1
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES ACT OF 1934 (FEE REQUIRED)
For the Fiscal Year Ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition Period from ______ to ______
Commission File Number 1-1204
AMERADA HESS CORPORATION EMPLOYEES'
SAVINGS AND STOCK BONUS PLAN
(Full title of the Plan)
AMERADA HESS CORPORATION
1185 AVENUE OF THE AMERICAS, NEW YORK, N. Y. 10036
(Name of Issuer of the securities held pursuant to the Plan
and address of its principal executive office)
2
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
STATEMENT OF FINANCIAL CONDITION
AT DECEMBER 31
1993
- - ------------------------------------------------------------------------------------------------------------------------
EMPLOYER
TOTAL FUND A FUND B FUND C CONTRIBUTIONS
------------- ----------- ---------- ------------ ------------
ASSETS
Investments, at market value
Amerada Hess Corporation common stock
(Note 4)............................. $ 101,301,563 $ -- $ -- $ 33,326,978 $ 67,974,585
U.S. Government obligations (Note 5)... 18,104,486 18,104,486 -- -- --
Hanover Blue Chip Growth Fund
(Note 5)............................. 7,962,432 -- 7,962,432 -- --
------------- ----------- ---------- ------------ ------------
127,368,481 18,104,486 7,962,432 33,326,978 67,974,585
Cash....................................... 328,430 79,193 25,091 108,545 115,601
Interest and dividends receivable.......... 369,718 36,931 -- 109,363 223,424
Amounts receivable (payable) arising from
year-end transfers among Funds........... -- (28,207) (33,606) 43,012 18,801
Receivable from broker..................... 198,495 -- -- 120,590 77,905
Employee and employer contributions for
December 1993, received by the Trustee
in January 1994.......................... 1,652,166 204,504 122,292 520,745 804,625
------------- ----------- ---------- ------------ ------------
Total assets............................... $ 129,917,290 $18,396,907 $8,076,209 $ 34,229,233 $ 69,214,941
------------- ----------- ---------- ------------ ------------
------------- ----------- ---------- ------------ ------------
PLAN EQUITY
Amounts payable to participants for
withdrawals.............................. $ 902,482 $ 148,194 $ 69,483 $ 295,130 $ 389,675
Plan equity................................ 129,014,808 18,248,713 8,006,726 33,934,103 68,825,266
------------- ----------- ---------- ------------ ------------
Total plan equity.......................... $ 129,917,290 $18,396,907 $8,076,209 $ 34,229,233 $ 69,214,941
------------- ----------- ---------- ------------ ------------
------------- ----------- ---------- ------------ ------------
Number of participants' units
outstanding.............................. 3,917,104 1,321,137
----------- ----------
----------- ----------
Total plan equity, per unit................ $ 4.697 $ 6.113
----------- ----------
----------- ----------
See notes to financial statements.
