Hess Reports Estimated Results for the Third Quarter of 2011

26.10.2011 | Business Wire

Hess Reports Estimated Results for the Third Quarter of 2011

Third Quarter Highlights:

Net income was $298 million, compared with $1,154 million in the
third quarter of 2010
Net income excluding items affecting comparability between
periods was $379 million, compared with $429 million in the third
quarter of 2010
Net cash provided by operating activities was $1,022 million,
down from $1,246 million in the third quarter of 2010
Oil and gas production was 344,000 barrels of oil equivalentper day, compared with 413,000 in the third quarter of 2010
Capital and exploratory expenditures were $2,550 million,
including $902 million for acquisitions, up from $1,567 million in the
third quarter of 2010

Hess Corporation (NYSE: HES) reported net income of $298 ?million for the
third quarter of 2011 compared with $1,154 ?million for the third quarter
of 2010. The after-tax income (loss) by major operating activity was as
follows:

	?	?	Three Months Ended						?	?	?	Nine Months Ended
			September 30, (unaudited)									September 30, (unaudited)
			2011		?	?	2010					2011		?	?	2010
			(In millions, except per share amounts)
Exploration and Production			$	422			$	1,277				$	2,148			$	2,316
Marketing and Refining				(23)				(38)					(23)				30
Corporate				(44)				(26)					(114)				(116)
Interest expense			?	(57)			?	(59)				?	(177)			?	(163)
Net income attributable to Hess Corporation			$	298			$	1,154				$	1,834			$	2,067
																?
Net income per share (diluted)			$	.88			$	3.52				$	5.40			$	6.31
																?
Weighted average number of shares (diluted)			?	340.2			?	327.6				?	339.8			?	327.3

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

Exploration and Production earnings were $422 ?million in the third
quarter of 2011 compared with $1,277 ?million in the third quarter of
2010. The Corporation′s average worldwide crude oil selling price,
including the effect of hedging, was $85.81 ?per barrel, up from
$64.81 ?per barrel in the third quarter of 2010. The average worldwide
natural gas selling price of $5.74 per Mcf in the third quarter of 2011
was comparable with the selling price for the same quarter a year ago.
Third quarter oil and gas production was 344,000 ?barrels of oil
equivalent per day, down from 413,000 ?barrels of oil equivalent per day
in the third quarter a year ago, due to production interruptions in
Libya and at the Valhall and Llano fields, the sale of certain natural
gas assets in the United Kingdom North Sea in February and natural field
declines, partially offset by higher production from the Bakken oil
shale play in North Dakota.

Marketing and Refining generated a loss of $23 ?million in the third
quarter of 2011 compared with a loss of $38 ?million in the same period
in 2010. Refining operations incurred a loss of $38 million in the third
quarter of 2011 compared with a loss of $50 ?million in the year ago
quarter. Marketing earnings of $41 million were comparable to the
earnings for the third quarter of 2010. Trading activities generated a
loss of $26 ?million in the third quarter of 2011 and a loss of
$28 ?million in the third 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

Nine Months Ended

September 30, (unaudited)

2011

2010

2011

2010

(Millions of dollars)

Exploration and Production

(81)

725

244

783

Corporate

(7)

(81)

725

244

776

Third quarter 2011 results include after-tax impairment charges of $140
million that resulted from increases to the Corporation′s abandonment
liabilities, primarily for non-producing properties. A charge of $44
million was also recorded as a result of the third quarter enactment of
an additional 12 percent supplementary tax on petroleum operations in
the United Kingdom with an effective date of March 24, 2011. The charge
consists of incremental income tax of $15 million on earnings from the
effective date to the end of the second quarter and a charge of $29
million to increase the United Kingdom deferred tax liability. The
results also include after-tax gains of $103 million from the sales of
the Corporation′s interests in the Snorre Field, offshore Norway, and
the Cook Field in the United Kingdom North Sea.

