$HES
HESS CORP

2012 Q3 Form 10-Q Financial Statement

#000119312512460034 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $3.494B $8.726B
YoY Change -59.96% 10.96%
Cost Of Revenue $503.0M $6.790B
YoY Change -92.59% 16.97%
Gross Profit $2.615B $1.869B
YoY Change 39.91% -42.15%
Gross Profit Margin 74.84% 21.42%
Selling, General & Admin $702.0M $486.0M
YoY Change 44.44% 15.17%
% of Gross Profit 26.85% 26.0%
Research & Development $259.0M $199.0M
YoY Change 30.15% -11.56%
% of Gross Profit 9.9% 10.65%
Depreciation & Amortization $728.0M $586.0M
YoY Change 24.23% 0.34%
% of Gross Profit 27.84% 31.35%
Operating Expenses $1.689B $1.271B
YoY Change 32.89% 3.25%
Operating Profit $926.0M $598.0M
YoY Change 54.85% -70.1%
Interest Expense -$104.0M -$130.0M
YoY Change -20.0% -26.55%
% of Operating Profit -11.23% -21.74%
Other Income/Expense, Net $46.00M -$6.000M
YoY Change -866.67%
Pretax Income $990.0M $213.0M
YoY Change 364.79% -83.5%
Income Tax $480.0M -$54.00M
% Of Pretax Income 48.48% -25.35%
Net Earnings $557.0M $298.0M
YoY Change 86.91% -74.18%
Net Earnings / Revenue 15.94% 3.42%
Basic Earnings Per Share $1.65 $0.89
Diluted Earnings Per Share $1.64 $0.88
COMMON SHARES
Basic Shares Outstanding 338.6M shares 337.4M shares
Diluted Shares Outstanding 340.0M shares 340.2M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $528.0M $827.0M
YoY Change -36.15% -64.85%
Cash & Equivalents $528.0M $827.0M
Short-Term Investments
Other Short-Term Assets $2.167B $973.0M
YoY Change 122.71% 12.49%
Inventory $1.218B $1.516B
Prepaid Expenses
Receivables $3.908B $3.828B
Other Receivables $336.0M $335.0M
Total Short-Term Assets $8.157B $7.479B
YoY Change 9.07% -15.39%
LONG-TERM ASSETS
Property, Plant & Equipment $28.14B $24.17B
YoY Change 16.46% 26.63%
Goodwill $2.208B
YoY Change
Intangibles
YoY Change
Long-Term Investments $401.0M $391.0M
YoY Change 2.56% -49.55%
Other Assets $430.0M $2.919B
YoY Change -85.27% 6.46%
Total Long-Term Assets $34.06B $29.86B
YoY Change 14.05% 21.16%
TOTAL ASSETS
Total Short-Term Assets $8.157B $7.479B
Total Long-Term Assets $34.06B $29.86B
Total Assets $42.21B $37.34B
YoY Change 13.05% 11.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.543B $3.486B
YoY Change -27.05% -14.37%
Accrued Expenses $3.905B $2.258B
YoY Change 72.94% 17.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $621.0M $44.00M
YoY Change 1311.36% 2.33%
Total Short-Term Liabilities $7.848B $6.606B
YoY Change 18.8% 0.59%
LONG-TERM LIABILITIES
Long-Term Debt $7.220B $5.548B
YoY Change 30.14% 0.13%
Other Long-Term Liabilities $1.501B $3.114B
YoY Change -51.8% 25.06%
Total Long-Term Liabilities $1.501B $8.662B
YoY Change -82.67% 7.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.848B $6.606B
Total Long-Term Liabilities $1.501B $8.662B
Total Liabilities $21.56B $18.51B
YoY Change 16.5% 4.23%
SHAREHOLDERS EQUITY
Retained Earnings $17.38B
YoY Change
Common Stock $3.840B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.54B $18.83B
YoY Change
Total Liabilities & Shareholders Equity $42.21B $37.34B
YoY Change 13.05% 11.51%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $557.0M $298.0M
YoY Change 86.91% -74.18%
Depreciation, Depletion And Amortization $728.0M $586.0M
YoY Change 24.23% 0.34%
Cash From Operating Activities $1.862B $1.022B
YoY Change 82.19% -17.98%
INVESTING ACTIVITIES
Capital Expenditures -$2.135B -$2.434B
YoY Change -12.28% 66.48%
Acquisitions
YoY Change
Other Investing Activities $518.0M $114.0M
YoY Change 354.39% 936.36%
Cash From Investing Activities -$1.617B -$2.320B
YoY Change -30.3% 59.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.0M -69.00M
YoY Change 82.61% -105.77%
NET CHANGE
Cash From Operating Activities 1.862B 1.022B
Cash From Investing Activities -1.617B -2.320B
Cash From Financing Activities -126.0M -69.00M
Net Change In Cash 119.0M -1.367B
YoY Change -108.71% -238.08%
FREE CASH FLOW
Cash From Operating Activities $1.862B $1.022B
Capital Expenditures -$2.135B -$2.434B
Free Cash Flow $3.997B $3.456B
YoY Change 15.65% 27.62%

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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Stock Issued During Period Shares Share Based Compensation
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0000004447
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
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dei Amendment Flag
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hes Number Of Predetermined Peer Companies For Comparison Of Shareholder Return
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hes Capitalized Well Costs Attributable To Project One And Two
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CY2012Q3 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
376000000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-130000000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
107000000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.65
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
557000000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
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CY2012Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
38000000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.64
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-67000000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
167000000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
339950000 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
417000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
661000000
CY2012Q3 us-gaap Exploration And Production Costs
ExplorationAndProductionCosts
712000000
CY2012Q3 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
9194000000
CY2012Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
104000000
CY2012Q3 us-gaap Revenues
Revenues
9619000000
CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeBeforeTax
14000000
CY2012Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
17000000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
510000000
CY2012Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
35000000
CY2012Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
8000000
CY2012Q3 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
-18000000
CY2012Q3 us-gaap Trading Activity Gains And Losses Net
TradingActivityGainsAndLossesNet
85000000
CY2012Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
509000000
CY2012Q3 us-gaap Oil And Gas Revenue
OilAndGasRevenue
9194000000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1102000000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11519000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
699000000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-78000000
CY2012Q3 hes Transfers Into Level Three
TransfersIntoLevelThree
-50000000
CY2012Q3 hes Transfers Out Of Level Three
TransfersOutOfLevelThree
-14000000
CY2012Q3 hes Cost Of Products Sold Other
CostOfProductsSoldOther
6019000000
CY2012Q3 hes Marketing Expenses
MarketingExpenses
259000000
CY2012Q3 hes Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Net Asset Liabilities Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisNetAssetLiabilitiesPurchases
14000000
CY2012Q3 hes Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Net Assets Liabilities Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisNetAssetsLiabilitiesSales
9000000
CY2012Q3 hes Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Net Assets Liabilities Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisNetAssetsLiabilitiesSettlements
-15000000
CY2012Q3 hes Excise And Similar Taxes
ExciseAndSimilarTaxes
640000000
CY2012Q3 hes Unrealized Gains Losses Included In Earnings
UnrealizedGainsLossesIncludedInEarnings
-26000000
CY2012Q3 hes Deferred Income Tax Expense Benefit Excluding One Time Adjustment
DeferredIncomeTaxExpenseBenefitExcludingOneTimeAdjustment
-114000000
CY2012Q3 hes Adjustment Of Deferred Tax Liabilities For Foreign Income Tax Rate Change
AdjustmentOfDeferredTaxLiabilitiesForForeignIncomeTaxRateChange
115000000

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