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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 2001
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
COMMISSION FILE NUMBER 1-1204
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AMERADA HESS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
13-4921002
(I.R.S. employer identification number)
1185 AVENUE OF THE AMERICAS, NEW YORK, N.Y.
(Address of principal executive offices)
10036
(Zip Code)
(Registrant's telephone number, including area code is (212) 997-8500)
Indicate by check mark whether the registrant (I) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
---------- ----------
At March 31, 2001, 89,137,355 shares of Common Stock were outstanding.
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME
THREE MONTHS ENDED MARCH 31
(in millions of dollars, except per share data)
2001 2000
---------- ----------
REVENUES
Sales (excluding excise taxes) and other operating revenues $ 4,182 $ 2,831
Non-operating income
Equity in income of HOVENSA L.L.C. 14 11
Other 33 28
---------- ----------
Total revenues 4,229 2,870
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COSTS AND EXPENSES
Cost of products sold 2,933 1,875
Production expenses 153 133
Marketing expenses 153 106
Exploration expenses, including dry holes
and lease impairment 84 62
Other operating expenses 56 57
General and administrative expenses 65 51
Interest expense 40 38
Depreciation, depletion and amortization 181 174
---------- ----------
Total costs and expenses 3,665 2,496
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Income before income taxes 564 374
Provision for income taxes 227 150
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NET INCOME $ 337 $ 224
========== ==========
NET INCOME PER SHARE -
BASIC $ 3.83 $ 2.49
========== ==========
DILUTED $ 3.79 $ 2.47
========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 88.9 90.5
COMMON STOCK DIVIDENDS PER SHARE $ .30 $ .15
See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions of dollars, thousands of shares)
A S S E T S
MARCH 31, DECEMBER 31,
2001 2000
------------- -------------
CURRENT ASSETS
Cash and cash equivalents $ 700 $ 312
Accounts receivable 2,800 2,996
Inventories 342 401
Other current assets 179 406
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Total current assets 4,021 4,115
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INVESTMENTS AND ADVANCES
HOVENSA L.L.C. 845 831
Other 216 219
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Total investments and advances 1,061 1,050
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PROPERTY, PLANT AND EQUIPMENT
Total - at cost 12,153 11,898
Less reserves for depreciation, depletion,
amortization and lease impairment 7,732 7,575
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Property, plant and equipment - net 4,421 4,323
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NOTE RECEIVABLE 419 443
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DEFERRED INCOME TAXES AND OTHER ASSETS 324 343
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TOTAL ASSETS $ 10,246 $ 10,274
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L I A B I L I T I E S A N D S T O C K H O L D E R S ' E Q U I T Y
CURRENT LIABILITIES
Accounts payable - trade $ 1,768 $ 1,875
Accrued liabilities 760 1,158
Taxes payable 534 440
Notes payable 2 7
Current maturities of long-term debt 276 58
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Total current liabilities 3,340 3,538
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LONG-TERM DEBT 1,764 1,985
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DEFERRED LIABILITIES AND CREDITS
Deferred income taxes 490 510
Other 366 358
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Total deferred liabilities and credits 856 868
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STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00, 20,000 shares authorized
3% cumulative convertible series
Authorized - 330 shares
Issued - 327 shares ($16 million liquidation preference) - - - -
Common stock, par value $1.00
Authorized - 200,000 shares
Issued - 89,137 shares at March 31, 2001;
88,744 shares at December 31, 2000 89 89
Capital in excess of par value 893 864
Retained earnings 3,374 3,069
Accumulated other comprehensive income (70) (139)
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Total stockholders' equity 4,286 3,883
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,246 $ 10,274
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See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
Three Months Ended March 31
(in millions of dollars)
2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 337 $ 224
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation, depletion and amortization 181 174
Exploratory dry hole costs 43 28
Lease impairment 6 6
Provision for deferred income taxes 32 26
Undistributed earnings of affiliates (9) (3)
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590 455
Changes in operating assets and liabilities 163 (18)
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Net cash provided by operating activities 753 437
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CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (331) (162)
Proceeds from asset sales and other (1) 10
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Net cash used in investing activities (332) (152)
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CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in notes payable (5) 10
Long-term borrowings - - 16
Repayment of long-term debt (5) (295)
Cash dividends paid (40) (27)
Common stock acquired (6) (10)
Stock options exercised 25 5
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Net cash used in financing activities (31) (301)
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EFFECT OF EXCHANGE RATE CHANGES ON CASH (2) 1
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 388 (15)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 312 41
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CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 700 $ 26
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See accompanying notes to consolidated financial statements.
