<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1994
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
-------------------
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 (1) 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 June 30, 1994, 92,999,355 shares of Common Stock were outstanding.
<PAGE> 2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME
(in thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
------------------------------ -----------------------------------
1994 1993 1994 1993
------------ ------------ ------------- --------------
<S> <C> <C> <C> <C>
REVENUES
Sales (excluding excise taxes) and
other operating revenues $ 1,488,226 $ 1,414,741 $ 3,345,854 $ 2,979,910
Non-operating revenues (expenses) 7,688 (7,405) 19,286 5,442
------------ ------------ ------------- --------------
Total revenues 1,495,914 1,407,336 3,365,140 2,985,352
------------ ------------ ------------- --------------
COSTS AND EXPENSES
Cost of products sold and operating expenses 995,959 1,108,775 2,201,587 2,229,219
Exploration expenses, including dry holes 62,516 70,702 122,374 128,489
Selling, general and administrative expenses 139,353 136,501 296,707 271,246
Interest expense 59,728 30,397 120,294 60,510
Depreciation, depletion and amortization 222,171 170,753 452,040 342,624
Lease impairment 12,733 13,941 25,534 27,161
Provision for income taxes 20,185 21,364 79,679 67,726
------------ ------------ ------------- --------------
Total costs and expenses 1,512,645 1,552,433 3,298,215 3,126,975
------------ ------------ ------------- --------------
INCOME (LOSS) BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE (16,731) (145,097) 66,925 (141,623)
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING FOR INCOME TAXES - - - - - - 29,459
------------ ------------ ------------- --------------
NET INCOME (LOSS) $ (16,731) $ (145,097) $ 66,925 $ (112,164)
============ ============ ============= ==============
INCOME (LOSS) PER SHARE BEFORE
ACCOUNTING CHANGE $ (.18) $ (1.57) $ .72 $ (1.53)
============ ============ ============= ==============
NET INCOME (LOSS) PER SHARE $ (.18) $ (1.57) $ .72 $ (1.21)
============ ============ ============= ==============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING (FULLY DILUTED BASIS) 93,005 92,603 92,947 92,600
COMMON STOCK DIVIDENDS PER SHARE $ .15 $ .15 $ .30 $ .30
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE> 3
PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
ASSETS
JUNE 30, DECEMBER 31,
1994 1993
--------------- ---------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 34,812 $ 79,635
Accounts receivable 518,827 554,987
Inventories 957,407 853,393
Prepaid expenses 193,350 200,151
--------------- ---------------
Total current assets 1,704,396 1,688,166
--------------- ---------------
INVESTMENTS AND ADVANCES 129,620 137,161
--------------- ---------------
PROPERTY, PLANT AND EQUIPMENT
Total - at cost 14,022,883 13,787,240
Less reserves for depreciation, depletion,
amortization and lease impairment 7,484,352 7,052,328
--------------- ---------------
Property, plant and equipment - net 6,538,531 6,734,912
--------------- ---------------
OTHER ASSETS 92,418 81,307
--------------- ---------------
TOTAL ASSETS $ 8,464,965 $ 8,641,546
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable - trade $ 477,627 $ 329,648
Accrued liabilities 530,411 613,791
Deferred revenue 49,843 128,566
Notes payable 3,000 117,900
Taxes payable 134,947 106,893
Current maturities of long-term debt 151,624 146,342
--------------- ---------------
Total current liabilities 1,347,452 1,443,140
--------------- ---------------
LONG-TERM DEBT 3,172,534 3,423,680
--------------- ---------------
CAPITALIZED LEASE OBLIGATIONS 87,658 91,094
--------------- ---------------
DEFERRED LIABILITIES AND CREDITS
Deferred income taxes 518,989 462,273
Other 231,815 192,448
--------------- ---------------
Total deferred liabilities and credits 750,804 654,721
--------------- ---------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00
Authorized - 20,000,000 shares for issuance
in series - - - -
Common stock, par value $1.00
Authorized - 200,000,000 shares
Issued - 92,999,355 shares at June 30, 1994;
92,586,855 shares at December 31, 1993 92,999 92,587
Capital in excess of par value 743,646 725,443
Retained earnings 2,488,367 2,449,325
Equity adjustment from foreign currency translation (218,495) (238,444)
--------------- ---------------
Total stockholders' equity 3,106,517 3,028,911
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,464,965 $ 8,641,546
=============== ===============
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE> 4
PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
Six Months Ended June 30
(in thousands)
<TABLE>
<CAPTION>
1994 1993
