Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

2. Discontinued Operations

As a result of the Corporation’s plans to divest its downstream businesses, the results of operations for these businesses have been reported as discontinued operations in the Statement of Consolidated Income and the related assets and liabilities have been classified as held for sale at March 31, 2013 in the Consolidated Balance Sheet. The downstream businesses were previously included in the reported Marketing and Refining segment.

Sales and other operating revenues and income from discontinued operations for the downstream businesses were as follows:

	Three Months Ended March 31,
	2013			2012
	(In millions)
Sales and other operating revenues	$	7,413		$	6,800
Income from discontinued operations before income taxes	$	144		$	30
Provision for income taxes		54			9
Income from discontinued operations, net of income taxes		90			21
Less: Net income (loss) attributable to noncontrolling interests		(10	)		9
Net income from discontinued operations attributable to Hess Corporation	$	100		$	12

The following table presents the assets and liabilities of the discontinued downstream businesses that are classified as held for sale (in millions):

	March 31,
	2013
Accounts receivable	$	2,888
Inventories		457
Investment in affiliates		173
Property, plant and equipment, net		1,130
Other assets		145
Total assets	$	4,793
Accounts payable and accrued liabilities	$	2,467
Other liabilities and deferred credits		143
Total liabilities	$	2,610

The inventories of the downstream businesses consisted of $1,200 million of refined petroleum products and natural gas, less a last-in, first out (LIFO) adjustment of $851 million, and $108 million of merchandise.