Hess Reports Estimated Results for the Fourth Quarter of 2011

25.01.2012 | Business Wire

Fourth Quarter Highlights:

Net loss was $131 million, compared with net income of $58
million in the fourth quarter of 2010
Net income excluding items affecting comparability between
periods was $394 million, compared with $398 million in the fourth
quarter of 2010
Results included a previously announced after-tax charge of $525
million related to the shutdown of the HOVENSA L.L.C. refinery
Oil and gas production was 367,000 barrels of oil equivalentper day, compared with 420,000 in the fourth quarter of 2010
Year end total proved reserves were 1,573 million barrels;
reserve replacement for 2011 was 147 percent

Hess Corporation (NYSE: HES) reported a net loss of $131 ?million for the
fourth quarter of 2011 compared with net income of $58 million for the
fourth quarter of 2010. The after-tax income (loss) by major operating
activity was as follows:

?	?	?	Three Months Ended					?	?	Year Ended
			December 31, (unaudited)							December 31, (unaudited)
			2011		?	2010				2011		?	2010
			(In millions, except per share amounts)
Exploration and Production			$	527		$	420			$	2,675		$	2,736
Marketing and Refining				(561)			(261)				(584)			(231)
Corporate				(40)			(43)				(154)			(159)
Interest expense			?	(57)		?	(58)			?	(234)		?	(221)
Net income (loss) attributable to Hess Corporation			$	(131)		$	58			$	1,703		$	2,125
														?
Net income (loss) per share (diluted)			$	(.39)		$	.18			$	5.01		$	6.47
														?
Weighted average number of shares (diluted)			?	337.5		?	330.5			?	339.9		?	328.3
														?

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

Exploration and Production earnings were $527 million in the fourth
quarter of 2011 compared with $420 million in the fourth quarter of
2010. The Corporation′s average worldwide crude oil selling price,
including the effect of hedging, was $89.70 per barrel, up from $71.73
per barrel in the same quarter a year ago. The average worldwide natural
gas selling price was $6.32 per Mcf in the fourth quarter of 2011, up
from $5.30 per Mcf in the fourth quarter of 2010. Fourth quarter oil and
gas production was 367,000 barrels of oil equivalent per day, compared
with 420,000 barrels of oil equivalent per day in the fourth quarter a
year ago, largely due to production interruptions and asset sales.
Fourth quarter 2011 results included higher exploration expenses
reflecting total dry hole costs of $236 million ($143 million
after-tax), primarily associated with two exploration wells on the Semai
V Block, offshore Indonesia.

Oil and gas proved reserves were 1,573 million barrels of oil equivalent
at the end of 2011, compared with 1,537 million barrels at the end of
2010. During 2011, the Corporation added 203 million barrels of oil
equivalent to proved reserves. These additions, which are subject to
final review, replaced approximately 147 percent of the Corporation′s
2011 production, resulting in a reserve life of 11.4 years.

Marketing and Refining generated a loss of $561 million in the fourth
quarter of 2011 compared with a loss of $261 million in the same period
in 2010. Refining operations incurred a loss of $598 million in the
fourth quarter of 2011, including the HOVENSA L.L.C. shutdown charge
discussed below, and a loss of $308 million in the fourth quarter a year
ago. Marketing earnings were $48 million compared with $37 million in
the same quarter of 2010. Trading activities generated a loss of $11
million in the fourth quarter of 2011 and income of $10 million in the
fourth quarter of last year.

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

	?	?	?	?	?	Three Months Ended					?	?	?	?	Year Ended
						December 31, (unaudited)									December 31, (unaudited)
						2011		?	2010						2011		?	2010
						(Millions of dollars)
Exploration and Production						$	-		$	(51)					$	244		$	732
Marketing and Refining							(525)			(289)						(525)			(289)
Corporate						?	-		?	-					?	-		?	(7)
						$	(525)		$	(340)					$	(281)		$	436
																			?

Fourth quarter 2011 results included an after-tax charge of $525 million
related to the Corporation′s investment in HOVENSA L.L.C. and the
shutdown of the refinery in St. Croix, U.S. Virgin Islands.