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) $ 66,925 $ (112,164)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation, depletion, amortization and lease impairment 477,574 369,785
Exploratory dry hole costs 75,778 75,674
Changes in operating assets and liabilities (6,729) 65,740
Deferred income taxes and other items 37,281 (12,235)
----------- -----------
Net cash provided by operating activities 650,829 386,800
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (259,391) (747,470)
Other, including proceeds from sales of property, plant and equipment 10,082 3,732
----------- -----------
Net cash used in investing activities (249,309) (743,738)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in notes payable (114,900) - -
Long-term borrowings 218,046 539,050
Repayment of long-term debt and capitalized lease obligations (509,921) (188,008)
Cash dividends paid (41,770) (27,762)
----------- -----------
Net cash provided by (used in) financing activities (448,545) 323,280
----------- -----------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 2,202 1,769
----------- -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (44,823) (31,889)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 79,635 141,014
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 34,812 $ 109,125
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE> 5
PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of dollars)
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 Company's
consolidated financial position at June 30, 1994 and December 31,
1993, and the consolidated results of operations for the three and
six-month periods ended June 30, 1994 and 1993, and the
consolidated cash flows for the six-month periods ended June 30,
1994 and 1993. The unaudited results of operations for the
interim periods reported are not necessarily indicative of results
to be expected for the year.
Certain notes and other information have been condensed or omitted
from these interim financial statements. Such statements,
therefore, should be read in conjunction with the consolidated
financial statements and related notes included in the 1993 Annual
Report to Stockholders, which have been incorporated by reference
in the Corporation's Form 10-K for the year ended December 31,
1993.
Note 2 - Inventories consist of the following:
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
--------------- ---------------
<S> <C> <C>
Crude oil and other charge stocks $ 390,552 $ 299,015
Refined and other finished products 444,821 436,633
Materials and supplies 122,034 117,745
-------------- --------------
Total inventories $ 957,407 $ 853,393
============= =============
</TABLE>
Note 3 - The provision for income taxes consisted of the following:
<TABLE>
<CAPTION>
Three months Six months
ended June 30 ended June 30
-------------------------- -------------------------
1994 1993 1994 1993
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Current $ 16,425 $ 29,795 $ 48,705 $ 65,450
Deferred 3,760 (8,431) 30,974 2,276
--------- --------- -------- ---------
Total $ 20,185 $ 21,364 $ 79,679 $ 67,726
======== ======== ======== ========
</TABLE>
On January 1, 1993, the Corporation changed its method of
accounting for income taxes in accordance with FAS No. 109,
Accounting for Income Taxes. The cumulative effect of this
accounting change at January 1, 1993 was to increase net income by
$29,459 ($.32 per share).
4
<PAGE> 6
PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Foreign currency exchange transactions, reflected in selling,
general and administrative expenses, amounted to losses of $1,226
and $3,279, respectively, for the three and six-month periods
ended June 30, 1994, compared to gains of $1,410 and $2,609 for
the corresponding periods of 1993. The net effect, after
applicable income taxes, amounted to losses of $328 and $2,120,
respectively, for the three and six-month periods ended June 30,
1994, compared to gains of $94 and $1,563 for the corresponding
periods of 1993.
Note 5 - Interest cost related to certain long-term construction projects
has been capitalized in accordance with FAS No. 34. During the
three and six-month periods ended June 30, 1993, interest cost of
$30,751 and $62,086, respectively, was capitalized. There was no
interest capitalized for the corresponding periods of 1994.
Note 6 - The Corporation uses futures, forward, option and swap contracts
to reduce the impact of volatility in the prices of crude oil,
natural gas and refined products. These contracts correlate to
movements in the value of inventory and the prices of crude oil
and natural gas, and as hedges, any gains or losses are recorded
as part of the transaction hedged. Net unrealized gains resulting
from the Corporation's petroleum hedging activities were
approximately $27,000 at June 30, 1994.
5
<PAGE> 7
PART I - FINANCIAL INFORMATION (CONT'D.)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION.
