ITEM 1. BUSINESS
Amerada Hess Corporation (the "Registrant") was incorporated in 1920 in the State of Delaware. The Registrant and its subsidiaries (collectively referred to herein as the "Corporation") are engaged in the exploration for and the production, purchase, gathering, transportation and sale of crude oil and natural gas and the manufacture, purchase, transportation and marketing of petroleum products.
EXPLORATION AND PRODUCTION
The Corporation's exploration and production activities are located primarily in the United States, Canada and the United Kingdom and Norwegian sectors of the North Sea. The Corporation also conducts exploration and/or production activities in Abu Dhabi, Egypt, Gabon, Namibia and Thailand. Of the Company's proved reserves (on a barrel of oil equivalent basis), 32% are located in the United States, 52% are located in the United Kingdom and Norwegian sectors of the North Sea, 12% are located in Canada and the remainder are located in Gabon and Abu Dhabi. Worldwide crude oil and natural gas liquids production amounted to 215,390 barrels per day in 1993 compared with 224,187 barrels per day in 1992. Worldwide natural gas production was 887,309 Mcf per day in 1993 compared with 924,961 Mcf per day in 1992.
At December 31, 1993, the Corporation has 670 million barrels of proved crude oil and natural gas liquids reserves compared with 652 million barrels at the end of 1992. Proved natural gas reserves were 2,653 million Mcf at December 31, 1993 compared with 2,640 million Mcf at December 31, 1992. The Corporation has an inventory of drillable prospects primarily in the United States, Canada and the United Kingdom and Norwegian sectors of the North Sea.
UNITED STATES. The Corporation operates principally offshore in the Gulf of Mexico and onshore in the states of Texas, Louisiana and North Dakota. During 1993, 33% of the Corporation's crude oil and natural gas liquids production and 57% of its natural gas production were from United States operations.
The table below sets forth the Corporation's average daily net production by area in the United States:
CANADA. The Corporation, through its wholly-owned Canadian subsidiary, Amerada Hess Canada Ltd., conducts operations in the Provinces of Alberta and British Columbia. The Corporation's crude oil and natural gas liquids production in Canada amounted to 13,492 net barrels per day in 1993 compared to 13,509 net barrels per day in 1992, and its natural gas production increased to 167,839 net Mcf per day in 1993 from 137,680 net Mcf per day in 1992.
UNITED KINGDOM. The Corporation's activities in the United Kingdom are conducted by its wholly-owned British subsidiary, Amerada Hess Limited. During 1993, 39% of the Corporation's crude oil and natural gas liquids production and 21% of its natural gas production were from United Kingdom operations.
The table below sets forth the Corporation's average daily net production in the United Kingdom by field and the Corporation's interest in each at December 31, 1993:
Crude oil production commenced from the Scott and Hudson Fields in the third quarter of 1993. Natural gas production commenced from the Everest and Lomond Fields in mid-1993. The Angus Field ceased production in June 1993.
NORWAY. The Corporation's activities in Norway are conducted through its wholly-owned Norwegian subsidiary, Amerada Hess Norge A/S. The Corporation's Norwegian operations accounted for crude oil and natural gas liquids production of 27,820 and 31,305 net barrels per day in 1993 and 1992, respectively. Approximately 60% of this production is from the Corporation's 28.09% interest in the Valhall Field.
GABON. The Corporation has a 5.5% interest in the Rabi Kounga oil field onshore Gabon. The Corporation's share of production from Gabon averaged 8,136 and 6,660 net barrels of crude oil per day in 1993 and 1992, respectively.