Net cash provided by operating activities was $1,138 million in the
fourth quarter of 2011, compared with $1,478 million in the same quarter
of 2010. Capital and exploratory expenditures were $2,236 million, of
which $2,185 million related to Exploration and Production operations.
Capital and exploratory expenditures for the fourth quarter of 2010 were
$2,464 million, of which $2,438 million related to Exploration and
Production operations.

At December 31, 2011, cash and cash equivalents totaled $351 million
compared with $1,608 ?million at December 31, 2010. Total debt was $6,057
million at December 31, 2011 and $5,583 million at December 31, 2010.
The Corporation′s debt to capitalization ratio at December 31, 2011 was
24.6 percent compared with 24.9 percent at the end of 2010.

Hess Corporation will review fourth 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)
?
?	?	?	Fourth		?	Fourth		?	Third
			? ?Quarter ? ?			? ?Quarter ? ?			? ?Quarter ? ?
			2011			2010			2011
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues			$	9,733		$	9,007		$	8,665
Income (loss) from equity investment in HOVENSA L.L.C.				(940)			(348)			(36)
Other, net			?	31		?	31		?	97
										?
Total revenues and non-operating income			?	8,824		?	8,690		?	8,726
										?
Costs and Expenses
Cost of products sold (excluding items shown separately below)				6,712			6,221			6,181
Production expenses				613			532			609
Marketing expenses				273			291			266
Exploration expenses, including dry holes and lease impairment				426			317			199
Other operating expenses				44			42			43
General and administrative expenses				187			197			177
Interest expense				93			100			94
Depreciation, depletion and amortization				674			633			586
Asset impairments			?	-		?	-		?	358
										?
Total costs and expenses			?	9,022		?	8,333		?	8,513
										?
Income (loss) before income taxes				(198)			357			213
Provision (benefit) for income taxes			?	(64)		?	274		?	(54)
										?
Net income (loss)				(134)			83			267
Less: Net income (loss) attributable to noncontrolling interests			?	(3)		?	25		?	(31)
Net income (loss) attributable to Hess Corporation			$	(131)		$	58		$	298
										?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax			$	(8)		$	2		$	(2)
Capitalized interest				5			2			4
										?
Cash Flow Information
Net cash provided by operating activities (*)			$	1,138		$	1,478		$	1,022
										?
Capital and Exploratory Expenditures
Exploration and Production
United States			$	1,372		$	1,820		$	1,600
International			?	813		?	618		?	917
										?
Total Exploration and Production				2,185			2,438			2,517
Marketing, Refining and Corporate			?	51		?	26		?	33
										?
Total Capital and Exploratory Expenditures			$	2,236		$	2,464		$	2,550
										?
Exploration expenses charged to income included above
United States			$	51		$	46		$	48
International			?	70		?	77		?	68
										?
			$	121		$	123		$	116
										?

(*) Includes changes in working capital.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
	?	?	?	?	?	?	Year Ended December 31,
							2011		?	2010
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues							$	38,466		$	33,862
Income (loss) from equity investment in HOVENSA L.L.C.								(1,073)			(522)
Other, net							?	478		?	1,273
											?
Total revenues and non-operating income							?	37,871		?	34,613
											?
Costs and Expenses
Cost of products sold (excluding items shown separately below)								26,774			23,407
Production expenses								2,352			1,924
Marketing expenses								1,069			1,021
Exploration expenses, including dry holes and lease impairment								1,195			865
Other operating expenses								171			213
General and administrative expenses								702			662
Interest expense								383			361
Depreciation, depletion and amortization								2,406			2,317
Asset impairments							?	358		?	532
											?
Total costs and expenses							?	35,410		?	31,302
											?
Income (loss) before income taxes								2,461			3,311
Provision (benefit) for income taxes							?	785		?	1,173
											?
Net income (loss)								1,676			2,138
Less: Net income (loss) attributable to noncontrolling interests							?	(27)		?	13
Net income (loss) attributable to Hess Corporation							$	1,703		$	2,125
											?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax							$	(15)		$	(8)
Capitalized interest								13			5
											?
Cash Flow Information
Net cash provided by operating activities (*)							$	4,984		$	4,530
											?
Capital and Exploratory Expenditures
Exploration and Production
United States							$	4,305		$	2,935
International							?	3,039		?	2,822
											?
Total Exploration and Production								7,344			5,757
Marketing, Refining and Corporate							?	118		?	98
											?
Total Capital and Exploratory Expenditures							$	7,462		$	5,855
											?
Exploration expenses charged to income included above
United States							$	197		$	154
International							?	259		?	209
											?
							$	456		$	363
?