1
3
1992
- - ------------------------------------------------------------------------------------------------------------------------
EMPLOYER
TOTAL FUND A FUND B FUND C CONTRIBUTIONS
------------- ----------- ---------- ------------ ------------
ASSETS
Investments, at market value
Amerada Hess Corporation common stock
(Note 4)............................. $ 96,739,012 $ -- $ -- $ 32,082,700 $ 64,656,312
U.S. Government obligations (Note 5)... 17,554,179 17,554,179 -- -- --
Commingled Common Stock Fund-2
(Note 5)............................. 6,493,779 -- 6,493,779 -- --
------------- ----------- ---------- ------------ ------------
120,786,970 17,554,179 6,493,779 32,082,700 64,656,312
Cash....................................... 835,395 64,425 256,319 116,066 398,585
Interest and dividends receivable.......... 81,042 71,636 9,345 26 35
Amounts receivable (payable) arising from
year-end transfers among Funds........... -- (47,913) (15,549) 40,958 22,504
Receivable from broker..................... 213,352 -- -- 127,123 86,229
Employee and employer contributions for
December 1992, received by the Trustee
in January 1993.......................... 1,485,369 224,987 96,984 501,022 662,376
------------- ----------- ---------- ------------ ------------
Total assets............................... $ 123,402,128 $17,867,314 $6,840,878 $ 32,867,895 $ 65,826,041
------------- ----------- ---------- ------------ ------------
------------- ----------- ---------- ------------ ------------
PLAN EQUITY
Amounts payable to participants for
withdrawals.............................. $ 721,944 $ 137,638 $ 145,813 $ 189,719 $ 248,774
Plan equity................................ 122,680,184 17,729,676 6,695,065 32,678,176 65,577,267
------------- ----------- ---------- ------------ ------------
Total plan equity.......................... $ 123,402,128 $17,867,314 $6,840,878 $ 32,867,895 $ 65,826,041
------------- ----------- ---------- ------------ ------------
------------- ----------- ---------- ------------ ------------
Number of participants' units
outstanding.............................. 3,912,571 1,143,471
----------- ----------
----------- ----------
Total plan equity, per unit................ $ 4.567 $ 5.983
----------- ----------
----------- ----------
2
4
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEARS ENDED DECEMBER 31
1993
- - -----------------------------------------------------------------------------------------------------------------------
EMPLOYER
TOTAL FUND A FUND B FUND C CONTRIBUTIONS
------------ ----------- ---------- ----------- -----------
Cash dividends
Amerada Hess Corporation common stock... $ 1,302,419 $ -- $ -- $ 429,918 $ 872,501
Distribution from Commingled Common
Stock Fund-2......................... 24,747 -- 24,747 -- --
Distribution from Hanover Blue Chip
Growth Fund.......................... 103,394 -- 103,394 -- --
Interest income............................ 504,367 500,079 -- 1,864 2,424
------------ ----------- ---------- ----------- -----------
Investment income.................. 1,934,927 500,079 128,141 431,782 874,925
Changes in unrealized appreciation
of investments (Note 6).................. (5,784,428) (611) (930,790) (1,672,716) (3,180,311)
Realized gain on investments............... 936,319 -- 936,319 -- --
Employee contributions (Notes 3 and 7)..... 10,361,302 2,610,613 1,404,742 6,345,947 --
Employer contributions (less forfeitures of
$714,294 arising from withdrawals) (Notes
3 and 7)................................. 9,647,008 -- -- -- 9,647,008
Company reimbursement of Hanover Fund fees. 55,830 -- 55,830 -- --
Transfers among Funds (Note 3)............. -- (457,756) 542,284 (84,528) --
------------ ----------- ---------- ----------- -----------
17,150,958 2,652,325 2,136,526 5,020,485 7,341,622
Less employee withdrawals (Note 8)......... 10,635,796 2,122,732 901,195 3,659,147 3,952,722
------------ ----------- ---------- ----------- -----------
Increase in plan equity.................... 6,515,162 529,593 1,235,331 1,361,338 3,388,900
Total plan equity at January 1, 1993....... 123,402,128 17,867,314 6,840,878 32,867,895 65,826,041
------------ ----------- ---------- ----------- -----------
Total plan equity at December 31, 1993..... $129,917,290 $18,396,907 $8,076,209 $34,229,233 $69,214,941
------------ ----------- ---------- ----------- -----------
------------ ----------- ---------- ----------- -----------
See notes to financial statements.
