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MANAGEMENT
LETTER As a leading global independent energy company we know that commercial success is not the sole measure for business today. Companies are judged as much by how they operate as they are on their results. Fortunately, we have a long established set of values, both written and unwritten, which guide us to respect the environment and benefit the communities where we do business, while delivering the increased energy demands of a growing world. These values will continue to shape our actions as we grow our Company. Our goal is to help provide the world with affordable energy in an environmentally and socially responsible manner. Since the first publication of this report six years ago we have developed challenging performance goals, accelerated our engagement with local and global organizations and reached a greater understanding of the interrelationship between our Company, energy consumption, the environment and social needs. Considerable progress was made towards our environmental objectives in 2002. Compared to 2001, on a normalized basis, we reduced the amount of SOx, NOx, VOC and Greenhouse Gas emissions. Our total volume of liquid spills and releases was reduced by 84% from 2001. Compared to 2000 this is a 92% reduction in spill volume. By the end of 2002, nearly a quarter of total oil production and throughput was from ISO-14001 certified operations. Although we did not achieve the 2002 safety objectives we had set for ourselves, we did reduce our recordable injury rate by 2%. We are not satisfied with this level of performance and have developed new targets and strategies to significantly improve our safety performance. A more detailed documentation of our performance is available on our web site at www.hess.com. We hope that in reviewing this report, in addition to our general annual report, you will gain a better understanding of the efforts we are taking to meet the world’s energy challenge while remaining a responsible corporate citizen.  JOHN B. HESS Chairman of the Board and Chief Executive Officer  J. BARCLAY COLLINS Executive Vice President and General Counsel  GERALD I. BRESNICK, Ph.D. Vice President, Environment, Health and Safety |
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