Hess Reports Estimated Results for the First Quarter of 2011

27.04.2011 | Business Wire

First Quarter Highlights:

Net income was $929 million compared with $538 million in the
first quarter of 2010
Net income included an after-tax gain of $310 million relating
to asset sales
Net cash provided by operating activities was $1,135 million,
compared with $825 million in the first quarter of 2010
Oil and gas production was 399,000 barrels per day, compared
with 423,000 in the first quarter of 2010

Hess Corporation (NYSE: HES) reported net income of $929 million for the
first quarter of 2011 compared with $538 million for the first quarter
of 2010. The after-tax income (loss) by major operating activity was as
follows:

	Three Months Ended
	March 31, (unaudited)
	2011			2010
	(In millions, except
	per share amounts)
Exploration and Production	$	979		$	551
Marketing and Refining		39			87
Corporate		(28	)		(48	)
Interest expense		(61	)		(52	)
Net income attributable to Hess Corporation	$	929		$	538

Net income per share (diluted)	$	2.74		$	1.65

Weighted average number of shares (diluted)		339.2			327.0

Note: See the following page for a table of items affecting the
comparability of earnings between periods.

Exploration and Production earnings were $979 million in the first
quarter of 2011 compared with $551 million in the first quarter of 2010.
The Corporation′s first quarter oil and gas production was 399,000
barrels of oil equivalent per day, down from 423,000 barrels of oil
equivalent per day in the first quarter a year ago, primarily reflecting
the suspension of production in Libya in early March due to civil unrest
and the sale of certain natural gas producing assets in the United
Kingdom North Sea. The Corporation′s average worldwide crude oil selling
price, including the effect of hedging, was $87.22 per barrel, an
increase from $63.62 per barrel in the first quarter of 2010. The
average worldwide natural gas selling price was $5.84 per Mcf in the
first quarter of 2011 compared with $5.92 per Mcf in the same quarter a
year ago. First quarter 2011 results included higher exploration
expenses reflecting dry hole costs of $121 million ($77 million
after-tax) associated with an exploration well located on Block 1
offshore Egypt in the North Red Sea.

Marketing and Refining earnings were $39 million in the first quarter of
2011 compared with $87 million in the same period in 2010. Refining
operations incurred a loss of $48 million in the first quarter of 2011
compared with a loss of $56 million in the first quarter a year ago.
Marketing earnings were $68 million compared with $121 million in the
first quarter of 2010. Trading activities generated income of $19
million in the first quarter of 2011 compared with $22 million in the
first quarter of last year.

The following table reflects the total after-tax income (expense) of
items affecting the comparability of earnings between periods:

	Three Months Ended
	March 31, (unaudited)
	(Millions of dollars)
	2011		2010
Exploration and Production	$	310	$	58
Corporate		-		(7	)
	$	310	$	51

First quarter 2011 results included an after-tax gain of $310 million
related to the sale of the Corporation′s interests in certain natural
gas producing assets in the United Kingdom North Sea.

Net cash provided by operating activities was $1,135 million in the
first quarter of 2011, compared with $825 million in the same quarter of
2010. Capital and exploratory expenditures were $1,186 million, of which
$1,173 million related to Exploration and Production operations. Capital
and exploratory expenditures for the first quarter of 2010 were $861
million, of which $841 million related to Exploration and Production
operations.

At March 31, 2011, cash and cash equivalents totaled $1,968 million up
from $1,608 million at December 31, 2010. Total debt was $5,552 million
at March 31, 2011 and $5,583 million at December 31, 2010. The
Corporation′s debt to capitalization ratio at March 31, 2011 improved to
23.5 percent compared with 24.9 percent at the end of 2010.

Hess Corporation will review first quarter financial and operating
results and other matters on a webcast at 10 a.m. today. For details
about the event, refer to the Investor Relations section of our website
at www.hess.com.

Hess Corporation, with headquarters in New York, is a global integrated
energy company engaged in the exploration, production, purchase,
transportation and sale of crude oil and natural gas, as well as the
production and sale of refined petroleum products. More information on
Hess Corporation is available at www.hess.com.