RESULTS OF OPERATIONS
The results of operations for the second quarter of 1994
amounted to a net loss of $17 million ($.18 per share) compared
with a net loss of $145 million ($1.57 per share) in the second
quarter of 1993. In the first half of 1994, the Corporation had
net income of $67 million ($.72 per share) compared with a net loss
of $112 million ($1.21 per share) in the first half of 1993.
Results for the second quarter of 1993 included a net charge
of $80 million ($.87 per share) for the write-down to market value
of refining and marketing inventories and a net expense of $11
million ($.11 per share) from the refinancing of long-term notes.
Results for the first half of 1993 included income of $29 million
($.32 per share) from the cumulative effect of the change in
accounting for income taxes required by Statement of Financial
Accounting Standards No. 109.
Following is a summary of net income by major operating
activity (in millions):
<TABLE>
<CAPTION>
Three months Six months
ended June 30 ended June 30
-------------------- ------------------
1994 1993 1994 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
Exploration and production $ 23 $ 36 $ 67 $ 96
Refining and marketing 8 (140) 84 (177)
Corporate administration,
including interest expense,
and other operating activities (48) (41) (84) (31)
------ ------ ------ ------
Total $ (17) $ (145) $ 67 $ (112)
====== ====== ====== ======
</TABLE>
Earnings from exploration and production activities decreased
by $13 million in the second quarter of 1994 and $29 million in the
first half of 1994 compared with the corresponding periods of 1993.
The decreases were primarily due to lower worldwide crude oil
selling prices, and in the second quarter of 1994, to lower United
States natural gas selling prices. The Corporation's average
selling prices, including the effects of hedging, were as follows:
<TABLE>
<CAPTION>
Three months Six months
ended June 30 ended June 30
------------------- -------------------
1994 1993 1994 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
Crude oil and natural gas liquids
(per barrel)
United States $15.29 $17.84 $14.82 $17.72
Foreign 16.30 17.94 15.53 18.23
Natural gas (per Mcf)
United States 1.87 2.19 2.10 2.03
Foreign 1.74 1.66 1.76 1.62
</TABLE>
6
<PAGE> 8
PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
The Corporation's net daily worldwide crude oil and natural
gas production was as follows:
<TABLE>
<CAPTION>
Three months Six months
ended June 30 ended June 30
-------------------- --------------------
1994 1993 1994 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
Crude oil and natural gas liquids
(barrels per day)
United States 70,044 71,852 70,227 71,846
Foreign 187,209 131,263 186,351 134,012
------- ------- ------- -------
Total 257,253 203,115 256,578 205,858
======= ======= ======= =======
Natural gas (Mcf per day)
United States 449,345 490,214 470,571 510,445
Foreign 372,899 338,157 443,589 395,476
------- ------- ------- -------
Total 822,244 828,371 914,160 905,921
======= ======= ======= =======
</TABLE>
The increase in foreign crude oil production resulted
primarily from the Scott Field in the United Kingdom, which
commenced production in September 1993. United States natural gas
production was lower as a result of natural field decline and
voluntary production curtailments. Natural gas production in
Canada and the United Kingdom increased.
The benefit of increased foreign crude oil production in 1994
was offset by the negative impact of lower worldwide crude oil
selling prices and higher depreciation, depletion and amortization
charges relating to the increased production. Exploration
expenses, principally in the United Kingdom, were lower in the
second quarter and first half of 1994. In the first half of 1994,
selling, general and administrative expenses in the United States
were higher, reflecting expenses related to the consolidation of
exploration and production activities in Houston. In the first
half of 1994, foreign effective income tax rates were higher,
primarily reflecting the effect of the Petroleum Revenue Tax in the
United Kingdom.
Although the Corporation's overall crude oil production in
the second half of 1994 is expected to be higher than in the
corresponding period of 1993, future exploration and production
earnings will be impacted by changes in crude oil selling prices,
exploration expenses, effective income tax rates and other factors.
7
<PAGE> 9
PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
Earnings from refining and marketing operations were $8
million in the second quarter of 1994 and $84 million in the first
half of 1994, compared with losses of $140 million and $177 million
in the corresponding periods of 1993. In the second quarter of
1993, the Corporation recorded a net write-down of refining and
marketing inventories of $80 million. In spite of refined product
selling prices that were approximately $2.00 per barrel lower in
the second quarter and first half of 1994 than in the respective
periods of 1993, refined product margins improved, as the cost of
crude oil was significantly lower in 1994. The fluid catalytic
cracking unit, which was completed in the fourth quarter of 1993
and increases the Corporation's production of gasoline, contributed
to improved results in the second quarter of 1994 and margins for
gasoline and other light products improved somewhat from the
second quarter of 1993. Earnings in the first half of 1994
benefited from the cold winter weather, which strengthened margins
for distillates and residual fuel oils.