Net cash provided by operating activities was $1,022 ?million in the
third quarter of 2011, compared with $1,246 ?million in the same quarter
of 2010. Capital and exploratory expenditures were $2,550 million, of
which $2,517 ?million related to Exploration and Production operations,
including $902 million for acreage acquisitions in the Utica Shale play
in eastern Ohio and in the Kurdistan region of Iraq. Capital and
exploratory expenditures for the third quarter of 2010 were
$1,567 ?million, of which $1,548 million related to Exploration and
Production operations.

At September 30, 2011, cash and cash equivalents totaled $827 million
compared with $1,608 ?million at December 31, 2010. Total debt was $5,592
million at September 30, 2011 and $5,583 ?million at December 31, 2010.
The Corporation′s debt to capitalization ratio at September 30, 2011 was
22.8 percent compared with 24.9 percent at the end of 2010.

Hess Corporation will review third 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)
	?	?			?	?			?	?
			Third				Third				Second
			Quarter				Quarter				Quarter
			2011				2010				2011
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues			$	8,665			$	7,864			$	9,853
Income (loss) from equity investment in HOVENSA L.L.C.				(36)				(83)				(49)
Other, net			?	97			?	1,172			?	2
											?
Total revenues and non-operating income			?	8,726			?	8,953			?	9,806
											?
Costs and Expenses
Cost of products sold (excluding items shown separately below)				6,181				5,330				6,841
Production expenses				609				475				599
Marketing expenses				266				232				247
Exploration expenses, including dry holes
and lease impairment				199				225				257
Other operating expenses				43				39				42
General and administrative expenses				177				151				174
Interest expense				94				94				97
Depreciation, depletion and amortization				586				584				588
Asset impairments			?	358			?	532			?	-
											?
Total costs and expenses			?	8,513			?	7,662			?	8,845
											?
Income before income taxes				213				1,291				961
Provision (benefit) for income taxes			?	(54)			?	200			?	392
											?
Net income				267				1,091				569
Less: Net income (loss) attributable to noncontrolling interests			?	(31)			?	(63)			?	(38)
Net income attributable to Hess Corporation			$	298			$	1,154			$	607
											?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax			$	(2)			$	(5)			$	(2)
Capitalized interest				4				1				2
											?
Cash Flow Information
Net cash provided by operating activities (*)			$	1,022			$	1,246			$	1,689
											?
Capital and Exploratory Expenditures
Exploration and Production
United States			$	1,600			$	379			$	793
International			?	917			?	1,169			?	676
											?
Total Exploration and Production				2,517				1,548				1,469
Marketing, Refining and Corporate			?	33			?	19			?	21
											?
Total Capital and Exploratory Expenditures			$	2,550			$	1,567			$	1,490
											?
Exploration expenses charged to income included above
United States			$	48			$	46			$	56
International			?	68			?	59			?	59
											?
			$	116			$	105			$	115

(*)	?	Includes changes in working capital
		?
		?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
	?	?			?	?	?	?
			Nine Months
			2011						2010
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues			$	28,733					$	24,855
Income (loss) from equity investment in HOVENSA L.L.C.				(133)						(174)
Other, net			?	447					?	1,242
									?
Total revenues and non-operating income			?	29,047					?	25,923
									?
Costs and Expenses
Cost of products sold (excluding items shown separately below)				20,062						17,186
Production expenses				1,739						1,392
Marketing expenses				796						730
Exploration expenses, including dry holes
and lease impairment				769						548
Other operating expenses				127						171
General and administrative expenses				515						465
Interest expense				290						261
Depreciation, depletion and amortization				1,732						1,684
Asset impairments			?	358					?	532
									?
Total costs and expenses			?	26,388					?	22,969
									?
Income before income taxes				2,659						2,954
Provision (benefit) for income taxes			?	849					?	899
									?
Net income				1,810						2,055
Less: Net income (loss) attributable to noncontrolling interests			?	(24)					?	(12)
Net income attributable to Hess Corporation			$	1,834					$	2,067
									?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax			$	(7)					$	(10)
Capitalized interest				8						3
									?
Cash Flow Information
Net cash provided by operating activities (*)			$	3,846					$	3,052
									?
Capital and Exploratory Expenditures
Exploration and Production
United States			$	2,933					$	1,115
International			?	2,226					?	2,204
									?
Total Exploration and Production				5,159	?					3,319
Marketing, Refining and Corporate			?	67					?	72
									?
Total Capital and Exploratory Expenditures			$	5,226					$	3,391
									?
Exploration expenses charged to income included above
United States			$	146					$	108
International			?	189					?	132
									?
			$	335					$	240