(*) Includes changes in working capital.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
	?	?	?	?	?	?	?	?			?	?
									December 31,				December 31,
									2011				2010
Balance Sheet Information
Cash and cash equivalents									$	351			$	1,608
Other current assets										7,965				7,172
Investments										384				443
Property, plant and equipment ? net										24,550				21,127
Other long-term assets									?	5,688			?	5,046
Total assets									$	38,938			$	35,396
														?
Short-term debt and current maturities of long-term debt									$	52			$	46
Other current liabilities										8,025				7,567
Long-term debt										6,005				5,537
Other long-term liabilities										6,294				5,437
Total equity excluding other comprehensive income (loss)										19,659				17,968
Accumulated other comprehensive income (loss)									?	(1,097)			?	(1,159)
Total liabilities and equity									$	38,938			$	35,396
														?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
	?	?
			Fourth Quarter 2011
			?United		?	?			?
			? ? ? ?States ? ? ?				International			? ? ? ?Total ? ? ?
Sales and other operating revenues			$	937			$	1,662		$	2,599
Other, net			?	3			?	25		?	28
											?
Total revenues and non-operating income			?	940			?	1,687		?	2,627
Costs and expenses
Production expenses, including related taxes				170				443			613
Exploration expenses, including dry holes and lease impairment				118				308			426
General, administrative and other expenses				49				33			82
Depreciation, depletion and amortization				273				378			651
Asset impairments			?	-			?	-		?	-
											?
Total costs and expenses			?	610			?	1,162		?	1,772
											?
Results of operations before income taxes				330				525			855
Provision (benefit) for income taxes			?	130			?	198		?	328
											?
Results of operations attributable to Hess Corporation			$	200			$	327		$	527
											?
			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
Asset impairments			?	-			?	-		?	-
											?
Total costs and expenses			?	504			?	1,034		?	1,538
											?
Results of operations before income taxes				170				592			762
Provision (benefit) for income taxes			?	72			?	270		?	342
											?
Results of operations attributable to Hess Corporation			$	98			$	322		$	420
											?
			Third Quarter 2011
			United
			States				International			Total
Sales and other operating revenues			$	830			$	1,307		$	2,137
Other, net			?	4			?	93		?	97
											?
Total revenues and non-operating income			?	834			?	1,400		?	2,234
Costs and expenses
Production expenses, including related taxes				174				435			609
Exploration expenses, including dry holes and lease impairment				120				79			199
General, administrative and other expenses				44				27			71
Depreciation, depletion and amortization				209				355			564
Asset impairments			?	16			?	342		?	358
											?
Total costs and expenses			?	563			?	1,238		?	1,801
											?
Results of operations before income taxes				271				162			433
Provision (benefit) for income taxes			?	108			?	(97)		?	11
											?
Results of operations attributable to Hess Corporation			$	163			$	259		$	422
											?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
?
	?	?	Year Ended December 31, 2011
			United		?			?
			? ? ?States ? ? ?			International			? ? ?Total ? ? ?
Sales and other operating revenues			$	3,371		$	6,676		$	10,047
Other, net			?	(7)		?	471		?	464
										?
Total revenues and non-operating income			?	3,364		?	7,147		?	10,511
Costs and expenses
Production expenses, including related taxes				660			1,692			2,352
Exploration expenses, including dry holes and lease impairment				475			720			1,195
General, administrative and other expenses				190			123			313
Depreciation, depletion and amortization				800			1,505			2,305
Asset impairments			?	16		?	342		?	358
										?
Total costs and expenses			?	2,141		?	4,382		?	6,523
										?
Results of operations before income taxes				1,223			2,765			3,988
Provision (benefit) for income taxes			?	470		?	843		?	1,313
										?
Results of operations attributable to Hess Corporation			$	753		$	1,922		$	2,675
										?
			Year Ended December 31, 2010
			United
			States			International			Total
Sales and other operating revenues			$	2,453		$	6,291		$	8,744
Other, net			?	(3)		?	1,236		?	1,233
										?
Total revenues and non-operating income			?	2,450		?	7,527		?	9,977
Costs and expenses
Production expenses, including related taxes				489			1,435			1,924
Exploration expenses, including dry holes and lease impairment				364			501			865
General, administrative and other expenses				161			120			281
Depreciation, depletion and amortization				649			1,573			2,222
Asset impairments			?	-		?	532		?	532
										?
Total costs and expenses			?	1,663		?	4,161		?	5,824
										?
Results of operations before income taxes				787			3,366			4,153
Provision (benefit) for income taxes			?	304		?	1,113		?	1,417
										?
Results of operations attributable to Hess Corporation			$	483		$	2,253		$	2,736
										?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	?	?	?	?	?	?	?	?	?	?	?	?			?	?	?	?	?			?	?	?	?	?
													Fourth							Fourth							Third
													? ?Quarter ?							? ?Quarter ?							? ?Quarter ?
													? ?2011 ? ?							? ?2010 ? ?							? ?2011 ? ?
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States														89							76							82
Europe														95							103							68
Africa														54							99							59
Asia													?	13						?	13						?	15
Total													?	251						?	291						?	224
																												?
Natural gas liquids - barrels
United States														13							14							13
Europe														4							4							3
Asia													?	1						?	1						?	1
Total													?	18						?	19						?	17
																												?
Natural gas - mcf
United States														90							114							102
Europe														92							138							55
Asia and other													?	408						?	411						?	458
Total													?	590						?	663						?	615
Barrels of oil equivalent													?	367						?	420						?	344
																												?
Average Selling Price
Crude oil - per barrel (including hedging)*
United States													$	100.76						$	80.65						$	95.12
Europe														77.18							63.18							65.92
Africa														85.49							70.21							89.41
Asia														111.08							86.94							112.31
Worldwide														89.70							71.73							85.81
																												?
Crude oil - per barrel (excluding hedging)
United States													$	100.76						$	80.65						$	95.12
Europe														77.18							63.18							65.92
Africa														109.28							86.40							113.03
Asia														111.08							86.94							112.31
Worldwide														95.16							77.17							92.33
																												?
Natural gas liquids - per barrel
United States													$	57.86						$	51.89						$	57.72
Europe														66.47							64.65							82.18
Asia														66.18							70.22							71.30
Worldwide														59.81							55.00							63.64
																												?
Natural gas - per mcf
United States													$	2.50						$	3.11						$	3.43
Europe														8.88							7.81							8.93
Asia and other														6.57							5.06							5.86
Worldwide														6.32							5.30							5.74
																												?