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PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - The financial statements included in this report reflect all normal
and recurring adjustments which, in the opinion of management, are
necessary for a fair presentation of the Corporation's consolidated
financial position at March 31, 2001 and December 31, 2000, and the
consolidated results of operations and the consolidated cash flows for
the three-month periods ended March 31, 2001 and 2000. The unaudited
results of operations for the interim periods are not necessarily
indicative of results to be expected for the full year.
Certain notes and other information have been condensed in, or omitted
from, these interim financial statements. These statements, therefore,
should be read in conjunction with the consolidated financial
statements and related notes included in the 2000 Annual Report to
Stockholders, which have been incorporated by reference in the
Corporation's Form 10-K for the year ended December 31, 2000.
Note 2 - Inventories consist of the following (in millions):
March 31, Dec. 31,
2001 2000
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Crude oil and other charge stocks $ 110 $ 103
Refined and other finished products 385 502
Less: LIFO adjustment (236) (281)
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259 324
Materials and supplies 83 77
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Total inventories $ 342 $ 401
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Note 3 - The Corporation accounts for its investment in HOVENSA L.L.C. using
the equity method. Summarized income statement information for HOVENSA
follows (in millions):
Three months
ended March 31
---------------------------
2001 2000
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Total revenues $ 1,115 $ 1,129
Costs and expenses 1,086 1,106
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Net income $ 29 $ 23
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Amerada Hess Corporation's
share of income $ 14 $ 11
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PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - In January 2001, the Corporation replaced its $2 billion global
revolving credit facility, which was due to expire in 2002, with two
new committed revolving credit facilities. The first provides for $1.5
billion of short-term revolving credit through January 2002 and bears
interest at .525% above the London Interbank Offered Rate ("LIBOR").
The second is a $1.5 billion five-year revolving credit, which expires
in January 2006 and bears interest at .50% above LIBOR. Facility fees
of .10% and .125% per annum are payable on the credit lines. The
Corporation has the option to extend up to $500 million of outstanding
debt under the short-term facility for an additional 364 days.
Note 5 - The provision for income taxes consisted of the following (in
millions):
Three months
ended March 31
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2001 2000
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Current $ 195 $ 124
Deferred 32 26
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Total $ 227 $ 150
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Note 6 - Foreign currency transaction gains, after income tax effects,
amounted to $10 million and $4 million for the three-month periods
ended March 31, 2001 and 2000.
Note 7 - The weighted average number of common shares used in the basic and
diluted earnings per share computations are as follows (in thousands):
Three months
ended March 31
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2001 2000
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Common shares - basic 87,902 89,931
Effect of dilutive securities
(equivalent shares)
Nonvested common stock 364 443
Stock options 421 152
Convertible preferred stock 205 --
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Common shares - diluted 88,892 90,526
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PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 8 - The Corporation adopted FAS No. 133, Accounting for Derivative
Instruments and Hedging Activities, on January 1, 2001. This statement
requires that the Corporation recognize all derivatives on the balance
sheet at fair value and establishes criteria for using derivatives as
hedges.
The Corporation uses futures, forwards, options and swaps to reduce the
effects of fluctuations in crude oil, natural gas and refined product
prices. The Corporation also uses derivatives in its energy marketing
activities to fix the purchase and selling prices of energy products.
Related hedge gains or losses are an integral part of the selling or
purchase prices. Generally, these derivatives are designated as hedges
of expected future cash flows or forecasted transactions (cash flow
hedges), and the gains or losses are recorded in other comprehensive
income. The Corporation's use of fair value hedges is not material. The
Corporation's remaining derivatives, including foreign currency
contracts, are not designated as hedges and the change in fair value is
included in income currently.
The January 1 transition adjustment resulting from adopting FAS No.133
was a cumulative increase in other comprehensive income of $145 million
before income taxes ($100 million after income taxes), substantially
all of which results from crude oil and natural gas hedges. The
transition adjustment did not have a material effect on net income. The
accounting change also affected current assets and liabilities.
