$HES
HESS CORP

2014 Q3 Form 10-Q Financial Statement

#000156459014005364 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q4 2013 Q3
Revenue $5.162B $2.653B $2.698B
YoY Change 91.33% -81.23% -22.78%
Cost Of Revenue $492.0M $394.0M $459.0M
YoY Change 7.19% -96.31% -8.75%
Gross Profit $2.213B $2.259B $2.185B
YoY Change 1.28% -34.67% -16.44%
Gross Profit Margin 42.87% 85.15% 80.99%
Selling, General & Admin $650.0M $791.0M $1.691B
YoY Change -61.56% -49.1% 140.88%
% of Gross Profit 29.37% 35.02% 77.39%
Research & Development $90.00M $458.0M $169.0M
YoY Change -46.75% 26.52% -34.75%
% of Gross Profit 4.07% 20.27% 7.73%
Depreciation & Amortization $838.0M $713.0M $681.0M
YoY Change 23.05% -2.33% -6.46%
% of Gross Profit 37.87% 31.56% 31.17%
Operating Expenses $1.578B $1.962B $1.489B
YoY Change 5.98% -27.39% -11.84%
Operating Profit $635.0M $297.0M $696.0M
YoY Change -8.76% -60.71% -24.84%
Interest Expense $75.00M -$97.00M -$86.00M
YoY Change -187.21% -8.49% -17.31%
% of Operating Profit 11.81% -32.66% -12.36%
Other Income/Expense, Net $27.00M -$3.000M
YoY Change -1000.0% -106.52%
Pretax Income $591.0M $291.0M $691.0M
YoY Change -14.47% -42.6% -30.2%
Income Tax $232.0M -$627.0M $325.0M
% Of Pretax Income 39.26% -215.46% 47.03%
Net Earnings $1.030B $1.925B $420.0M
YoY Change 145.24% 414.71% -24.6%
Net Earnings / Revenue 19.95% 72.56% 15.57%
Basic Earnings Per Share $3.35 $1.24
Diluted Earnings Per Share $3.305M $5.564M $1.23
COMMON SHARES
Basic Shares Outstanding 300.7M 325.3M shares 339.0M
Diluted Shares Outstanding 343.3M shares

Balance Sheet

Concept 2014 Q3 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.120B $1.814B $321.0M
YoY Change 1183.49% 182.55% -39.2%
Cash & Equivalents $4.120B $1.814B $321.0M
Short-Term Investments
Other Short-Term Assets $869.0M $1.209B $822.0M
YoY Change 5.72% 14.49% -62.07%
Inventory $817.0M $954.0M $695.0M
Prepaid Expenses
Receivables $2.674B $3.093B $1.418B
Other Receivables $385.0M $432.0M $359.0M
Total Short-Term Assets $8.865B $8.599B $9.257B
YoY Change -4.23% 2.53% 13.49%
LONG-TERM ASSETS
Property, Plant & Equipment $27.67B $28.77B $27.41B
YoY Change 0.92% -0.12% -2.59%
Goodwill $1.858B $1.869B $1.869B
YoY Change -0.59% -15.35% -15.35%
Intangibles
YoY Change
Long-Term Investments $145.0M $441.0M
YoY Change -67.12% 9.98%
Other Assets $500.0M $509.0M $298.0M
YoY Change 67.79% 8.3% -30.7%
Total Long-Term Assets $32.11B $34.16B $32.64B
YoY Change -1.62% -2.56% -4.16%
TOTAL ASSETS
Total Short-Term Assets $8.865B $8.599B $9.257B
Total Long-Term Assets $32.11B $34.16B $32.64B
Total Assets $40.98B $42.75B $41.90B
YoY Change -2.2% -1.58% -0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.712B $2.109B $453.0M
YoY Change 277.92% -24.92% -82.19%
Accrued Expenses $2.954B $3.551B $2.783B
YoY Change 6.14% 8.03% -28.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $67.00M $378.0M $791.0M
YoY Change -91.53% -51.97% 27.38%
Total Short-Term Liabilities $5.015B $6.558B $6.923B
YoY Change -27.56% -21.76% -11.79%
LONG-TERM LIABILITIES
Long-Term Debt $5.929B $5.420B $5.418B
YoY Change 9.43% -33.18% -24.96%
Other Long-Term Liabilities $1.037B $1.451B $1.179B
YoY Change -12.04% -12.48% -21.45%
Total Long-Term Liabilities $1.037B $6.871B $1.179B
YoY Change -12.04% -29.67% -21.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.015B $6.558B $6.923B
Total Long-Term Liabilities $1.037B $6.871B $1.179B
Total Liabilities $16.61B $17.97B $18.05B
YoY Change -8.0% -19.19% -16.26%
SHAREHOLDERS EQUITY
Retained Earnings $21.24B $20.28B
YoY Change 19.86% 16.7%
Common Stock $3.823B $3.937B
YoY Change -1.11% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.25B $24.72B $23.77B
YoY Change
Total Liabilities & Shareholders Equity $40.98B $42.75B $41.90B
YoY Change -2.2% -1.58% -0.75%

