SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
July 25, 2001
AMERADA HESS CORPORATION
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(Exact name of Registrant as Specified in Charter)
DELAWARE No. 1-1204 No. 13-4921002
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
1185 Avenue Of the Americas 10036
New York, New York
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 997-8500
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On July 25, 2001, Amerada Hess Corporation issued a press release announcing its
financial results for the fiscal quarter ended June 30, 2001. Filed and
incorporated herein by reference is the text of the press release dated July 25,
2001, which press release is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following exhibit is filed as part of this Report:
99.1 Press Release dated July 25, 2001.
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: July 25, 2001
AMERADA HESS CORPORATION
By: /s/ John Y. Schreyer
----------------------------
Name: John Y. Schreyer
Title: Executive Vice President
and Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release dated July 25, 2001
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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 Six months ended
June 30 (unaudited) 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 Six months ended
June 30 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
2
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Second Quarter Second Quarter First Quarter
2001 2000 2001
-------------- -------------- -------------
(A) (B) (C)
Line
No. Income Statement
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
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4 Total revenues 3,565 2,714 4,229
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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
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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.
3
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
First Half
---------------------------
2001 2000
------------ ------------
(A) (B)
Line
No. Income Statement
- ---- ----------------
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 product 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 December 31
2001 2000
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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 asset 717 786
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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
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30 Total liabilities and stockholders' equity $ 10,864 $ 10,274
========== ===========
4
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
Second Second First
Quarter Quarter Quarter
2001 2000 2001
------- ------- --------
(A) (B) (C)
Line
No. Operating Data
- ---- --------------
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
======== ======== ========
5
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
First Half
---------------------------
2001 2000
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(A) (B)
Line
No. Operating Data
- ---- --------------
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
========= ========
CONTACT: AMERADA HESS CORPORATION - C. T. TURSI (212) 536-8593
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