Forward Looking Statements

Certain statements in this release may constitute 'forward-looking
statements' within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended. Forward-looking
statements are subject to known and unknown risks and uncertainties and
other factors which may cause actual results to differ materially from
those expressed or implied by such statements, including, without
limitation, uncertainties inherent in the measurement and interpretation
of geological, geophysical and other technical data.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)

	First			First			Fourth
	Quarter			Quarter			Quarter
	2011			2010			2010
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues	$	10,215		$	9,259		$	9,007
Income (loss) from equity investment in HOVENSA L.L.C.		(48	)		(85	)		(348	)
Other, net		348			46			31

Total revenues and non-operating income		10,515			9,220			8,690

Costs and Expenses
Cost of products sold (excluding items shown separately below)		7,040			6,540			6,221
Production expenses		531			477			532
Marketing expenses		283			253			291
Exploration expenses, including dry holes
and lease impairment		313			151			317
Other operating expenses		42			52			42
General and administrative expenses		164			155			197
Interest expense		99			84			100
Depreciation, depletion and amortization		558			542			633

Total costs and expenses		9,030			8,254			8,333

Income before income taxes		1,485			966			357
Provision for income taxes		511			398			274

Net income		974			568			83
Less: Net income (loss) attributable to noncontrolling interests		45			30			25
Net income attributable to Hess Corporation	$	929		$	538		$	58

Supplemental Income Statement Information
Foreign currency gains (losses), after-tax	$	(3	)	$	(1	)	$	2
Capitalized interest		2			1			2

Cash Flow Information
Net cash provided by operating activities (*)	$	1,135		$	825		$	1,478

Capital and Exploratory Expenditures
Exploration and Production
United States	$	540		$	337		$	1,820
International		633			504			618

Total Exploration and Production		1,173			841			2,438
Marketing, Refining and Corporate		13			20			26

Total Capital and Exploratory Expenditures	$	1,186		$	861		$	2,464

Exploration expenses charged to income included above
United States	$	42		$	41		$	46
International		62			32			77
	$	104		$	73		$	123

(*) Includes changes in working capital


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)

	March 31,			December 31,
	2011			2010
Balance Sheet Information

Cash and cash equivalents	$	1,968		$	1,608
Other current assets		7,468			7,172
Investments		446			443
Property, plant and equipment ? net		21,759			21,127
Other long-term assets		4,996			5,046
Total assets	$	36,637		$	35,396

Short-term debt and current maturities of long-term debt	$	35		$	46
Other current liabilities		7,316			7,567
Long-term debt		5,517			5,537
Other long-term liabilities		5,652			5,437
Total equity excluding other comprehensive income (loss)		18,990			17,968
Accumulated other comprehensive income (loss)		(873	)		(1,159	)
Total liabilities and equity	$	36,637		$	35,396


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)

	First Quarter 2011
	United
	States			International		Total
Sales and other operating revenues	$	746		$	1,867	$	2,613
Other, net		(1	)		345		344

Total revenues and non-operating income		745			2,212		2,957
Costs and expenses
Production expenses, including related taxes		137			394		531
Exploration expenses, including dry holes
and lease impairment		109			204		313
General, administrative and other expenses		48			36		84
Depreciation, depletion and amortization		152			385		537

Total costs and expenses		446			1,019		1,465

Results of operations before income taxes		299			1,193		1,492
Provision for income taxes		112			401		513

Results of operations attributable to Hess Corporation	$	187		$	792	$	979

	First Quarter 2010
	United
	States			International		Total
Sales and other operating revenues	$	582		$	1,532	$	2,114
Other, net		(1	)		55		54

Total revenues and non-operating income		581			1,587		2,168
Costs and expenses
Production expenses, including related taxes		116			361		477
Exploration expenses, including dry holes
and lease impairment		78			73		151
General, administrative and other expenses		36			31		67
Depreciation, depletion and amortization		136			383		519

Total costs and expenses		366			848		1,214

Results of operations before income taxes		215			739		954
Provision for income taxes		77			326		403