3
5
1992
- - -----------------------------------------------------------------------------------------------------------------------
EMPLOYER
TOTAL FUND A FUND B FUND C CONTRIBUTIONS
------------ ----------- ---------- ----------- -----------
Cash dividends
Amerada Hess Corporation common
stock................................ $ 1,226,128 $ -- $ -- $ 398,906 $ 827,222
Distribution from Commingled Common
Stock Fund-2......................... 138,494 -- 138,494 -- --
Interest income............................ 633,057 630,950 -- 740 1,367
------------ ----------- ---------- ----------- -----------
Investment income.................. 1,997,679 630,950 138,494 399,646 828,589
Changes in unrealized appreciation
of investments (Note 6).................. (5,377,188) (5,094) (141,490) (1,328,849) (3,901,755)
Realized gain on investments............... 173,456 -- 173,456 -- --
Employee contributions (Notes 3 and 7)..... 9,854,850 2,847,853 1,142,810 5,864,187 --
Employer contributions (less forfeitures of
$978,337 arising from withdrawals) (Notes
3 and 7)................................. 8,876,513 -- -- -- 8,876,513
Transfers among Funds (Note 3)............. -- (2,994,388) (170,403) 3,164,791 --
------------ ----------- ---------- ----------- -----------
15,525,310 479,321 1,142,867 8,099,775 5,803,347
Less employee withdrawals (Note 8)......... 14,782,238 3,555,719 1,214,519 4,416,801 5,595,199
------------ ----------- ---------- ----------- -----------
Increase (decrease) in plan equity......... 743,072 (3,076,398) (71,652) 3,682,974 208,148
Total plan equity at January 1, 1992....... 122,659,056 20,943,712 6,912,530 29,184,921 65,617,893
------------ ----------- ---------- ----------- -----------
Total plan equity at December 31, 1992..... $123,402,128 $17,867,314 $6,840,878 $32,867,895 $65,826,041
------------ ----------- ---------- ----------- -----------
------------ ----------- ---------- ----------- -----------
4
6
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31
1991
- - -----------------------------------------------------------------------------------------------------------------------
EMPLOYER
TOTAL FUND A FUND B FUND C CONTRIBUTIONS
------------ ----------- ---------- ----------- -----------
Cash dividends
Amerada Hess Corporation common
stock................................ $ 1,118,698 $ -- $ -- $ 328,805 $ 789,893
Distribution from Commingled Common
Stock Fund-1 and Fund-2.............. 133,014 -- 133,014 -- --
Interest income............................ 1,143,071 1,134,573 587 3,168 4,743
------------ ----------- ---------- ----------- -----------
Investment income.................. 2,394,783 1,134,573 133,601 331,973 794,636
Changes in unrealized appreciation
of investments (Note 6).................. (1,699,410) (10,712) (55,868) (555,854) (1,076,976)
Realized gain on investments............... 1,820,873 -- 1,820,873 -- --
Employee contributions (Notes 3 and 7)..... 9,376,729 3,287,822 1,188,954 4,899,953 --
Employer contributions (less forfeitures of
$644,997 arising from withdrawals) (Notes
3 and 7)................................. 8,731,732 -- -- -- 8,731,732
Transfers among Funds (Note 3)............. -- (1,385,119) (104,848) 1,489,967 --
------------ ----------- ---------- ----------- -----------
20,624,707 3,026,564 2,982,712 6,166,039 8,449,392
Less employee withdrawals (Note 8)......... 8,372,936 2,558,368 516,975 2,244,476 3,053,117
------------ ----------- ---------- ----------- -----------
Increase in plan equity.................... 12,251,771 468,196 2,465,737 3,921,563 5,396,275
Total plan equity at January 1, 1991....... 110,407,285 20,475,516 4,446,793 25,263,358 60,221,618
------------ ----------- ---------- ----------- -----------
Total plan equity at December 31, 1991..... $122,659,056 $20,943,712 $6,912,530 $29,184,921 $65,617,893
------------ ----------- ---------- ----------- -----------
------------ ----------- ---------- ----------- -----------
See notes to financial statements.
5
7
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
NOTE 1--The significant accounting policies of the Employees' Savings and
Stock Bonus Plan ("Plan") are summarized below.
Valuation of Investments. Quoted market prices or redemption values
are used to determine the fair market value of all investments. Quoted
market prices are determined by the Trustee generally using closing market
prices on national securities exchanges. Redemption values consist of cost
plus accrued investment income.