REFINING AND MARKETING
The Corporation's refining facilities are located in St. Croix, United States Virgin Islands and Port Reading, New Jersey. The Purvis refinery operated throughout 1993 but was mothballed in early 1994. Total crude runs in 1993 averaged 351,000 barrels per day. Approximately 12% of the Corporation's crude runs was supplied from the Corporation's production directly, or indirectly under exchange arrangements with other producers. The balance comes from various suppliers under contracts of one year or less and through spot purchases on the open market. Approximately 85% of the petroleum products marketed in 1993 was obtained from the Corporation's refineries. The Corporation purchased the balance from other companies under short-term supply contracts and by spot purchases from various sources. Sales of refined products averaged 386,000 barrels per day in 1993 compared with 377,000 barrels per day in 1992.
HESS OIL VIRGIN ISLANDS REFINERY. The Corporation owns and operates a petroleum refinery in St. Croix, United States Virgin Islands through its wholly-owned subsidiary, Hess Oil Virgin Islands Corp. ("HOVIC").
In 1993, refined products produced were approximately 50% gasoline and distillates, 20% refinery feedstocks and the remainder principally residual fuel oil. In addition to crude distillation capacity, the refinery has a fluid catalytic cracking unit which commenced production in the fourth quarter of 1993 and has increased gasoline production. The refinery also has catalytic reforming units, vacuum distillation capacity, visbreakers, a sulfolane unit, a penex unit, distillate desulfurizers, vacuum gas oil desulfurizers and sulfur recovery facilities. The refinery has approximately 30 million barrels of storage capacity.
The refinery has the capability to process a variety of crude oils, including high-sulfur crudes. The refinery has a 60-foot-deep harbor and docking facilities for ten ocean-going tankers at one time. The refinery's harbor accommodates very large crude carriers after a portion of their crude oil cargo is lightered at the Corporation's storage and transshipment facility in Saint Lucia, which has a 90-foot-deep harbor. The Saint Lucia facility has approximately 10 million barrels of storage capacity.
PORT READING FACILITY. The Corporation owns and operates a fluid catalytic cracking facility in Port Reading, New Jersey, which processes vacuum gas oil and operated at the rate of approximately 50,000 barrels per day in 1993. The Port Reading facility primarily produces gasoline and heating oil.
PURVIS REFINERY. In early 1994, the Corporation mothballed its 30,000 barrel per day Purvis, Mississippi refinery.
MARKETING. The Corporation markets refined petroleum products principally on the East and Gulf Coasts of the United States to public utilities, industrial and commercial users, governmental agencies, wholesale distributors, commercial airlines and the motoring public.
At December 31, 1993, the Corporation has 535 HESS(R) gasoline stations of which approximately 83% are operated by the Corporation. Most of the Corporation's stations are concentrated in highly-populated, urban areas, principally in New York, New Jersey and Florida. 147 of the Corporation's stations have HESS MART(R) convenience stores. The Corporation owns in fee approximately 75% of the properties on which its stations are located. The Corporation also has 44 terminals located throughout its marketing area, with aggregate storage capacity of approximately 46 million barrels.
COMPETITION AND MARKET CONDITIONS
The petroleum industry is highly competitive. The Corporation encounters competition from numerous companies in each of its activities, particularly in acquiring rights to explore for crude oil and natural gas and in the purchasing and marketing of petroleum products. Many competitors are larger and have substantially greater resources than the Corporation. The Corporation is also in competition with producers and marketers of other forms of energy.
The petroleum business involves large-scale capital expenditures and risk-taking. In the search for new oil and gas reserves, long lead times are often required from successful exploration to subsequent production. Operations in the petroleum industry depend on a depleting natural resource. The number of areas where it can be expected that hydrocarbons will be discovered in commercial quantities is constantly diminishing and exploration risks are high. Areas where hydrocarbons may be found are often in remote locations or in offshore water where exploration and development activities are capital intensive and operating costs are high. In addition, low crude oil prices have reduced the number of areas from which hydrocarbons can be economically produced.
The major foreign oil producing countries, including the Organization of Petroleum Exporting Countries ("OPEC"), exert considerable influence over the supply and price of crude oil and refined petroleum products. Their ability or inability to agree on a common policy on rates of production, oil prices, and other matters has a significant impact on the oil market and the Corporation. In recent years, the futures markets have become increasingly important in influencing the prices of crude oil, natural gas and petroleum products. The Corporation cannot predict the extent to which future market conditions may be affected by OPEC, the futures markets or other external influences.