The Corporation reclassifies hedging gains and losses included in other
comprehensive income to earnings at the time the hedged transactions
are recognized. Results from exploration and production activities in
the first quarter of 2001 were reduced $31 million ($20 million after
income taxes) by reclassified hedge losses. The impact of hedging on
refining and marketing results was immaterial.
At March 31, 2001, after-tax deferred gains from hedging crude oil and
natural gas contracts expiring through 2003 were approximately $70
million (including $50 million of unrealized gains). Of the total, $31
million relates to the remainder of 2001.
The ineffective portion of hedges is included in current earnings. The
amount of hedge ineffectiveness was not material during the quarter
ended March 31, 2001.
The Corporation uses derivative contracts in its trading activities.
The Corporation has a 50% voting interest in a consolidated partnership
that trades energy commodities and energy derivatives. The Corporation
also takes trading positions for its own account. The results from
trading activities, including the Corporation's share of the earnings
of the trading partnership, amounted to income of $24 million in the
first quarter of 2001 and losses of $10 million in the first quarter of
2000.
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PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 9 - Accumulated other comprehensive income consists of the following (in
millions):
Deferred Foreign
cash currency
flow translation
Total hedges adjustment
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Balance at January 1, 2001 $ (139) $ - $ (139)
FAS 133 transition adjustment 100 100 -
Reclassification of deferred hedging
loss to earnings 20 20 -
Change in fair value of derivatives and
foreign currency translation adjustment (51) (46) (5)
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Balance at March 31, 2001 $ (70) $ 74 $ (144)
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Note 10 - The Corporation's results by operating segment were as follows (in
millions):
Three months
ended March 31
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2001 2000
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Operating revenues
Exploration and production (*) $ 1,275 $ 1,050
Refining, marketing and shipping 3,170 1,929
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Total $ 4,445 $ 2,979
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Net income (loss)
Exploration and production $ 275 $ 218
Refining, marketing and shipping 105 48
Corporate, including interest (43) (42)
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Total $ 337 $ 224
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(*) Includes transfers to affiliates of $263 million during the
three-months ended March 31, 2001, compared to $148 million
for the corresponding period of 2000.
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PART I - FINANCIAL INFORMATION (CONT'D.)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION.
RESULTS OF OPERATIONS
Net income for the first quarter of 2001 amounted to $337
million compared with $224 million in the first quarter of 2000. The
after-tax results by major operating activity for the first quarters of
2001 and 2000 were as follows (in millions, except per share data):
Three months
ended March 31
----------------------------
2001 2000
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Exploration and production $ 275 $ 218
Refining, marketing and shipping 105 48
Corporate (13) (12)
Interest expense (30) (30)
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Net income $ 337 $ 224
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Net income per share (diluted) $ 3.79 $ 2.47
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Exploration and Production
Operating earnings from exploration and production activities
increased by $57 million in the first quarter of 2001 over the first
quarter of 2000, principally reflecting higher worldwide crude oil and
natural gas sales volumes and increased natural gas selling prices.
The Corporation's average selling prices, including the
effects of hedging, were as follows:
Three months
ended March 31
----------------------------
2001 2000
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Crude oil (per barrel)
United States $ 24.23 $ 22.58
Foreign 25.62 25.65
Natural gas liquids (per barrel)
United States $ 26.76 $ 20.87
Foreign 22.32 22.61
Natural gas (per Mcf)
United States $ 5.45 $ 2.40
Foreign 2.95 2.08
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PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
The Corporation's net daily worldwide production was as
follows:
Three months
ended March 31
------------------------
2001 2000
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Crude oil (thousands of barrels per day)
United States 57 52
United Kingdom 120 112
Norway 25 23
Denmark 23 30
Gabon 7 9
Indonesia 5 3
Azerbaijan 4 3
Algeria 14 - -
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Total 255 232
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Natural gas liquids (thousands of barrels per day)
United States 11 14
Foreign 10 9
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Total 21 23
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Natural gas (thousands of Mcf per day)
United States 322 294
United Kingdom 344 345
Norway 25 26
Denmark 49 35
Indonesia and Thailand 31 36
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Total 771 736
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Barrels of oil equivalent
(thousands of barrels per day) 405 378
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On a barrel of oil equivalent basis, the Corporation's oil and
gas production increased by 7% in the first quarter of 2001 compared
with the corresponding period of 2000. The increase in United States
crude oil production in the first quarter of 2001 was primarily due to
production from the Conger Field in the Gulf of Mexico, which commenced
in the fourth quarter of 2000. Natural gas production in the United
States increased because of new production from the Conger and
Northwestern Fields. United Kingdom crude oil production increased
principally as a result of production from the Bittern Field, which
commenced in the second half of 2000. Crude oil production from the
South Arne Field in Denmark decreased in 2001 compared with the first
quarter of 2000, however, natural gas production from the
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PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
field increased. Crude oil production in the first quarter of 2001 also
reflects production from the Corporation's interest in a redevelopment
project in Algeria.