Interest and Dividend Income. Interest and dividend income is recorded
as earned.
Sale of Investments. Gains or losses on sales of U. S. Government
obligations and Hanover Blue Chip Growth Fund Shares are based on actual
cost. Gains or losses on sales of commingled fund assets were based on
average cost.
NOTE 2--The Internal Revenue Service has informed Amerada Hess Corporation
(the "Company") that the Plan qualifies under Section 401(a) of the Internal
Revenue Code and the Trust is therefore exempt from taxation under Section
501(a) of the Code. The amounts of the employer's contributions and the amounts
of any appreciation of an employee's interest in the Plan do not constitute
taxable income prior to withdrawal or distribution.
Section 401(m) of the Code limits the average percentage of compensation
that can be contributed by or on behalf of highly paid employees (as defined) in
relation to the average percentage of compensation contributed by or on behalf
of all other eligible employees. As a result of this requirement, a portion of
the contributions (and related income or loss) made by those highly paid
employees may be refunded and the corresponding Company matching contributions
(and related income or loss) may be paid to them (or forfeited if not vested) in
the subsequent year. These distributions will not have a material effect on Plan
assets.
NOTE 3--At the election of each participating employee, amounts contributed
under the Plan (2%, 3%, 4% or 5% of compensation depending on the election) are
invested by Chemical Bank, as Trustee and Custodian of the Plan, in one or more
of the Funds, with varying investment objectives, described below. Amounts are
contributed to each Fund in the proportion designated by each employee, in
multiples of 10% of the amount contributed, with a minimum of 30% in each Fund
designated. Compensation taken into account under the Plan was limited by law to
$235,840 in 1993. In 1994 the compensation limit will be reduced to $150,000 and
will be adjusted periodically to reflect cost of living changes.
Fund A. The Trustee is authorized, at its discretion, to invest funds
contributed to Fund A in securities (other than Series EE and Series HH
bonds) issued or guaranteed by the Government of the United States or its
agencies. Currently, investments are made in short-term securities and are
purchased only on the open market.
Fund B. The Trustee is authorized, at its discretion, to invest funds
contributed to Fund B in shares of corporate common stock, or in collective
or mutual funds primarily invested in such securities. On April 1, 1993,
the Trustee changed investments from the Commingled Common Stock Fund-2 to
the Hanover Blue Chip Growth Fund. The mutual fund's investment objective
is to provide capital appreciation by investing primarily in the equity
securities of large, well-established companies, although other investments
are permitted. A portion of these Funds may be invested temporarily in
short-term investment securities.
Fund C. The Trustee is authorized to invest funds contributed to Fund
C in shares of common stock of Amerada Hess Corporation. Shares are
purchased only on the open market. A portion of these funds may be invested
temporarily in short-term investment securities.
6
8
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
A participating employee may (1) change the prior designation of the
proportions in which subsequent contributions under the Plan will be invested in
Fund A, B or C and/or (2) change all or part of the amount invested in any fund
to one or more of the other funds. Changes can be made only once in a 6-month
period.
Amounts contributed by employers (100% of participants' contributions less
forfeitures of previous employer contributions that were not vested in
withdrawing participants at the time of withdrawal) are invested by the Trustee
only in shares of common stock of Amerada Hess Corporation. Shares are purchased
only on the open market.
The Trustee does not receive compensation from the Plan. Such compensation
and other administrative costs are paid by the Company.
