Long-Term Debt Maturities

Entity Registrant Name HESS CORP
CIK 0000004447
Accession number 0001193125-14-077565
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/4447/000119312514077565/hes-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01

Commentary Did not investigate.

Level 1 (Note level) Text Block concept us-gaap:DebtDisclosureTextBlock
12. Debt and Interest Expense

Long-term debt at December 31 consisted of the following:

 

     2013      2012  
     (In millions)  

Revolving credit facility, weighted average rate 1.6% in 2012

   $       $ 758  

Asset-backed credit facility, weighted average rate 0.8% in 2012

             600  

Short-term credit facilities, weighted average rate 1.5% in 2012

             990  

Fixed-rate public notes:

     

7.0% due 2014

     250        250  

8.1% due 2019

     998        998  

7.9% due 2029

     695        695  

7.3% due 2031

     747        746  

7.1% due 2033

     598        598  

6.0% due 2040

     745        745  

5.6% due 2041

     1,242        1,242  
  

 

 

    

 

 

 

Total fixed-rate public notes

     5,275        5,274  

Leased floating production system

     296        180  

Other fixed-rate notes, weighted average rate 12.9%, due through 2023

     135        111  

Project lease financing, weighted average rate 5.1%, due through 2014

     60        78  

Fair value adjustments — interest rate hedging

     30        65  

Pollution control revenue bonds, weighted average rate 5.9% in 2012

             53  

Other debt

     2        2  
  

 

 

    

 

 

 

Total debt

     5,798        8,111  

Less: Short-term debt and current maturities of long-term debt

     378        787  
  

 

 

    

 

 

 

Total long-term debt

   $ 5,420      $ 7,324  
  

 

 

    

 

 

 

 

The Corporation has a $4 billion syndicated revolving credit facility that is unused at December 31, 2013 and matures in April 2016. This facility can be used for borrowings and letters of credit. Borrowings on the facility bear interest at 1.25% above the London Interbank Offered Rate. A fee of 0.25% per annum is also payable on the amount of the facility. The interest rate and facility fee are subject to adjustment if the Corporation’s credit rating changes. The Corporation also had a 364-day asset-backed credit facility which was terminated in September 2013.

 

During 2013, the Corporation repaid a net amount of $2,348 million under available credit facilities, which consisted of $758 million from its syndicated revolving credit facility, $990 million from the Corporation’s short-term credit facilities and $600 million from its asset-backed credit facility. The Corporation recorded capital lease obligations totaling $98 million in conjunction with its commitment to acquire 50 existing Hess retail gasoline stations that were previously held under operating leases. The Corporation repaid $136 million of other debt in 2013.

At December 31, 2013, the Corporation’s fixed-rate public notes have a principal amount of $5,300 million ($5,275 million net of unamortized discount). Interest rates on the outstanding fixed-rate public notes have a weighted average rate of 6.9%.

During 2013, the Corporation recorded a net increase of $116 million in debt related to progress on construction of a leased floating production system to be used at the Tubular Bells project.

The aggregate long-term debt maturing during the next five years is as follows (in millions): 2014 — $378; 2015 — $74; 2016 — $78; 2017 — $89 and 2018 — $58.

The Corporation’s long-term debt agreements, including the revolving credit facility, contain financial covenants that restrict the amount of total borrowings and secured debt. At December 31, 2013, the Corporation is permitted to borrow up to an additional $35.5 billion for the construction or acquisition of assets. The Corporation has the ability to borrow up to an additional $5.9 billion of secured debt at December 31, 2013.

Outstanding letters of credit at December 31 were as follows:

 

     2013      2012  
     (In millions)  

Committed lines*

   $    274      $ 463  

Uncommitted lines*

     136        283  
  

 

 

    

 

 

 

Total

   $ 410      $    746  
  

 

 

    

 

 

 

 

 

*

Committed and uncommitted lines have expiration dates through 2015.

Of the $410 million of letters of credit outstanding at December 31, 2013, $117 million relates to contingent liabilities and the remaining $293 million relates to liabilities recorded in the Consolidated Balance Sheet.

The total amount of interest paid (net of amounts capitalized) was $408 million, $419 million and $383 million in 2013, 2012 and 2011, respectively. The Corporation capitalized interest of $60 million, $28 million and $13 million in 2013, 2012 and 2011, respectively.

Level 4 (Note level) Text Block concept - Maturities of Long Term Debt NOT FOUND
NOT FOUND
Level 4 (Note level) Text Block concept - Debt Instruments us-gaap:ScheduleOfDebtInstrumentsTextBlock

Long-term debt at December 31 consisted of the following:

 

     2013      2012  
     (In millions)  

Revolving credit facility, weighted average rate 1.6% in 2012

   $       $ 758  

Asset-backed credit facility, weighted average rate 0.8% in 2012

             600  

Short-term credit facilities, weighted average rate 1.5% in 2012

             990  

Fixed-rate public notes:

     

7.0% due 2014

     250        250  

8.1% due 2019

     998        998  

7.9% due 2029

     695        695  

7.3% due 2031

     747        746  

7.1% due 2033

     598        598  

6.0% due 2040

     745        745  

5.6% due 2041

     1,242        1,242  
  

 

 

    

 

 

 

Total fixed-rate public notes

     5,275        5,274  

Leased floating production system

     296        180  

Other fixed-rate notes, weighted average rate 12.9%, due through 2023

     135        111  

Project lease financing, weighted average rate 5.1%, due through 2014

     60        78  

Fair value adjustments — interest rate hedging

     30        65  

Pollution control revenue bonds, weighted average rate 5.9% in 2012

             53  

Other debt

     2        2  
  

 

 

    

 

 

 

Total debt

     5,798        8,111  

Less: Short-term debt and current maturities of long-term debt

     378        787  
  

 

 

    

 

 

 

Total long-term debt

   $ 5,420      $ 7,324  
  

 

 

    

 

 


Level 4 Details Key Concepts: Long-term Debt Maturities

Description Fact value US GAAP XBRL Concept
Year 1 (Current portion) 378,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
Year 2 74,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
Year 3 78,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
Year 4 89,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
Year 5 58,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
Thereafter 0
Total Long-term Debt 5,798,000,000 us-gaap:LongTermDebt
CHECK 5,121,000,000

*


(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Current portion 378,000,000 us-gaap:DebtCurrent
Noncurrent portion 5,420,000,000 us-gaap:LongTermDebtAndCapitalLeaseObligations
Total Long-Term Debt 5,798,000,000 us-gaap:LongTermDebt
CHECK 0

*


*

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