Results of operations attributable to Hess Corporation	$	138		$	413	$	551

	Fourth Quarter 2010
	United
	States			International		Total
Sales and other operating revenues	$	679		$	1,613	$	2,292
Other, net		(5	)		13		8

Total revenues and non-operating income		674			1,626		2,300
Costs and expenses
Production expenses, including related taxes		143			389		532
Exploration expenses, including dry holes
and lease impairment		121			196		317
General, administrative and other expenses		56			24		80
Depreciation, depletion and amortization		184			425		609

Total costs and expenses		504			1,034		1,538

Results of operations before income taxes		170			592		762
Provision for income taxes		72			270		342

Results of operations attributable to Hess Corporation	$	98		$	322	$	420


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	First		First		Fourth
	Quarter		Quarter		Quarter
	2011		2010		2010
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States		77		71		76
Europe		99		86		103
Africa		84		118		99
Asia		14		14		13
Total		274		289		291

Natural gas liquids - barrels
United States		13		13		14
Europe		4		3		4
Asia		1		1		1
Total		18		17		19

Natural gas - mcf
United States		106		97		114
Europe		107		156		138
Asia and other		430		452		411
Total		643		705		663
Barrels of oil equivalent		399		423		420

Average Selling Price
Crude oil - per barrel (including hedging)*
United States	$	91.56	$	74.40	$	80.65
Europe		84.17		55.25		63.18
Africa		82.32		62.38		70.21
Asia		110.80		71.67		86.94
Worldwide		87.22		63.62		71.73

Crude oil - per barrel (excluding hedging)
United States	$	91.56	$	74.40	$	80.65
Europe		84.17		55.25		63.18
Africa		102.58		75.96		86.40
Asia		110.80		71.67		86.94
Worldwide		92.35		69.06		77.17

Natural gas liquids - per barrel
United States	$	57.31	$	51.11	$	51.89
Europe		80.29		59.38		64.65
Asia		73.35		63.92		70.22
Worldwide		63.45		52.93		55.00

Natural gas - per mcf
United States	$	3.82	$	4.63	$	3.11
Europe		8.25		5.41		7.81
Asia and other		5.75		6.37		5.06
Worldwide		5.84		5.92		5.30

*	The after-tax losses from crude oil hedging activities were $81 million in the first quarter of 2011, $83 million in the first quarter of 2010 and $86 million in the fourth quarter of 2010.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)

			First			First			Fourth
			Quarter			Quarter			Quarter
			2011			2010			2010
Financial Information (in millions of dollars)

Marketing and Refining Results
Income (loss) before income taxes			$	96		$	139		$	(251	)
Provision (benefit) for income taxes				57			52			10
Results of operations attributable to Hess Corporation			$	39		$	87		$	(261	)

Summary of Marketing and Refining Results
Refining			$	(48	)	$	(56	)	$	(308	)
Marketing				68			121			37
Trading				19			22			10
Results of operations attributable to Hess Corporation			$	39		$	87		$	(261	)


Operating Data (barrels and gallons in thousands)

Refined Product Sales (barrels per day)
Gasoline				226			251			225
Distillates				134			126			144
Residuals				87			86			78
Other				20			51			42
Total				467			514			489

Refinery Throughput (barrels per day)
HOVENSA - Crude runs				263			375			384
HOVENSA - Hess 50% share				132			188			192
Port Reading				66			62			60


Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	350	(a)		75.2%			75.1%			76.8%
FCC	150			65.6%			41.2%			57.3%
Coker	58			41.6%			85.0%			73.3%
Port Reading	70			94.0%			88.8%			86.0%

Retail Marketing
Number of retail stations (b)				1,350			1,359			1,362
Convenience store revenue (in millions of dollars) (c)			$	278		$	276		$	298
Average gasoline volume per station (gallons per month) (c)				185			188			201

(a)	HOVENSA′s refining crude capacity was reduced from 500,000 to 350,000 barrels per day in the first quarter of 2011.
(b)	Includes company operated, Wilco-Hess, dealer and branded retailer.
(c)	Company operated only.

Hess Corporation

Investor Contact:

Jay
Wilson, 212-536-8940

or

Media
Contact:

Jon Pepper, 212-536-8550

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