7,933 7,032 Other assets 1,911 1,852 -------- -------- Total assets $ 13,997 $ 13,262 ======== ======== Current portion of long-term debt $ 15 $ 16 Other current liabilities 2,771 2,537 Long-term debt 4,834 4,976 Deferred liabilities and credits 1,957 1,484 Stockholders' equity, excluding other comprehensive loss 4,686 4,503 Accumulated other comprehensive loss (266) (254) -------- -------- Total liabilities and stockholders' equity $ 13,997 $ 13,262 ======== ======== 2
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) First First Fourth Quarter Quarter Quarter Line 2003 2002 (*) 2002 (*) No. ------- ------- ------- - ---- (A) (B) (C) Income Statement Revenues and Non-operating Income 1 Sales and other operating revenues $ 4,297 $ 2,958 $ 3,245 Non-operating income 2 Gain on asset sales 47 41 14 3 Equity in income (loss) of HOVENSA L.L.C. 50 (26) 4 4 Other 13 21 28 ------- ------- ------- 5 Total revenues and non-operating income 4,407 2,994 3,291 ------- ------- ------- Costs and Expenses 6 Cost of products sold 3,055 1,923 2,033 7 Production expenses 205 173 229 8 Marketing expenses 170 160 202 9 Exploration expenses, including dry holes and lease impairment 108 54 110 10 Other operating expenses 51 42 43 11 General and administrative expenses 78 63 61 12 Interest expense 74 66 62 13 Depreciation, depletion and amortization 295 283 291 14 Asset impairment -- -- 706 ------- ------- ------- 15 Total costs and expenses 4,036 2,764 3,737 ------- ------- ------- 16 Income (loss) from continuing operations before income taxes 371 230 (446) 17 Provision (benefit) for income taxes 155 102 (58) ------- ------- ------- 18 Income (loss) from continuing operations 216 128 (388) 19 Income (loss) from discontinued operations, net (47) 13 17 20 Cumulative effect of change in accounting principle, net 7 -- -- ------- ------- ------- 21 Net income (loss) $ 176 $ 141 $ (371) ======= ======= ======= Segment Analysis 22 Exploration and production $ 146 $ 210 $ (362) 23 Refining and marketing 136 (22) 20 24 Corporate (20) (15) (8) 25 Interest expense (46) (45) (38) ------- ------- ------- 26 Income (loss) from continuing operations 216 128 (388) 27 Income (loss) from discontinued operations, net (47) 13 17 28 Cumulative effect of change in accounting principle, net 7 -- -- ------- ------- ------- 29 Net income (loss) $ 176 $ 141 $ (371) ======= ======= ======= 30 Net Cash Provided by Operating Activities $ 488 $ 411 $ 538 ======= ======= ======= Capital Expenditures 31 Exploration and production $ 321 $ 427 $ 303 32 Refining and marketing 20 18 23 ------- ------- ------- 33 Total capital expenditures $ 341 $ 445 $ 326 ======= ======= ======= At End of Period 34 Total debt $ 4,849 $ 5,555 $ 4,992 ======= ======= ======= 35 Stockholders' equity $ 4,420 $ 4,802 $ 4,249 ======= ======= ======= (*) Restated to conform with current period presentation. 3
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL OPERATING DATA (IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES) First First Fourth Quarter Quarter Quarter Line 2003 2002 2002 No. -------- ------- ------- - ---- (A) (B) (C) Operating Data Net Production Per Day Crude oil - barrels 1 United States 50 59 48 2 United Kingdom 102 112 110 3 Equatorial Guinea 25 30 30 4 Denmark 25 23 28 5 Norway 24 23 25 6 Algeria 20 12 18 7 Gabon 11 9 9 8 Indonesia 4 6 3 9 Azerbaijan 2 4 4 10 Colombia (*) 12 24 20 ------ ------ ------ 11 Total 275 302 295 ====== ====== ====== Natural gas liquids - barrels 12 United States 11 13 11 13 United Kingdom 6 6 6 14 Norway 1 1 1 15 Indonesia and Thailand 2 2 2 ------ ------ ------ 16 Total 20 22 20 ====== ====== ====== Natural gas - mcf 17 United States 317 394 320 18 United Kingdom 321 326 284 19 Denmark 34 42 39 20 Norway 26 23 25 21 Indonesia and Thailand 56 28 45 ------ ------ ------ 22 Total 754 813 713 ====== ====== ====== 23 Barrels of oil equivalent 421 460 434 ====== ====== ====== Average Selling Price (including hedging) Crude oil - per barrel 24 United States $25.28 $21.51 $23.11 25 Foreign 25.63 23.35 24.88 Natural gas liquids - per barrel 26 United States $26.81 $12.90 $20.68 27 Foreign 27.12 16.36 21.94 Natural gas - per mcf 28 United States $4.89 $3.43 $4.36 29 Foreign 3.04 2.37 2.52 Marketing and Refining - Barrels Per Day 30 Refined products sold 463 407 402 ====== ====== ====== 31 Refinery runs (net) 198 196 196 ====== ====== ====== (*) Reflected as a discontinued operation in the financial statements. 4