Collected Homework Assignment #1
See the Course Schedule in the syllabus for the due date. Put your answer underneath each question. You may either type your answers in a Word file or write them neatly. However, to receive credit, your writing must be readable and your work must be easy to follow.
Retrieve the Form 10-K for Hess Corporation for the year ending December 31, 2017. Hess’s Form 10-K can be accessed through the SEC EDGAR database at http://www.sec.gov/edgar/searchedgar/webusers.htm. The UHCL library subscribes to the SEC EDGAR database.
Hints: You will need to search the financial statement footnotes to find some of the information. Also, the financial statements are in millions, except for share and per share amounts. If a number is in millions, please indicate this by writing out the full number or writing ‘(in millions)’. Furthermore, you will not need the information before page 46 in Hess’s Form 10-K.
Exploration and Production (in millions):
Unproved properties $520
Proved properties $3,162
Wells, equipment and related facilities $25,550
Property, Plant and Equipment
Total – at cost $32,504
Total exploration and production/total property, plant and equipment
29,232/32,504=0.89933547 = 89.9%
$360 (in millions)
Increased from $4,276 (2016) to $6,157 (2017) = $1,881 increase
Inventories are valued at the lower of cost or market, cost is generally determined using average actual costs
Units of production method over proved oil and gas reserves for proved properties
Units of production method over proved developed oil and gas reserves for oil and gas production facilities and wells
Straight-line method based on estimated useful lives for all other plant and equipment
To remove and dismantle long-lived assets and to restore land or the seabed at certain E&P locations
Current maturities of long-term debt $580 (in millions)
Long-term debt $6,397 (in millions)
$435 (in millions)
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