Refined product sales volumes amounted to 87 million barrels
in the first half of 1994 compared with 70 million barrels in the
corresponding period of 1993. Sales of gasoline were higher,
resulting from production from the fluid catalytic cracking unit at
the Virgin Islands refinery. Distillate sales also increased
because of weather-related demand in the early part of the year and
marketing of premium diesel fuel. No income taxes (benefits) were
recorded on a substantial portion of the first half 1994 income and
1993 loss of refining and marketing operations, reflecting the net
operating loss carryforward of a refining subsidiary. Refining and
marketing earnings will continue to be volatile in the future
because of competitive conditions and supply and demand factors,
including the effects of weather.
Corporate administration, including interest expense, and
other operating activities (principally transportation), had net
expenses of $48 million in the second quarter of 1994 compared with
$41 million in the second quarter of 1993. Results for the second
quarter of 1993 included a charge of $11 million, after tax, from
the refinancing of long-term notes, which was reflected as a
non-operating expense in the income statement. Excluding this
charge, the higher net expenses were due to increased interest
expense, as interest is no longer being capitalized on the
Corporation's major construction projects, which are completed and
in operation.
Corporate expenses amounted to $84 million in the first half
of 1994 compared with $31 million in the first half of 1993,
including the benefit of $29 million from the cumulative effect of
the change in accounting for income taxes. Excluding the
accounting change, the difference is primarily due to higher
interest expense. In the second half of 1994, interest expense is
expected to be higher than in the corresponding period of 1993
because all interest is currently being expensed.
Consolidated revenues increased by 6% in the second quarter
of 1994 and 13% in the first half of 1994 compared with the
corresponding periods of 1993. The increases were primarily due to
higher refined product sales volumes. In the first half of 1994,
natural gas sales, including sales of purchased gas, also
increased.
8
<PAGE> 10
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 $651 million in
the first half of 1994 compared with $387 million in the first half
of 1993. The increase was primarily due to improved operating
results. Cash provided by operating activities exceeded capital
expenditures of $259 million in the first half of 1994. The excess
cash flow was used to repay debt. In the first half of 1993,
capital expenditures of $747 million exceeded cash flow, primarily
because of spending on the Corporation's North Sea projects and the
upgrading of the Virgin Islands refinery.
Total debt was $3,327 million at June 30, 1994 compared with
$3,688 million at December 31, 1993. The debt to total
capitalization ratio was 52% at June 30, 1994 compared with nearly
55% at year-end 1993. The Corporation anticipates that total
borrowings will decline further in the second half of 1994, because
of restrained capital spending and increased cash flows from its
completed projects. At June 30, 1994, the Corporation has
additional borrowing capacity available under existing revolving
credit agreements of $796 million and additional unused lines of
credit under uncommitted arrangements with banks of $722 million.
In April 1994, the Corporation entered into a $100 million,
10-year borrowing with an insurance company at a fixed rate of
7.3%. In June 1994, the Corporation also issued $40 million of
13-year notes at a fixed rate of 8.6%. Proceeds of the loans were
used to repay existing debt.
Amerada Hess Limited, the Corporation's United Kingdom
subsidiary, has agreed to sell its 6.8% interest in the Armada gas
field, which will result in a gain of approximately $40 million.
The transaction is expected to close in the third quarter at which
time the gain will be recorded.
The Corporation uses futures, forward, option and swap
contracts to mitigate the effect on its business of volatility in
the prices of crude oil, natural gas and refined products. At June
30, 1994, the Corporation has open forward sale positions on less
than 10% of its anticipated worldwide crude oil and natural gas
production over the next twelve months at average prices of
approximately $18.81 per barrel and $2.23 per Mcf, respectively.
The Corporation has hedges (primarily short futures and options)
covering approximately 15% of its refining and marketing
inventories and has short positions covering the sale of an
additional 5% of refined products to be manufactured in the latter
part of 1994 and early 1995. The Corporation also has hedged
approximately 20% of its annual refinery crude oil purchase
requirements. As market conditions change, the Corporation will
adjust its hedging strategies. Existing hedge positions are not
necessarily indicative of future results of operations.