Market conditions continue to affect the Corporation's earnings. The Corporation's refining and marketing results were affected in 1993 by weak refining margins caused, in part, by product prices falling
faster than crude oil costs. Residual fuel oil prices continued to be weak because of oversupply and competition from other forms of energy. Results of refining and marketing operations will be negatively affected in the future if conditions comparable to those prevailing in 1993 continue.
The Corporation's exploration and production operations were profitable in 1993, but are impacted by volatility in the selling prices of crude oil and natural gas. The low worldwide crude oil selling prices which existed in 1993 have continued in the early part of 1994. The balance between supply and demand for natural gas in the United States improved in 1993 and the selling price increased; however, there is no assurance that these conditions will continue.
OTHER ITEMS
The Corporation's operations may be affected by federal, state, local, territorial and foreign laws and regulations relating to tax increases and retroactive tax claims, expropriation of property, cancellation of contract rights, and changes in import regulations, as well as other political developments. The Corporation has been affected by certain of these events in various countries in which it operates. The Corporation markets motor fuels through lessee-dealers and wholesalers in certain states where legislation prohibits producers or refiners of crude oil from directly engaging in retail marketing of motor fuels. Similar legislation is periodically proposed in Congress and in various other states. The Corporation, at this time, cannot predict the effect of any of the foregoing on its future operations.
Compliance with the various environmental and pollution control regulations imposed by federal, state and local governments is not expected to have a materially adverse effect on the Corporation's earnings and competitive position within the industry. However, the cost of such compliance has been increasing in recent years and is expected to increase in the future. Capital expenditures for facilities, primarily to comply with federal, state and local environmental standards, were $28 million in 1993 and the Corporation anticipates comparable capital expenditures in 1994. These amounts do not include capital expenditures incurred in connection with the upgrading of the Corporation's St. Croix refinery to produce gasolines required under the 1990 amendments to the Clean Air Act. In addition, the Corporation expended $14 million in 1993 for environmental remediation, with at least a comparable amount anticipated for 1994.
The number of persons employed by the Corporation averaged 10,173 in 1993 and 10,263 in 1992.
Additional operating and financial information relating to the business and properties of the Corporation appears on pages 9 and 10 under the heading "United States Exploration and Production," on pages 13, 14 and 17 under the heading "International Exploration and Production," on pages 19 and 20 under the heading "Refining and Marketing," on pages 23 through 27 under the heading "Financial Review" and on pages 28 through 53 of the accompanying 1993 Annual Report to Stockholders, which information is incorporated herein by reference.* - --------------------------------------------------------------------------------
* Except as to information specifically incorporated herein by reference under Items 1, 2, 5, 6, 7 and 8, no other information or data appearing in the 1993 Annual Report to Stockholders is deemed to be filed with the Securities and Exchange Commission (SEC) as part of this Annual Report on Form 10-K, or otherwise subject to the SEC's regulations or the liabilities of Section 18 of the Securities and Exchange Act of 1934, as amended.
ITEM 2.
ITEM 2. PROPERTIES
Reference is made to Item 1 and the operating and financial information relating to the business and properties of the Corporation, which is incorporated in Item 1 by reference.
Additional information relating to the Corporation's oil and gas operations follows.
1. OIL AND GAS RESERVES
The Corporation's net proved oil and gas reserves at the end of 1993, 1992 and 1991 are presented under Supplementary Oil and Gas Data in the accompanying 1993 Annual Report to Stockholders, which has been incorporated herein by reference.
During 1993, the Corporation provided oil and gas reserve estimates for 1992 to the Department of Energy. Such estimates are compatible with the information furnished to the SEC on Form 10-K, although not necessarily directly comparable due to the requirements of the individual requests. There were no differences in excess of 5%.