Employees participated in one or more Funds of the Plan as follows:
DECEMBER 31
-----------------------------------------------------------------------------
1993 1992 1991
----------------------- ----------------------- -----------------------
NUMBER OF PERCENTAGE NUMBER OF PERCENTAGE NUMBER OF PERCENTAGE
EMPLOYEES OF TOTAL EMPLOYEES OF TOTAL EMPLOYEES OF TOTAL
--------- ---------- --------- ---------- --------- ----------
Fund A only................ 583 13% 692 16% 852 20%
Fund B only................ 149 4 102 2 104 3
Fund C only................ 1,997 45 1,976 44 1,724 40
Funds A and B.............. 282 6 286 6 306 7
Funds A and C.............. 570 13 622 14 619 14
Funds B and C.............. 357 8 297 7 267 6
Funds A, B and C........... 499 11 471 11 438 10
--------- --- --------- --- --------- ---
Total............. 4,437 100% 4,446 100% 4,310 100%
--------- --- --------- --- --------- ---
--------- --- --------- --- --------- ---
NOTE 4--Changes in holdings of Amerada Hess Corporation common stock during
the three years ended December 31, 1993 follow:
FUND C EMPLOYER CONTRIBUTIONS
---------------------------------- -----------------------------------
AVERAGE AVERAGE
NUMBER COST NUMBER COST
OF PER TOTAL OF PER TOTAL
SHARES SHARE COST SHARES SHARE COST
-------- ------- ----------- --------- ------- -----------
At January 1, 1991.............. 531,831 $ 29.60 $15,743,625 1,274,381 $ 29.84 $38,026,136
Purchases................... 119,056 51.19 6,094,684 180,550 51.20 9,243,262
Withdrawals................. (81,598) (38.74) (3,161,265) (110,766) (30.86) (3,417,868)
-------- ------- ----------- --------- ------- -----------
At December 31, 1991............ 569,289 32.81 18,677,044 1,344,165 32.62 43,851,530
Purchases................... 239,467 45.11 10,802,472 216,709 45.08 9,768,490
Withdrawals................. (111,306) (39.82) (4,432,151) (155,302) (32.57) (5,058,260)
-------- ------- ----------- --------- ------- -----------
At December 31, 1992............ 697,450 35.91 25,047,365 1,405,572 34.55 48,561,760
Purchases................... 149,469 49.95 7,466,670 211,177 49.88 10,533,039
Withdrawals................. (108,371) (41.98) (4,549,676) (110,387) (36.55) (4,034,455)
-------- ------- ----------- --------- ------- -----------
At December 31, 1993............ 738,548 $ 37.86 $27,964,359 1,506,362 $ 36.55 $55,060,344
-------- ------- ----------- --------- ------- -----------
-------- ------- ----------- --------- ------- -----------
At December 31, 1993, 1992 and 1991, the closing market prices on the New
York Stock Exchange for Amerada Hess Corporation common stock were $45.125,
$46.00 and $47.50 per share, respectively.
7
9
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
NOTE 5--Investments in Funds A and B at December 31, 1993 and 1992 were as
follows:
1993 1992
-------------------------------------- --------------------------------------
PRINCIPAL MARKET PRINCIPAL MARKET
DESCRIPTION AMOUNT COST VALUE AMOUNT COST VALUE
- - ------------------------------------------ ------------ ------------ ------------ ------------ ------------ ------------
Fund A
U.S. Government obligations
Treasury Bills...................... $ 18,217,000 $ 18,104,641 $ 18,104,486 $ 17,660,000 $ 17,553,723 $ 17,554,179
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Fund B
Hanover Blue Chip Growth Fund
763,416 Shares...................... $ -- $ 7,864,535 $ 7,962,432 $ -- $ -- $ --
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Commingled Common Stock Fund-2
8,935 Fund units.................... $ -- $ -- $ -- $ -- $ 5,465,093 $ 6,493,779
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
NOTE 6--The changes in unrealized appreciation of investments for the three
years ended December 31, 1993 follow:
EMPLOYER
FUND A FUND B FUND C CONTRIBUTIONS
-------- ---------- ----------- -------------
Unrealized appreciation (depreciation)
At January 1, 1991............................ $ 16,262 $1,226,044 $ 8,920,038 $21,073,283
