UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Sections 13 and 15(d) of
the Securities Exchange Act of 1934
February 14, 2002
Date of Report (Date of earliest event reported)
AMERADA HESS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
13-4921002
Delaware 1-1204 (IRS Employer
(State of Incorporation) (Commission File Number) Identification No.)
1185 Avenue of the Americas
New York, New York 10036
(Address of Principal Executive Office)
(212) 997-8500
(Registrant's Telephone Number, Including Area Code)
(Not Applicable)
(Former Name or Former Address,
If Changed Since Last Report)
Item 5. OTHER EVENTS
On January 23, 2002, Amerada Hess Corporation issued a press release
announcing its financial results for the fiscal quarter and the year ended
December 31, 2001. Filed and incorporated herein by reference is the text of the
press release dated January 23, 2002 which press release is attached hereto as
Exhibit 99.1.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements:
None.
(b) Pro Forma Financial Information:
None.
(c) Exhibits:
The following exhibit is filed as part of this Report to the
extent described in Item 5.
99.1 Press Release dated January 23, 2002.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
AMERADA HESS CORPORATION
DATE: February 14, 2002 By: /s/ John Y. Schreyer
--------------------------------------
Name: John Y. Schreyer
Title: Executive Vice President
and Chief Financial Officer
FOR IMMEDIATE RELEASE
AMERADA HESS REPORTS RESULTS FOR THE FOURTH QUARTER 2001
New York, New York....January 23, 2002...Amerada Hess Corporation (NYSE:
AHC) reported operating earnings, excluding special items, of $85 million for
the fourth quarter of 2001 compared with earnings of $304 million for the fourth
quarter of 2000. For the full year, operating earnings were $945 million
compared with earnings of $987 million in 2000. Net income amounted to $54
million in the fourth quarter of 2001 and $914 million for the year.
The after-tax results by major operating activity in 2001 and 2000 were as
follows (in millions, except per share amounts):
Three months ended Year ended
December 31 December 31
------------------------- --------------------------
2001* 2000* 2001* 2000
--------- -------- --------- -----------
Exploration and production $ 115 $ 234 $ 923 $ 868
Refining, marketing and shipping 25 114 235 288
Corporate (14) (11) (78) (43)
Interest expense (41) (33) (135) (126)
-------- -------- --------- ---------
Operating earnings 85 304 945 987
Special (31) 36 (31) 36
-------- -------- --------- ---------
Net income $ 54 $ 340 $ 914 $ 1,023
======== ======== ========= =========
Net income per share (diluted) $ .61 $ 3.83 $ 10.25 $ 11.38
======== ======== ========= =========
*Unaudited
The Corporation's oil and gas production, on a barrel-of-oil equivalent
basis, was 468,000 barrels per day in the fourth quarter of 2001, an increase of
20% over 2000. Full year 2001 production averaged 433,000 barrels per day, an
increase of 16% over last year. The Corporation's average worldwide crude oil
selling price in the fourth quarter of 2001 was approximately $21.00 per barrel,
a decrease of $3.80 per barrel from the fourth quarter of 2000. The average
crude oil selling price for the full year of 2001 was approximately $24.25 per
barrel, a decrease of $.90 per barrel from 2000. The Corporation's average
United States natural gas selling price was $2.87 per Mcf in the fourth quarter
of 2001, a decrease of $2.40 from the fourth quarter of 2000. The Corporation's
average United States natural gas selling price was $3.99 per Mcf for the year
2001, an increase of $.25 per Mcf from 2000. Exploration and production earnings
in the fourth quarter and year of 2001 reflect higher exploration expenses than
in the corresponding periods of 2000.
Refining and marketing results were lower in the fourth quarter of 2001
compared with the fourth quarter of 2000, principally reflecting lower refining
margins, partially offset by improved earnings from retail operations.
After-tax special items in 2001 and 2000 are summarized below (in
millions):
Three months ended Year ended
December 31 December 31
------------------------- --------------------------
2001 2000 2001 2000
--------- -------- --------- -----------
Charge related to Enron bankruptcy $ (19) $ - $ (19) $ --
Serverance accrual (12) - (12) --
Net gain on termination of
acquisition - 60 - 60
Costs associated with a research
and development venture - (24) - (24)
-------- -------- --------- ---------
$ (31) $ 36 $ (31) $ 36
======== ======== ========= =========
*Unaudited
In the fourth quarter of 2001, the Corporation recorded a charge for
estimated losses due to the bankruptcy of certain subsidiaries of Enron
Corporation. In addition, the Corporation recorded a charge for severance
expenses resulting from cost reduction initiatives.