The Corporation has no long-term contracts or agreements to supply fixed quantities of its crude oil production. Approximately 80% of the Corporation's 1993 natural gas production was sold under long-term contracts to various purchasers. Contractual commitments in 1994 (which are expected to be comparable to 1993) will be filled from the Corporation's production and from contractual purchases.
2. AVERAGE SELLING PRICES AND AVERAGE PRODUCTION COSTS
Note A: Includes inter-company transfers valued at approximate market prices and the effect of the Corporation's forward sales activities.
Note B: Production (lifting) costs consist of amounts incurred to operate and maintain the Corporation's producing oil and gas wells and related equipment and facilities, including severance and other related production taxes. The average production (lifting) costs per barrel of production reflect the crude oil equivalent of natural gas production converted on the basis of relative energy content.
The foregoing tabulation does not include substantial costs and charges applicable to finding and developing proved oil and gas reserves, nor does it reflect significant outlays for related general and administrative expenses, interest expense and income taxes.
3. GROSS AND NET DEVELOPED ACREAGE AND PRODUCTIVE WELLS AT DECEMBER 31, 1993
Note A: Includes multiple completion wells (wells producing from different formations in the same bore hole) totaling 290 gross wells and 155 net wells.
4. GROSS AND NET UNDEVELOPED ACREAGE AT DECEMBER 31, 1993
5. NUMBER OF NET EXPLORATORY AND DEVELOPMENT WELLS DRILLED
Note A: Excludes 1 exploratory well in 1992 and 4 in 1991 which have encountered hydrocarbons, but are not expected to be used for production.
6. NUMBER OF WELLS IN PROCESS OF DRILLING AT DECEMBER 31, 1993
7. NUMBER OF WATERFLOODS AND PRESSURE MAINTENANCE PROJECTS IN PROCESS OF INSTALLATION AT DECEMBER 31, 1993 -- FIVE (ONE NET) -- UNITED STATES
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ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
On September 29, 1992, Region II of the United States Environmental Protection Agency ("EPA") commenced an administrative proceeding under Section 113(d) of the Federal Clean Air Act against Amerada Hess (Port Reading) Corporation, a wholly-owned subsidiary of the Registrant, alleging violations of Sections 111 and 114 of the Federal Clean Air Act arising out of this subsidiary's alleged failure to comply with certain monitoring and reporting obligations under regulations relating to new source performance standards. The proceeding seeks penalties totaling approximately $198,000 for the alleged violations. The Registrant's subsidiary is actively engaged in settlement discussions with the EPA but is also prepared to vigorously defend this action.
The Registrant is currently the subject of an investigation by United States Attorneys for federal judicial districts in New Jersey and the U.S. Virgin Islands and by the EPA with respect to possible violations of federal environmental and other laws and regulations in connection with hazardous waste handling at the HOVIC refinery. The investigation apparently focuses on whether or not certain spent catalyst generated at the HOVIC refinery should have been managed as a hazardous waste under the Resource Conservation and Recovery Act. It is not possible at this time for Registrant to state what the outcome of the investigation will
be, or, if any proceedings arising out of the investigation were to be commenced against the Registrant or HOVIC, what claims would be asserted or what relief would be sought.
On April 27, 1993, the Texas Natural Resource Conservation Commission ("TNRCC", then known as the Texas Water Commission) notified the Registrant of alleged violation of the Texas Water Code as a result of alleged discharges of hydrocarbon compounds into the groundwater in the vicinity of the Registrant's terminal in Corpus Christi, Texas. Penalties provided for these violations include administrative penalties not to exceed $10,000 per day. The Registrant has undertaken a groundwater assessment and an interim correction measures program and is formulating other appropriate responses to these allegations. The Registrant expects to enter into an agreed order with the TNRCC that will address any remediation of the soil or groundwater that may be required. The TNRCC has not proposed a penalty amount to be assessed in conjunction with the issuance of such an order. Management does not currently expect that the outcome of this proceeding will have a material adverse effect on the financial condition of the Corporation.