Change for year............................... (10,712) (55,868) (555,854) (1,076,976)
-------- ---------- ----------- -------------
At December 31, 1991.......................... 5,550 1,170,176 8,364,184 19,996,307
Change for year............................... (5,094) (141,490) (1,328,849) (3,901,755)
-------- ---------- ----------- -------------
At December 31, 1992.......................... 456 1,028,686 7,035,335 16,094,552
Change for year............................... (611) (930,790) (1,672,716) (3,180,311)
-------- ---------- ----------- -------------
At December 31, 1993.......................... $ (155) $ 97,896 $ 5,362,619 $12,914,241
-------- ---------- ----------- -------------
-------- ---------- ----------- -------------
8
10
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
NOTE 7--The amounts contributed by participating employees and employers
for the three years ended December 31, 1993 are summarized below:
1993 1992 1991
---------------------------- ---------------------------- ----------------------------
EMPLOYEE EMPLOYER EMPLOYEE EMPLOYER EMPLOYEE EMPLOYER
CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
------------- ------------- ------------- ------------- ------------- -------------
Employers
Air Hangar, Inc. .................... $ 11,375 $ 11,375 $ 11,948 $ 11,948 $ 10,264 $ 3,620
Amerada Hess Corporation............. 7,581,926 7,035,228 7,466,632 6,684,411 7,323,237 6,845,449
Amerada Hess (Port Reading)
Corporation........................ 405,933 381,323 371,107 360,041 350,754 330,869
Hess Mart, Inc. ..................... 187,172 139,797 175,025 120,357 159,396 114,799
Hess Oil Virgin Islands Corp......... 1,902,992 1,822,235 1,562,363 1,455,649 1,280,854 1,214,410
Hess Pipeline Company................ 48,971 48,971 49,258 49,258 47,416 47,416
Hess Realty Corporation.............. -- -- 1,753 1,753 3,995 3,995
Overseas Services Corporation........ 9,154 9,154 7,213 3,216 9,745 9,745
Sheridan Transportation Co........... 10,625 10,625 10,225 10,225 7,725 7,725
Spentonbush/Red Star Companies,
Inc. .............................. 203,154 188,300 199,326 179,655 183,343 153,704
------------- ------------- ------------- ------------- ------------- -------------
Total.......................... $10,361,302 $ 9,647,008 $ 9,854,850 $ 8,876,513 $ 9,376,729 $ 8,731,732
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
NOTE 8--Upon a total withdrawal, an employee's interest in Funds A and B
are paid in cash. The employee's interest in Fund C and vested interest
attributable to employer contributions are distributed either in whole shares of
stock of Amerada Hess Corporation (plus the cash equivalent of any fractional
shares) or in cash, depending upon the employee's election.
Partial withdrawals are distributed in cash on a pro rata basis as to the
employee's deposits in Funds A, B and C.
Employees may elect direct rollovers of the taxable portion of their
distributions in amounts of $200 or more to an individual retirement account,
individual retirement annuity or a qualified plan of another employer. Eligible
distributions in amounts of $200 or more that are not rolled over are subject to
federal income tax withholding at 20%.
NOTE 9--Interest in the Plan attributable to a participant's contributions
shall at all times be vested. Interest in the Plan attributable to the
employer's contributions shall vest when any of the following occurs: (1)
completion of four years of continuous participation in the Plan and/or a Prior
Plan; (2) retirement under the Amerada Hess Corporation Employees' Pension Plan;
(3) death; (4) total and permanent disability; (5) termination of employment at
age 65 or over; (6) completion of 5 years of service, as defined in the Plan,
during which required employee contributions have been made; or (7) termination
of participation in the Plan by the employer or termination of the Plan by the
Company.