At the end of the first quarter, the Corporation completed the
purchase of three natural gas fields in the Gulf of Mexico. In early
April, the Corporation also completed the purchase of substantially all
of the assets of a privately held exploration and production company
operating in the Gulf of Mexico and onshore Louisiana. The acquisitions
will add approximately 230,000 Mcf of natural gas equivalent per day to
United States production.
Production expenses in the first quarter of 2001 were higher
than in the first quarter of 2000, partially due to increased
production volumes and on a per-barrel basis, due to the mix of
producing fields. Depreciation, depletion and amortization charges were
also higher in 2001, reflecting increased production volumes, while
per-barrel costs were lower due to year-end reserve revisions.
Exploration expense was higher in 2001 reflecting seismic purchases in
the United States and exploration drilling in Asia. General and
administrative expenses relating to exploration and production
activities were also slightly higher. The effective income tax rate in
the first quarter of 2001 was 41%, comparable to the first quarter of
2000.
Crude oil and natural gas selling prices continue to be
volatile and fluctuations are only partially mitigated by the
Corporation's hedging program.
Refining, Marketing and Shipping
Operating earnings for refining, marketing and shipping
activities amounted to $105 million in the first quarter of 2001
compared with $48 million in the first quarter of 2000. The
Corporation's downstream operations include its equity share of
HOVENSA, a 50% owned refining joint venture.
HOVENSA
The Corporation's share of HOVENSA's income was $14 million in
the first quarter of 2001 compared with $11 million in the first
quarter of 2000. Margins for refined products were higher in the first
quarter of 2001. During the first quarter of 2001, the fluid catalytic
cracking unit was shutdown for six weeks of scheduled maintenance. As a
result, refinery earnings were reduced. Income taxes on HOVENSA's
results are offset by available loss carryforwards.
Operating earnings from refining, marketing and shipping
activities also included interest income of $10 million in 2001 and $12
million in 2000 on the note received from PDVSA V.I. in connection with
the formation of the joint venture.
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PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
Retail, energy marketing and other
Results from retail gasoline operations for the first quarter
of 2001 were slightly higher than the comparable period of 2000,
despite rising product costs. The Corporation's Port Reading refining
facility had increased earnings, reflecting improved margins and the
shutdown for scheduled maintenance in the first quarter of last year.
Earnings from energy marketing activities decreased in the first
quarter of 2001 compared with the corresponding period of 2000.
Total refined product sales volumes amounted to 42 million barrels in
the first quarter of 2001, compared with 36 million barrels in the
first quarter of 2000. Marketing expenses increased $47 million in the
first quarter of 2001 compared with 2000, principally reflecting
expanded retail and energy marketing operations.
The Corporation has a 50% voting interest in a consolidated
partnership that trades energy commodities and energy derivatives. The
Corporation also takes trading positions in addition to its hedging
program. The combined results of these trading activities amounted to
income of $24 million in the first quarter of 2001 compared with a loss
of $10 million in the first quarter of 2000. Expenses of the trading
partnership are included in marketing expenses.
Demand for refined products in the first quarter of 2001
provided favorable margins, however, there can be no assurance that
these margins will continue indefinitely and, therefore, overall
refining and marketing earnings will fluctuate over time.
Corporate
Corporate results in the first quarter of 2001 were comparable
to those of 2000, as higher interest income offset increased general
and administrative expenses, including compensation related costs and
bank fees.