The Corporation periodically receives notices from the EPA that the Corporation is a "potentially responsible party" under the Superfund legislation with respect to various waste disposal sites. Under this legislation, all potentially responsible parties are jointly and severally liable. For certain sites, EPA's claims or assertions of liability against the Corporation relating to these sites have not been fully developed. With respect to the remaining sites, EPA's claims have been settled, or a proposed settlement is under consideration, in all cases for amounts which are not material. The ultimate impact of these proceedings, and of any related proceedings by private parties, on the business or accounts of the Corporation cannot be predicted at this time due to the large number of other potentially responsible parties and the speculative nature of clean-up cost estimates, but is not expected to be material.
The Corporation is from time to time involved in other judicial and administrative proceedings, including proceedings relating to other environmental matters. Although the ultimate outcome of these proceedings cannot be ascertained at this time and some of them may be resolved adversely to the Corporation, no such proceeding is required to be disclosed under applicable rules of the Securities and Exchange Commission. In management's opinion, based upon currently known facts and circumstances, such proceedings in the aggregate will not have a material adverse effect on the financial condition of the Corporation.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
During the fourth quarter of 1993, no matter was submitted to a vote of security holders through the solicitation of proxies or otherwise.
EXECUTIVE OFFICERS OF THE REGISTRANT
The following table presents information as of January 15, 1994 regarding executive officers of the Registrant:
* All officers referred to herein hold office in accordance with the By-Laws until the first meeting of the Directors following the annual meeting of stockholders of the Registrant, and until their successors shall have been duly chosen and qualified. Each of said officers was elected to the office set forth opposite his name on May 5, 1993. The first meeting of Directors following the next annual meeting of stockholders of the Registrant is scheduled to be held May 4, 1994.
Except for Mr. Schreyer, each of the above officers has been employed by the Registrant in various managerial and executive capacities for more than five years. Prior to his employment with the Company in July 1990, Mr. Schreyer was a partner with the accounting firm of Ernst & Young.
PART II
ITEM 5.
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Information pertaining to the market for the Registrant's Common Stock, high and low sales prices of the Common Stock in 1993 and 1992, dividend payments and restrictions thereon and the number of holders of Common Stock is presented on page 27 (Financial Review), page 35 (Long-Term Debt) and on page 50 (Ten-Year Summary of Financial Data) of the accompanying 1993 Annual Report to Stockholders, which has been incorporated herein by reference.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
A Ten-Year Summary of Financial Data is presented on pages 48 through 51 of the accompanying 1993 Annual Report to Stockholders, which has been incorporated herein by reference.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information required by this item is presented on pages 23 through 27 of the accompanying 1993 Annual Report to Stockholders, which has been incorporated herein by reference.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The consolidated financial statements, including the Report of Ernst & Young, Independent Auditors, the Supplementary Oil and Gas Data (unaudited) and the Quarterly Financial Data (unaudited) are presented on pages 27 through 47 of the accompanying 1993 Annual Report to Stockholders, which has been incorporated herein by reference.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None. ------------------------
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Information relating to Directors is incorporated herein by reference to "Election of Directors" from the Registrant's definitive proxy statement for the annual meeting of stockholders to be held on May 4, 1994.
Information regarding executive officers is included in Part I hereof.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
Information relating to executive compensation is incorporated herein by reference to "Election of Directors-Executive Compensation and Other Information", other than information under "Compensation Committee Report on Executive Compensation" and "Performance Graph" included therein, from the Registrant's definitive proxy statement for the annual meeting of stockholders to be held on May 4, 1994.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Information pertaining to security ownership of certain beneficial owners and management is incorporated herein by reference to "Election of Directors-Ownership of Voting Securities by Certain Beneficial Owners" and "Election of Directors-Ownership of Equity Securities by Management" from the Registrant's definitive proxy statement for the annual meeting of stockholders to be held on May 4, 1994.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information relating to this item is incorporated herein by reference to "Election of Directors" from the Registrant's definitive proxy statement for the annual meeting of stockholders to be held on May 4, 1994.
