STATEMENT OF CONSOLIDATED CASH FLOWS Amerada Hess Corporation and Consolidated Subsidiaries For the Years Ended December 31 Millions of dollars 2003 2002 2001 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 643 $ (218) $ 914 Adjustments to reconcile net income (loss) to net cash  provided by operating activities Depreciation, depletion and amortization 1,053 1,118 833 Asset impairments GLYPH<209> 1,024 GLYPH<209> Exploratory dry hole costs 162 157 185 Lease impairment 65 41 38 Pre-tax gain on asset sales (245) (117) GLYPH<209> Provision (benefit) for deferred income taxes 107 (258) 64 Undistributed earnings of affiliates (130) 47 (52) Non-cash effect of discontinued operations 46 280 153 Changes in other operating assets and liabilities (Increase) decrease in accounts receivable 47 (104) 650 (Increase) decrease in inventories (107) 51 (131) Increase (decrease) in accounts payable and  accrued liabilities 18 (217) (553) Increase (decrease) in taxes payable (39) 50 (185) Changes in prepaid expenses and other (39) 111 44 Net cash provided by operating activities 1,581 1,965 1,960 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures Exploration and production (1,286) (1,404) (2,341) Refining and marketing (72) (130) (160) Total capital expenditures (1,358) (1,534) (2,501) Acquisition of Triton Energy Limited, net of cash acquired GLYPH<209> GLYPH<209> (2,720) Proceeds from asset sales 545 412 67 Payment received on note receivable 61 48 48 Other (25) (22) (99) Net cash used in investing activities (777) (1,096) (5,205) CASH FLOWS FROM FINANCING ACTIVITIES Debt with maturities of 90 days or less — increase (decrease) (2) (581) 564 Debt with maturities of greater than 90 days Borrowings GLYPH<209> 637 2,595 Repayments (1,026) (686) (54) Proceeds from issuance of preferred stock 653 GLYPH<209> GLYPH<209> Cash dividends paid (108) (107) (94) Common stock and warrants acquired GLYPH<209> GLYPH<209> (100) Stock options exercised GLYPH<209> 28 59 Net cash provided by (used in) financing activities (483) (709) 2,970 NET INCREASE (DECREASE) IN CASH AND CASH EQUIV ALENTS 321 160 (275) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 197 37 312 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 518 $ 197 $ 37 See accompanying notes to consolidated GLYPH<222>nancial statements. 38