The Corporation expects continuing expenditures for envi- ronmental assessment and remediation related primarily to existing conditions. Sites where corrective action may be necessary include gasoline stations, terminals, onshore exploration and production facilities, refineries (including solid waste management units under permits issued pur- suant to the Resource Conservation and Recovery Act) and, although not significant, “Superfund” sites where the Corporation has been named a potentially responsible party. emission reductions if MTBE is banned, the cost and avail- ability of alternative oxygenates or credits and whether the minimum oxygen content standard for reformulated gasoline remains in effect. The Corporation is reviewing various options to market and produce reformulated gasolines if additional MTBE bans take effect. In 2003, the Corporation and HOVENSA began discussions with the U.S. EPA regarding the EPA’s Petroleum Refining Initiative (PRI). The PRI is an ongoing program that is designed to reduce certain air emissions at all U.S. refiner- ies. Presently over 40% of U.S. refining capacity is operat- ing under PRI controls and an additional 37% of refining capacity will be included in early 2004. Depending on the outcome of these discussions, which will not likely be concluded until 2005, the Corporation and HOVENSA may experience increased capital and operating expenses related to air emissions controls. The PRI allows for controls to be phased in over several years. The Corporation accrues for environmental expenses when the future costs are probable and reasonably estimable. At year end 2003, the Corporation’s reserve for its estimated environmental liability was approximately $85 million. Remediation spending was $12 million in 2003, $9 million in 2002, and $8 million in 2001. Capital expenditures for facilities, primarily to comply with federal, state and local environmental standards, were $7 million in 2003, $5 million in 2002, and $6 million in 2001. The Corporation expects that existing reserves for environmen- tal liabilities will adequately cover costs to assess and remediate known sites. The Corporation recognizes the worldwide concern about the environmental impact of air emissions. On a global scale, climate change is an issue that has prompted much public debate and has a potential impact on future growth and development. The Corporation has undertaken a pro- gram to assess, monitor and reduce the emission of “greenhouse gases,” including carbon dioxide and methane. The challenges associated with this program may be significant, not only from the standpoint of techni- cal feasibility, but also from the perspective of adequately measuring the Corporation’s entire greenhouse gas inven- tory. The Corporation is working to establish an internal greenhouse gas reporting protocol that will provide a com- mon set of principles and guidelines for reporting data from operated facilities and from assets operated by the Corporation’s partners. Cash dividends on common stock totaled $1.20 per share ($.30 per quarter) during 2003 and 2002. Dividends on the 7% cumulative mandatory convertible preferred stock will total $3.50 per share ($.875 per quarter). The common stock of Amerada Hess Corporation is traded principally on the New York Stock Exchange (ticker symbol: AHC). High and low sales prices in 2003 and 2002 were as follows: The high and low sales prices of the Corporation’s 7% cumulative mandatory convertible preferred stock (traded on the New York Stock Exchange, ticker symbol: AHCPR) since issuance in the fourth quarter of 2003 to December 31 were $55.43 and $49.50, respectively. Dividends Stock Market Information 2003 2002 Quarter Ended High Low High Low March 31 $57.20 $41.14 $80.15 $57.60 June 30 51.50 43.51 84.70 74.61 September 30 50.90 45.04 83.00 61.36 December 31 55.25 46.09 71.48 49.40 32