Cashflow Statement

Concept 2014 Q3 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $1.030B $1.925B $420.0M
YoY Change 145.24% 414.71% -24.6%
Depreciation, Depletion And Amortization $838.0M $713.0M $681.0M
YoY Change 23.05% -2.33% -6.46%
Cash From Operating Activities $1.346B $1.550B $1.254B
YoY Change 7.34% -1.08% -32.65%
INVESTING ACTIVITIES
Capital Expenditures -$1.370B -$1.378B -$1.407B
YoY Change -2.63% -21.44% -34.1%
Acquisitions
YoY Change
Other Investing Activities $2.931B $2.768B -$80.00M
YoY Change -3763.75% 3156.47% -115.44%
Cash From Investing Activities $1.561B $1.390B -$1.487B
YoY Change -204.98% -183.28% -8.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -992.0M -1.447B -171.0M
YoY Change 480.12% -769.91% 35.71%
NET CHANGE
Cash From Operating Activities 1.346B 1.550B 1.254B
Cash From Investing Activities 1.561B 1.390B -1.487B
Cash From Financing Activities -992.0M -1.447B -171.0M
Net Change In Cash 1.915B 1.493B -404.0M
YoY Change -574.01% 1209.65% -439.5%
FREE CASH FLOW
Cash From Operating Activities $1.346B $1.550B $1.254B
Capital Expenditures -$1.370B -$1.378B -$1.407B
Free Cash Flow $2.716B $2.928B $2.661B
YoY Change 2.07% -11.83% -33.43%

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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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CY2014Q3 hes Restructuring Settlement And Impairment Provisions After Tax
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CY2014Q3 hes Effect Of Lifo Inventory Liquidation On Income After Tax
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CY2013Q3 hes Effect Of Lifo Inventory Liquidation On Income After Tax
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CY2014Q2 hes Number Of Retail Gasoline Station Leases Buyout
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hes Accrued Facility And Other Exit Costs Percentage To Be Paid In Next Twelve Months
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CY2014Q3 us-gaap Crude Oil And Natural Gas Liquids
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CY2014Q3 hes Net Crude Oil Natural Gas And Refined Product Inventories
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CY2014Q3 us-gaap Other Inventory
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CY2014Q3 us-gaap Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Stock Repurchased And Retired During Period Shares
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CY2014Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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hes Stock Repurchase Program Shares Repurchased Average Cost Per Share
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CY2014Q1 us-gaap Litigation Settlement Amount
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us-gaap Defined Benefit Plan Contributions By Employer
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CY2014Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2013Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Number Of Operating Segments
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CY2013Q4 hes Number Of Barrels Per Day Hedged Crude Oil Cash Flow Hedges
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CY2013 hes Number Of Barrels Per Day Hedged Crude Oil Cash Flow Hedges
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CY2014Q1 hes Number Of Additional Barrels Per Day Hedged Crude Oil Cash Flow Hedges
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CY2014Q1 us-gaap Underlying Derivative Volume
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CY2014Q2 us-gaap Underlying Derivative Volume
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CY2013 us-gaap Underlying Derivative Volume
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hes Percentage Of Information Disclosed For Trading Partnership
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CY2013Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
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CY2013Q4 us-gaap Derivative Assets
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CY2014Q3 hes Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Net Assets Liabilities Sales
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CY2014Q3 hes Derivative Fair Value Of Derivative Asset Of Physical Derivative And Financial Instruments
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CY2013Q4 hes Derivative Fair Value Of Derivative Asset Of Physical Derivative And Financial Instruments
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CY2013Q4 hes Derivative Fair Value Of Derivative Asset Of Cash Collateral
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
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CY2014Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2014Q3 us-gaap Derivative Assets
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CY2014Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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CY2014Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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CY2014Q3 us-gaap Derivative Liabilities
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CY2013Q4 us-gaap Derivative Liabilities
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CY2014Q3 us-gaap Assets Fair Value Disclosure Recurring
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CY2013Q2 hes Financial Assets And Liabilities Measured At Fair Value
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CY2012Q4 hes Financial Assets And Liabilities Measured At Fair Value
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CY2014Q3 hes Unrealized Gains Losses Included In Earnings
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CY2014Q3 hes Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Net Asset Liabilities Purchases
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CY2014Q3 hes Cash Received As Collateral
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CY2014Q3 hes Transfers Into Level Three
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CY2014Q3 hes Transfers Out Of Level Three
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CY2013Q3 hes Transfers Out Of Level Three
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CY2014Q3 hes Financial Assets And Liabilities Measured At Fair Value
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CY2013Q3 hes Financial Assets And Liabilities Measured At Fair Value
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CY2013Q4 hes Cash Received As Collateral
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CY2014Q3 hes Cash Posted As Collateral
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98000000
CY2013Q4 hes Cash Posted As Collateral
CashPostedAsCollateral
168000000
CY2014Q3 hes Outstanding Letters Of Credit
OutstandingLettersOfCredit
169000000
CY2013Q4 hes Outstanding Letters Of Credit
OutstandingLettersOfCredit
410000000
CY2014Q3 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
52000000
CY2013Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
281000000
CY2014Q3 hes Cash Collateral Received Posted
CashCollateralReceivedPosted
0
CY2013Q4 hes Cash Collateral Received Posted
CashCollateralReceivedPosted
31000000
CY2014Q3 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
52000000
CY2013Q4 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
134000000

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