Consolidated Operating Revenues
Sales and other operating revenues increased by 48% in the
first quarter of 2001 compared with the first quarter of 2000. The
increase primarily reflects higher selling prices and increased sales
volumes of refined products and purchased natural gas. Crude oil and
natural gas production volumes and natural gas selling prices were also
higher.
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PART I - FINANCIAL INFORMATION (CONT'D.)
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities, including changes
in operating assets and liabilities, amounted to $753 million in the
first quarter of 2001 compared with $437 million in the first quarter
of 2000. Excluding changes in balance sheet accounts, the increase was
$135 million and resulted primarily from improved operating results.
Total debt was $2,042 million at March 31, 2001 compared with
$2,050 million at December 31, 2000. The debt to capitalization ratio
decreased to 32% at March 31 compared to 35% at year-end. At March 31,
2001, the Corporation had $3 billion of additional borrowing capacity
available under its revolving credit agreements and additional unused
lines of credit under uncommitted arrangements with banks of $219
million.
Since inception of the Corporation's $300 million common stock
repurchase program in March 2000, the Corporation has repurchased
3,524,000 shares as of March 31, 2001, for approximately $225
million.
The Corporation uses futures, forwards, options and swaps to
reduce the effects of changes in the selling prices of crude oil,
natural gas and refined products. These instruments fix the selling
prices of a portion of the Corporation's production and the related
gains or losses are an integral part of the Corporation's selling
prices. At March 31, 2001, the Corporation had open hedge positions on
46% of its estimated worldwide crude oil production and 32% of its U.S.
natural gas production for the remainder of the year. The Corporation
has also hedged 17% of its estimated crude oil production and 19% of
its U.S. natural gas production for 2002 and 6% of its U.S. natural gas
production for 2003. As market conditions change, the Corporation may
adjust its hedge positions.
The Corporation uses value at risk to estimate the potential
effects of changes in fair values of derivatives and other instruments
used in hedging activities and derivatives and commodities used in
trading activities. The Corporation estimates that at March 31, 2001,
the value at risk was $34 million ($36 million at December 31, 2000)
related to hedging activities and $22 million ($16 million at December
31, 2000) for trading activities.
The Corporation reduces its exposure to fluctuating foreign
exchange rates by using forward contracts to fix the exchange rate on a
portion of the foreign currency required in its North Sea operations.
At March 31, 2001, the Corporation had $405 million of notional value
foreign exchange contracts outstanding.
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PART I - FINANCIAL INFORMATION (CONT'D.)
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
Capital expenditures in the first quarter of 2001 amounted to
$331 million, of which $318 million related to exploration and
production activities. These expenditures include the purchase of
natural gas reserves in the Gulf of Mexico for $98 million. Capital
expenditures in the first quarter of 2000 amounted to $162 million
including $127 million for exploration and production. For the
remainder of 2001, capital expenditures, excluding acquisitions, are
expected to be approximately $1 billion and will be financed largely by
internally generated funds.
In early April, the Corporation purchased substantially all of
the assets of a privately held exploration and production company for
$767 million. These properties are located on the Gulf of Mexico shelf
and onshore Louisiana. The purchase was financed primarily with
internally generated funds. In April, the Corporation also invested $86
million in a 50% joint venture with a company that owns and operates
120 gasoline stations and convenience stores and 21 travel centers
located in Virginia, North Carolina and South Carolina. The Corporation
also plans to lease 53 retail outlets in Boston and southern New
Hampshire.
FORWARD LOOKING INFORMATION
Certain sections of Management's Discussion and Analysis of
Results of Operations and Financial Condition, including references to
the Corporation's future results of operations and financial position,
contain forward-looking information. These disclosures are based on the
Corporation's current assessments and reasonable assumptions about the
future. Actual results may differ from these disclosures because of
changes in market conditions, government actions and other factors.
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PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
None
(b) Reports on Form 8-K
The Registrant filed no report on Form 8-K during the three months
ended March 31, 2001.
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SIGNATURES
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 thereunto duly authorized.
AMERADA HESS CORPORATION
(REGISTRANT)
By s/s John B. Hess
-------------------------------
JOHN B. HESS
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
By s/s John Y. Schreyer
-------------------------------
JOHN Y. SCHREYER
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Date: May 10, 2001
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