*	The realized after-tax losses from crude oil hedging activities were $83 million in the fourth quarter of 2011, $86 million in the fourth quarter of 2010 and $82 million in the third quarter of 2011.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?
																				Year Ended December 31,
																				2011		?	?	?	?	?	?	2010
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States																					81								75
Europe																					89								88
Africa																					66								113
Asia																				?	13							?	13
Total																				?	249							?	289
																													?
Natural gas liquids - barrels
United States																					13								14
Europe																					3								3
Asia																				?	1							?	1
Total																				?	17							?	18
																													?
Natural gas - mcf
United States																					100								108
Europe																					81								134
Asia and other																				?	442							?	427
Total																				?	623							?	669
Barrels of oil equivalent																				?	370							?	418
																													?
Average Selling Price
Crude oil - per barrel (including hedging)*
United States																				$	98.56							$	75.02
Europe																					80.18								58.11
Africa																					88.46								65.02
Asia																					111.71								79.23
Worldwide																					89.99								66.20
																													?
Crude oil - per barrel (excluding hedging)
United States																				$	98.56							$	75.02
Europe																					80.18								58.11
Africa																					110.28								78.31
Asia																					111.71								79.23
Worldwide																					95.60								71.40
																													?
Natural gas liquids - per barrel
United States																				$	58.59							$	47.92
Europe																					75.49								59.23
Asia																					72.29								63.50
Worldwide																					62.72								50.49
																													?
Natural gas - per mcf
United States																				$	3.39							$	3.70
Europe																					8.79								6.23
Asia and other																					6.02								5.93
Worldwide																					5.96								5.63