Sales and other operating revenues in the fourth quarter of 2001 amounted
to $2,881 million compared with $3,685 million in the fourth quarter of 2000.
Sales and other operating revenues were $13,413 million for the year 2001
compared with $11,993 million in 2000. Capital expenditures for the year 2001
were $5,221 million, including $2,720 million for the purchase of Triton Energy
Limited. Capital expenditures for the year 2000 were $938 million.
Consolidated Financial Information
Three months ended Year ended
December 31 December 31
------------------------- --------------------------
2001* 2000* 2001* 2000
--------- -------- --------- -----------
(In millions, except per share amounts)
Sales and other operating revenues $ 2,881 $ 3,685 $ 13,413 $ 11,993
======== ======== ========= =========
Operating earnings 85 304 945 987
Special items (31) 36 (31) 36
-------- -------- --------- ---------
Net income $ 54 $ 340 $ 914 $ 1,023
======== ======== ========= =========
Net income per share (diluted) $ .61 $ 3.83 10.25 11.38
Weighted average number of shares 88.7 88.8 89.1 89.9
*Unaudited
2
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Fourth Fourth Third
Quarter Quarter Quarter
2001 2000 2001
-------------- -------------- --------------
(A) (B) (C)
Line
No. Income Statement
Revenues
1 Sales and other operating revenues $ 2,881 $ 3,685 $ 2,888
Non-operating income
2 Equity in income of HOVENSA L.L.C (19) 46 11
3 Other 23 75 35
-------------- -------------- --------------
4 Total revenues 2,885 3,806 2,934
-------------- -------------- --------------
Costs and Expenses
5 Cost of products sold 1,717 2,523 1,848
6 Production expenses 189 156 196
7 Marketing expenses 197 157 161
8 Exploration expenses, including dry holes
and lease impairment 137 72 75
9 Other operating expenses 61 66 54
10 General and administrative expenses 118 72 71
11 Interest expenses 62 43 51
12 Depreciation, depletion and amortization 303 198 254
-------------- -------------- --------------
13 Total costs and expenses 2,784 3,287 2,710
-------------- -------------- --------------
14 Income before income taxes 101 519 224
15 Provision for income taxes 47 179 57
-------------- -------------- --------------
16 Net income $ 54 $ 340 $ 167
============== ============== ==============
Segment Analysis
17 Exploration and production $ 115 $ 234 $ 228
18 Refining, marketing and shipping 25 114 5
19 Corporate (14) (11) (32)
20 Interest expense (41) (33) (34)
-------------- -------------- --------------
21 Operating earnings 85 304 167
22 Special items (31) 36 --
-------------- -------------- --------------
23 Net income $ 54 $ 340 $ 167
============== ============== ==============
24 Cash Flow From Operations (*) $ 439 $ 526 $ 500
============== ============== ==============
Capital Expenditures
25 Exploration and production $ 488 $ 292 $ 3,208
26 Refining, marketing and shipping 32 35 25
-------------- -------------- --------------
27 Total capital expenditures $ 520 $ 327 $ 3,233
============== ============== ==============
At End of Period
28 Total debt $ 5,665 $ 2,050 $ 5,496
============== ============== ==============
29 Stockholders' equity $ 4,907 $ 3,883 $ 4,820
============== ============== ==============
(*) 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)
Year
--------------------------------------
2001 2000
-------------- --------------
(A) (B)
Line
No. Income Statement
Revenues
1 Sales and other operating revenues $ 13,413 $ 11,993
Non-operating income
2 Equity in income of HOVENSA L.L.C 58 121
3 Other 142 163
-------------- ---------------
4 Total revenues 13,613 12,277
-------------- ---------------
Costs and Expenses
5 Cost of products sold 8,735 7,883
6 Production expenses 711 557
7 Marketing expenses 663 542
8 Exploration expenses, including dry holes
and lease impairment 368 289
9 Other operating expenses 224 234