NOTE 10--The Board of Directors of the Company approved amendments to the
Plan that were implemented on April 1, 1994, primarily to provide participants
and their beneficiaries with a broader range of investment alternatives and the
opportunity to exercise greater control over the investment of their account
balances. These amendments include the elimination of the Government Bond Fund
and the Hanover Blue Chip Growth Fund as investment options, the addition of
four mutual funds managed by Fidelity Management and Research Company (an
affiliate of Fidelity Investments) and an increase in the frequency with which
investment changes may be requested to monthly from semi-annually.
9
11
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK BONUS PLAN
SUPPLEMENTAL INFORMATION -- REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
During 1993 there were no non-exempt party-in-interest transactions, loans,
obligations or leases involving the Plan.
Transactions during 1993 in excess of 5% of the current value of the Plan
assets at the beginning of the year follow:
NUMBER OF
TRANSACTIONS
COST OR SHARES
------------ ------------
Acquisitions
United States Treasury Bills due 12/16/93......... $ 6,856,438 2
------------ ------------
------------ ------------
United States Treasury Bills due 3/3/94........... $ 8,887,049 2
------------ ------------
------------ ------------
Hanover Blue Chip Growth Fund shares.............. $ 8,133,894 789,573
------------ ------------
------------ ------------
Commingled Common Stock Fund-2.................... $ 153,351 422
------------ ------------
------------ ------------
Amerada Hess Corporation common shares............ $ 17,999,709 360,646
------------ ------------
------------ ------------
Dispositions
United States Treasury Bills due 1/21/93.......... $ 9,448,119 3
------------ ------------
------------ ------------
United States Treasury Bills due 12/16/93......... $ 6,856,438 2
------------ ------------
------------ ------------
Commingled Common Stock Fund-2.................... $ 5,618,444 9,146
------------ ------------
------------ ------------
Hanover Blue Chip Growth Fund shares.............. $ 269,359 26,157
------------ ------------
------------ ------------
Amerada Hess Corporation common shares
(employee withdrawals).......................... $ 8,584,131 218,758
------------ ------------
------------ ------------
10
12
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
AMERADA HESS CORPORATION EMPLOYEE BENEFIT
PLANS COMMITTEE AND PARTICIPANTS IN THE
AMERADA HESS CORPORATION EMPLOYEES' SAVINGS
AND STOCK BONUS PLAN:
We have audited the accompanying statement of financial condition of the
Amerada Hess Corporation Employees' Savings and Stock Bonus Plan as of December
31, 1993 and 1992 and the related statement of income and changes in plan equity
for each of the three years in the period ended December 31, 1993. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Amerada Hess Corporation
Employees' Savings and Stock Bonus Plan at December 31, 1993 and 1992 and the
results of its operations and changes in its plan equity for each of the three
years in the period ended December 31, 1993, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedule of
reportable transactions for the year ended December 31, 1993 is presented for
purposes of complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974, and is not a required part of the basic financial statements. The
supplemental schedule has been subjected to the auditing procedures applied in
our audit of the 1993 financial statements and, in our opinion, is fairly stated
in all material respects in relation to the 1993 basic financial statements
taken as a whole.
/s/ Ernst & Young
New York, New York
April 4, 1994
11
13
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Amerada Hess Corporation Employee Benefit Plans Committee has duly
caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
AMERADA HESS CORPORATION
EMPLOYEES' SAVINGS AND STOCK
BONUS PLAN
s/s J. Y. Schreyer
--------------------------------------
By: J. Y. Schreyer
Executive Vice President and Member
of the Amerada Hess Corporation
Employee Benefit Plans Committee
May 6, 1994
14
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8, No. 33-39816) pertaining to the Amerada Hess Corporation
Employees' Savings and Stock Bonus Plan and in the related Prospectus of our
report dated April 4, 1994 with respect to the financial statements of the
Amerada Hess Corporation Employees' Savings and Stock Bonus Plan included in
this Annual Report (Form 11-K) for the year ended December 31, 1993.
Ernst & Young
New York, New York
May 6, 1994