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PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(A) 1. AND 2. FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
The financial statements and schedules filed as part of this Annual Report on Form 10-K are listed in the accompanying index to financial statements and schedules.
3. EXHIBITS
3. EXHIBITS (continued)
* These exhibits relate to executive compensation plans and arrangements.
(B) REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the last quarter of Registrant's fiscal year ended December 31, 1993.
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(D) 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, ON THE 24TH DAY OF MARCH 1994.
AMERADA HESS CORPORATION (REGISTRANT)
By /s/ JOHN Y. SCHREYER ............................ (JOHN Y. SCHREYER) EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND IN THE CAPACITIES AND ON THE DATES INDICATED.
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
* The financial statements and notes thereto together with the Report of Ernst & Young, Independent Auditors, on pages 28 through 42, the Quarterly Financial Data (unaudited) on page 27, and the Supplementary Oil and Gas Data (unaudited) on pages 43 through 47 of the accompanying 1993 Annual Report to Stockholders are incorporated herein by reference.
** Schedules other than those listed above have been omitted because of the absence of the conditions under which they are required or because the required information is presented in the financial statements or the notes thereto.
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in this Annual Report (Form 10-K) of Amerada Hess Corporation of our report dated February 14, 1994, included in the 1993 Annual Report to Stockholders of Amerada Hess Corporation.
Our audits also included the consolidated financial statement schedules of Amerada Hess Corporation listed in Item 14(a). These schedules are the responsibility of the Corporation's management. Our responsibility is to express an opinion based on our audits. In our opinion, the consolidated financial statement schedules referred to above, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.
We also 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, of our report dated February 14, 1994, with respect to the consolidated financial statements incorporated herein by reference, and of our report included in the preceding paragraph with respect to the consolidated financial statement schedules included in this Annual Report (Form 10-K) of Amerada Hess Corporation.
/s/ ERNST & YOUNG
ERNST & YOUNG New York, N.Y. March 24, 1994
SCHEDULE V
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
PROPERTY, PLANT AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(IN THOUSANDS)
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(a) Includes cost basis adjustments and transfers to and from other accounts.
(b) Reflects decreases of $134,869 in 1993, $884,254 in 1992 and $27,696 in 1991, resulting from foreign currency translation adjustments under FAS No. 52 (see Notes 1 and 7 to the consolidated financial statements contained in the accompanying 1993 Annual Report to Stockholders).
(c) Includes an increase of $126,915 due to the addition of a capital lease.
The methods of computing depreciation, depletion and amortization are described in Note 1 to the consolidated financial statements of the accompanying 1993 Annual Report to Stockholders.
SCHEDULE VI
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
ACCUMULATED DEPRECIATION, DEPLETION, AMORTIZATION AND IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(IN THOUSANDS)
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(a) Includes cost basis adjustments and transfers to and from other accounts.
(b) Reflects decreases of $66,163 in 1993, $396,902 in 1992 and $23,791 in 1991, resulting from foreign currency translation adjustments under FAS No. 52.
SCHEDULE IX
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SHORT-TERM BORROWINGS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(IN THOUSANDS OF DOLLARS)
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(a) The short-term borrowings have varying terms some of which are payable on demand and others at fixed terms with maturities of less than one year.
(b) The average amount outstanding during the period is based on the average daily outstanding short-term borrowings.
(c) The weighted average interest rates were determined by dividing total interest expense by the related average daily outstanding short-term borrowings.
SCHEDULE X
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTARY INCOME STATEMENT INFORMATION
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
(IN THOUSANDS)
EXHIBIT INDEX
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* These exhibits relate to executive compensation plans and arrangements.