10 General and administrative expenses 313 224
11 Interest expense 194 162
12 Depreciation, depletion and amortization 967 714
-------------- ---------------
13 Total costs and expenses 12,175 10,605
-------------- ---------------
14 Income before income taxes 1,438 1,672
15 Provision for income taxes 524 649
-------------- ---------------
16 Net income $ 914 $ 1,023
============== ===============
17 Cash Flow From Operations $ 2,141 $ 1,948
============== ===============
Capital Expenditures
18 Exploration and production $ 5,061 $ 783
19 Refining, marketing and shipping 160 155
-------------- ---------------
20 Total capital expenditures $ 5,221 $ 938
============== ===============
December 31 December 31
2001 2000
-------------- ---------------
Balance Sheet Information
21 Current assets $ 3,972 $ 4,115
22 Investments 1,636 1,050
23 Property, plant and equipment - net $ 8,165 $ 4,323
24 Other assets $ 1,607 $ 786
-------------- ---------------
25 Total assets $ 15,380 $ 10,274
============== ===============
26 Current liabilities 3,729 3,538
27 Long-term debt $ 5,283 $ 1,985
28 Deferred liabilities and credits 1,461 868
29 Stockholders' equity 4,907 3,883
-------------- ---------------
30 Total liabilities and stockholders' equity $ 15,380 $ 10,274
============== ===============
4
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
Fourth Fourth Third
Quarter Quarter Quarter
2001 2000 2001
------------ ------------ ------------
(A) (B) (C)
Line Operating Data
No. New Production Per Day
Crude oil - barrels
1 United States 62 54 66
2 United Kingdom 127 128 114
3 Norway 26 27 23
4 Denmark 23 25 18
5 Colombia 26 -- 14
6 Equatorial Guinea 13 -- 9
7 Algeria 11 8 13
8 Gabon 9 6 9
9 Indonesia 6 5 6
10 Azerbaijan 4 4 4
---- ---- ----
11 Total 307 257 276
==== ==== ====
Natural gas liquids - barrels
12 United States 15 10 16
13 United Kingdom 7 6 6
14 Norway 1 1 1
15 Indonesia and Thailand 1 1 1
---- ---- ----
16 Total 24 18 24
==== ==== ====
Natural gas - mcf
17 United States 436 277 464
18 United Kingdom 291 306 240
19 Denmark 45 45 39
20 Norway 27 26 24
21 Indonesia, Thailand and other 21 33 30
---- ---- ----
22 Total 820 687 797
==== ==== ====
23 Barrels of oil equivalent 468 390 433
==== ==== ====
Average Selling Price
Crude oil - per barrel
24 United States $20.66 $24.35 $23.38
25 Foreign 21.18 24.99 24.62
Natural gas liquids - per barrel
26 United States $12.31 $26.38 $17.73
27 Foreign 14.97 26.43 17.86
Natural gas - per mcf
28 United States $2.87 $5.27 $3.42
29 Foreign 2.65 2.44 1.96
Marketing and Refining - Barrels Per Day
30 Refined products sold 353 396 343
==== ==== ====
31 Refinery runs (net) 194 217 205
==== ==== ====
5
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
Year
------------------------
2001 2000
---- ----
(A) (B)
Line Operating Data
No. New Production Per Day
Crude oil - barrels
1 United States 63 55
2 United Kingdom 119 119
3 Norway 25 25
4 Denmark 20 25
5 Colombia 10 --
6 Equatorial Guinea 6 --
7 Algeria 13 2
8 Gabon 9 7
9 Indonesia 6 4
10 Azerbaijan 4 3
---- ----
11 Total 275 240
==== ====
Natural gas liquids - barrels
12 United States 14 12
13 United Kingdom 7 6
14 Norway 1 2
15 Indonesia and Thailand 1 1
---- ----
16 Total 23 21
==== ====
Natural gas - mcf
17 United States 424 288
18 United Kingdom 291 297
19 Denmark 43 37
20 Norway 25 24
21 Indonesia, Thailand and other 29 33
---- ----
22 Total 812 679
==== ====
23 Barrels of oil equivalent 433 374
==== ====
Average Selling Price
Crude oil - per barrel
24 United States $23.29 $23.97
25 Foreign 24.58 25.53
Natural gas liquids - per barrel
26 United States $18.64 $22.30
27 Foreign 18.91 23.41
Natural gas - per mcf
28 United States $3.99 $3.74
29 Foreign 2.54 2.20
Marketing and Refining - Barrels Per Day
30 Refined products sold 387 366
==== ====
31 Refinery runs (net) 202 211
==== ====
CONTACT: AMERADA HESS CORPORATION - C.T. TURSI (212) 536-8593
6