The realized after-tax losses from crude oil hedging activities
were $327 million for the year ended December 31, 2011 and $338
million for the year ended December 31, 2010.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
			?	?	?	?	?	?	?	?	?				?	?				?	?
												Fourth					Fourth					Third
												? ?Quarter ? ?					? ?Quarter ? ?					? ?Quarter ? ?
												2011					2010					2011
Financial Information (in millions of dollars)
																								?
Marketing and Refining Results
Income (loss) before income taxes												$	(885)				$	(251)				$	(23)
Provision (benefit) for income taxes												?	(324)				?	10				?	-
Results of operations attributable to Hess Corporation												$	(561)				$	(261)				$	(23)
																								?
Summary of Marketing and Refining Results
Refining												$	(598)				$	(308)				$	(38)
Marketing													48					37					41
Trading												?	(11)				?	10				?	(26)
Results of operations attributable to Hess Corporation												$	(561)				$	(261)				$	(23)
?	?	?
		?
Operating Data (barrels and gallons in thousands)
																								?
Refined Product Sales (barrels per day)
Gasoline													214					225					222
Distillates													143					144					100
Residuals													65					78					53
Other												?	19				?	42				?	14
Total												?	441				?	489				?	389
																								?
Refinery Throughput (barrels per day)
HOVENSA - Crude runs													271					384					297
HOVENSA - Hess 50% share													136					192					149
Port Reading													58					60					63
	?
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	? ? ? ?350 (a)												77.5	%		?		76.8	%		?		84.9	%
FCC	150												64.0	%		?		57.3	%		?		79.2	%
Coker	?58												80.4	%		?		73.3	%		?		91.0	%
Port Reading	?70												82.9	%		?		86.0	%		?		90.0	%
																								?
Retail Marketing
Number of retail stations (b)													1,361					1,362					1,358
Convenience store revenue (in millions of dollars) (c)												$	290				$	298				$	316
Average gasoline volume per station (gallons per month) (c)													195					201					201
																								?

(a)	?	HOVENSA′s refining crude capacity was reduced to 350,000 from 500,000 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 AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
		?	?	?	?	?	?	?	?	?	?	?	?	?	?
?																Year Ended December 31,
																2011			?	?	?	2010
																								?
Financial Information (in millions of dollars)
																								?
Marketing and Refining Results
Income (loss) before income taxes																$	(857)					$	(227)
Provision (benefit) for income taxes																?	(273)					?	4
Results of operations attributable to Hess Corporation																$	(584)					$	(231)
																								?
Summary of Marketing and Refining Results
Refining																$	(728)					$	(445)
Marketing																	185						215
Trading																?	(41)					?	(1)
Results of operations attributable to Hess Corporation																$	(584)					$	(231)
?	?	?
		?
Operating Data (barrels and gallons in thousands)
																								?
Refined Product Sales (barrels per day)
Gasoline																	222						242
Distillates																	123						120
Residuals																	65						69
Other																?	20					?	40
Total																?	430					?	471
																								?
Refinery Throughput (barrels per day)
HOVENSA - Crude runs																	284						390
HOVENSA - Hess 50% share																	142						195
Port Reading																	63						55
	?
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	? ? ? ? ?350 (a)																81.1	%			?		78.0	%
FCC	150																71.7	%			?		66.5	%
Coker	?58																77.4	%			?		78.3	%
Port Reading	?70																90.0	%			?		78.1	%
																								?
Retail Marketing
Number of retail stations (b)																	1,361						1,362
Convenience store revenue (in millions of dollars) (c)																$	1,189					$	1,213
Average gasoline volume per station (gallons per month) (c)																	195						199

(a)	?	HOVENSA′s refining crude capacity was reduced to 350,000 from 500,000 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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