9
<PAGE> 11
PART I - FINANCIAL INFORMATION (CONT'D.)
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
Capital expenditures in the first half of 1994 amounted to
$259 million compared with $747 million in the first half of 1993.
Capital expenditures in the first half of 1993 included $448
million related to the Corporation's three major projects. The
three major projects were the development of the Scott oil field
and the Everest and Lomond natural gas fields and related
facilities in the United Kingdom North Sea and the construction of
the fluid catalytic cracking complex in the Virgin Islands, all of
which were completed in 1993 and are in operation.
Capital expenditures for the remainder of 1994 are estimated
to be approximately $350 million and will be financed by internally
generated funds.
10
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
On June 21, 1994, Region II of the United States
Environmental Protection Agency ("EPA") commenced an administrative
proceeding under Section 325 of the Emergency Planning and
Community Right-to-Know Act ("EPCRA") against Hess Oil Virgin
Islands Corp. ("HOVIC"), a wholly owned subsidiary of the
Registrant, alleging violations of Section 313 of EPCRA arising out
of HOVIC's alleged failure to comply with certain reporting
requirements relating to toxic chemicals manufactured or otherwise
used at HOVIC's refinery. The proceeding seeks civil penalties
totaling $252,000 for the alleged violations. HOVIC expects to
engage in settlement discussions with the EPA regarding this
matter.
As reported in Registrant's Annual Report on Form 10-K for
the fiscal year ended December 31, 1993, on September 29, 1992, the
EPA commenced an administrative proceeding under Section 113(d) of
the Federal Clean Air Act against Amerada Hess (Port Reading)
Corporation ("AHPR"), a wholly owned subsidiary of the Registrant,
alleging violations of Sections 111 and 114 of the Federal Clean
Air Act arising out of AHPR's alleged failure to comply with
certain monitoring and reporting obligations under regulations
relating to new source performance standards. The proceeding
sought penalties totaling approximately $198,000 for the alleged
violations. Effective May 31, 1994, AHPR and EPA entered into a
consent agreement in full settlement of all civil liabilities that
might have attached as a result of the allegations in EPA's
complaint. Pursuant to the consent agreement, AHPR paid a civil
penalty of $84,000 without admitting EPA's allegations in its
complaint or in the consent agreement or EPA's findings of fact or
conclusions of law in the consent agreement.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS.
The Annual Meeting of Stockholders of the Registrant was held
on May 4, 1994. The inspectors of election reported that
78,130,299 shares of Common Stock of the Registrant were
represented in person or by proxy at the meeting, constituting 84%
of the votes entitled to be cast. At the meeting, stockholders
voted upon the election of six nominees for the Board of Directors
for the three year term expiring in 1997 and upon the ratification
of the selection by the Board of Directors of Ernst & Young as the
independent auditors of the Registrant for the fiscal year ending
December 31, 1994.
With respect to the election of directors, the inspectors of
election reported as follows:
<TABLE>
<CAPTION>
Authority to Vote
Name of Nominee Vote for Nominee Withheld for Nominee
--------------- ---------------- ---------------------
<S> <C> <C>
Peter S. Hadley 77,056,337 1,073,962
John B. Hess 76,856,896 1,273,403
Christophor C. F. Laidlaw 76,854,178 1,276,121
William A. Pogue 77,054,879 1,075,420
John Y. Schreyer 76,859,612 1,270,687
William I. Spencer 77,043,386 1,086,913
</TABLE>
11
<PAGE> 13
PART II - OTHER INFORMATION (CONT'D)
The inspectors of election further reported that 77,965,316
votes were cast for the ratification of the selection of Ernst &
Young as independent auditors for the fiscal year ending December
31, 1994, 63,097 votes were cast against said ratification and
holders of 101,886 votes abstained.
There were no broker non-votes with respect to either the
election of directors or the ratification of the selection of
independent auditors.
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 June 30, 1994.
12
<PAGE> 14
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/ LEON HESS
-------------------------------
LEON HESS
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
By /s/ JOHN Y. SCHREYER
-------------------------------
JOHN Y. SCHREYER
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Date: August 9, 1994
13