(*)	?	Includes changes in working capital
		?
		?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
	?	?			?	?	?	?	?
			September 30,							December 31,
			2011							2010
Balance Sheet Information
										?
Cash and cash equivalents			$	827						$	1,608
Other current assets				6,652							7,172
Investments				391							443
Property, plant and equipment ? net				24,167							21,127
Other long-term assets			?	5,302						?	5,046
Total assets			$	37,339						$	35,396
										?
Current maturities of long-term debt			$	44						$	46
Other current liabilities				6,562							7,567
Long-term debt				5,548							5,537
Other long-term liabilities				6,271							5,437
Total equity excluding other comprehensive income (loss)				19,781							17,968
Accumulated other comprehensive income (loss)			?	(867)						?	(1,159)
Total liabilities and equity			$	37,339						$	35,396
											?
											?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
	?	?	?
				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
																						?
				Third Quarter 2010
				?
				United ?States									International									Total
Sales and other operating revenues				$	622								$	1,657								$	2,279
Other, net				?	(2)								?	1,159								?	1,157
																						?
Total revenues and non-operating income				?	620								?	2,816								?	3,436
Costs and Expenses
Production expenses, including related taxes					117									358									475
Exploration expenses, including dry holes
? ? ?and lease impairment					105									120									225
General, administrative and other expenses					37									32									69
Depreciation, depletion and amortization					172									388									560
Asset impairments				?	-								?	532								?	532
																						?
Total costs and expenses				?	431								?	1,430								?	1,861
																						?
Results of operations before income taxes					189									1,386									1,575
Provision (benefit) for income taxes				?	71								?	227								?	298
																						?
Results of operations attributable to Hess Corporation				$	118								$	1,159								$	1,277
																						?
				Second Quarter 2011
				?
				United ?States									International									Total
Sales and other operating revenues				$	858								$	1,840								$	2,698
Other, net				?	(13)								?	8								?	(5)
																						?
Total revenues and non-operating income				?	845								?	1,848								?	2,693
Costs and Expenses
Production expenses, including related taxes					179									420									599
Exploration expenses, including dry holes
? ? ?and lease impairment					128									129									257
General, administrative and other expenses					49									27									76
Depreciation, depletion and amortization					166									387									553
Asset impairments				?	-								?	-								?	-
																						?
Total costs and expenses				?	522								?	963								?	1,485
																						?
Results of operations before income taxes					323									885									1,208
Provision (benefit) for income taxes				?	120								?	341								?	461
																						?
Results of operations attributable to Hess Corporation				$	203								$	544								$	747
				?
				?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
				?
				? Nine Months 2011
				?
				United ?States									International									Total
Sales and other operating revenues				$	2,434								$	5,014								$	7,448
Other, net				?	(10)								?	446								?	436
																						?
Total revenues and non-operating income				?	2,424								?	5,460								?	7,884
Costs and Expenses
Production expenses, including related taxes					490									1,249									1,739
Exploration expenses, including dry holes
? ? ?and lease impairment					357									412									769
General, administrative and other expenses					141									90									231
Depreciation, depletion and amortization					527									1,127									1,654
Asset impairments				?	16								?	342								?	358
																						?
Total costs and expenses				?	1,531								?	3,220								?	4,751
																						?
Results of operations before income taxes					893									2,240									3,133
Provision (benefit) for income taxes				?	340								?	645								?	985
																						?
Results of operations attributable to Hess Corporation				$	553								$	1,595								$	2,148
																						?
				Nine Months 2010
				?
				United ?States									International									Total
Sales and other operating revenues				$	1,774								$	4,678								$	6,452
Other, net				?	2								?	1,223								?	1,225
																						?
Total revenues and non-operating income				?	1,776								?	5,901								?	7,677
Costs and Expenses
Production expenses, including related taxes					346									1,046									1,392
Exploration expenses, including dry holes
? ? ?and lease impairment					243									305									548
General, administrative and other expenses					105									96									201
Depreciation, depletion and amortization					465									1,148									1,613
Asset impairments				?	-								?	532								?	532
																						?
Total costs and expenses				?	1,159								?	3,127								?	4,286
																						?
Results of operations before income taxes					617									2,774									3,391
Provision (benefit) for income taxes				?	232								?	843								?	1,075
																						?
Results of operations attributable to Hess Corporation				$	385								$	1,931								$	2,316
																							?
																							?

	HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
		?	?			?	?	?	?			?	?	?	?
	?			Third						Third						Second
	?			Quarter						Quarter						Quarter
				2011						2010						2011
	Operating Data
	Net Production Per Day (in thousands)
	Crude oil - barrels
	United States				82						78						77
	Europe				68						82						93
	Africa				59						117						66
	Asia			?	15					?	13					?	12
	Total			?	224					?	290					?	248
																?
	Natural gas liquids - barrels
	United States				13						15						13
	Europe				3						3						3
	Asia			?	1					?	-					?	1
	Total			?	17					?	18					?	17
																?
	Natural gas - mcf
	United States				102						120						100
	Europe				55						104						72
	Asia and other			?	458					?	406					?	471
	Total			?	615					?	630					?	643
	Barrels of oil equivalent			?	344					?	413					?	372
																?
	Average Selling Price
	Crude oil - per barrel (including hedging)*
	United States			$	95.12					$	71.92					$	106.62
	Europe				65.92						57.28						87.75
	Africa				89.41						64.78						97.74
	Asia				112.31						75.95						113.44
	Worldwide				85.81						64.81						97.20
																?
	Crude oil - per barrel (excluding hedging)
	United States			$	95.12					$	71.92					$	106.62
	Europe				65.92						57.28						87.75
	Africa				113.03						75.70						118.19
	Asia				112.31						75.95						113.44
	Worldwide				92.33						69.47						102.73
																?
	Natural gas liquids - per barrel
	United States			$	57.72					$	43.20					$	61.57
	Europe				82.18						57.69						69.99
	Asia				71.30						53.60						79.63
	Worldwide				63.64						46.10						64.05
																?
	Natural gas - per mcf
	United States			$	3.43					$	3.56					$	3.71
	Europe				8.93						6.50						8.97
	Asia and other				5.86						6.18						5.94
	Worldwide				5.74						5.73						5.93
																?
*	The after-tax losses from crude oil hedging activities were $82 million in the third quarter of 2011, $85 million in the third
	quarter of 2010 and $81 million in the second quarter of 2011.

	HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
	EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	?
		?	?	?	Nine Months
					2011		?	?	?	?	2010
	Operating Data
	Net Production Per Day (in thousands)
	Crude oil - barrels
	United States					78						74
	Europe					86						83
	Africa					70						117
	Asia				?	14					?	14
	Total				?	248					?	288
											?
	Natural gas liquids - barrels
	United States					13						13
	Europe					3						3
	Asia				?	1					?	1
	Total				?	17					?	17
											?
	Natural gas - mcf
	United States					103						107
	Europe					78						133
	Asia and other				?	453					?	432
	Total				?	634					?	672
	Barrels of oil equivalent				?	371					?	417
											?
	Average Selling Price
	Crude oil - per barrel (including hedging)*
	United States				$	97.71					$	73.05
	Europe					81.19						56.29
	Africa					89.85						63.67
	Asia					112.03						75.97
	Worldwide					90.22						64.44
											?
	Crude oil - per barrel (excluding hedging)
	United States				$	97.71					$	73.05
	Europe					81.19						56.29
	Africa					111.20						76.19
	Asia					112.03						75.97
	Worldwide					95.89						69.56
											?
	Natural gas liquids - per barrel
	United States				$	58.86					$	46.49
	Europe					78.09						57.28
	Asia					74.18						60.15
	Worldwide					63.70						48.84
											?
	Natural gas - per mcf
	United States				$	3.66					$	3.91
	Europe					8.64						5.67
	Asia and other					5.85						6.21
	Worldwide					5.84						5.74
											?
*	The after-tax losses from crude oil hedging activities were $244 million for the nine months ended September 30, 2011
	and $252 million for the nine months ended September 30, 2010.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
	?	?	?			?	?	?	?			?	?	?	?	?			?	?	?	?	?
										Third							Third							Second
										Quarter							Quarter							Quarter
										2011							2010							2011
Financial Information (in millions of dollars)
																								?
Marketing and Refining Results
Income (loss) before income taxes										$	(23)						$	(78)						$	(45)
Provision (benefit) for income taxes										?	-						?	(40)						?	(6)
Results of operations attributable to Hess Corporation										$	(23)						$	(38)						$	(39)
																								?
Summary of Marketing and Refining Results
Refining										$	(38)						$	(50)						$	(44)
Marketing											41							40							28
Trading										?	(26)						?	(28)						?	(23)
Results of operations attributable to Hess Corporation										$	(23)						$	(38)						$	(39)
?	?	?	?	?	?	?	?	?	?	?		?	?	?	?	?	?		?	?	?	?	?	?
																								?
Operating Data (barrels and gallons in thousands)
																								?
Refined Product Sales (barrels per day)
Gasoline											222							253							228
Distillates											100							96							114
Residuals											53							56							56
Other										?	14						?	41						?	28
Total										?	389						?	446						?	426
																								?
Refinery Throughput (barrels per day)
HOVENSA - Crude runs											297							408							303
HOVENSA - Hess 50% share											149							204							152
Port Reading											63							61							66
			?
Refinery Utilization			Refinery Capacity
HOVENSA			(barrels per day)
Crude				350	?(a)						84.9%							81.6%							86.7%
FCC				150							79.2%							76.1%							77.8%
Coker				58							91.0%							73.0%							96.0%
Port Reading			?	70	?						90.0%							87.7%							93.6%
																								?
Retail Marketing
Number of retail stations (b)											1,358							1,360							1,356
Convenience store revenue (in millions of dollars) (c)										$	316						$	322						$	305
Average gasoline volume per station (gallons per month) (c)											201							204							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 AND CONSOLIDATED SUBSIDIARIES

MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA
(UNAUDITED)

Nine Months

2011

2010

Financial Information (in millions of
dollars)

Marketing and Refining Results

Income (loss) before income taxes

Provision (benefit) for income taxes

(6)

Results of operations attributable to Hess Corporation

(23)

Summary of Marketing and Refining Results

Refining

(130)

(137)

Marketing

137

178

Trading

(30)

(11)

Results of operations attributable to Hess Corporation

(23)

Operating Data (barrels and gallons in
thousands)

Refined Product Sales (barrels per day)

Gasoline

226

247

Distillates

116

112

Residuals

Other

Total

427

465

Refinery Throughput (barrels per day)

HOVENSA - Crude runs

288

392

HOVENSA - Hess 50% share

144

196

Port Reading

Refinery Utilization

Refinery Capacity

HOVENSA

(barrels per day)

Crude

350

?(a)

82.3%

78.4%

FCC

150

74.3%

69.5%

Coker

76.4%

80.0%

Port Reading

92.5%

75.4%

Retail Marketing

Number of retail stations (b)

1,358

1,360

Convenience store revenue (in millions of dollars) (c)

899

915

Average gasoline volume per station (gallons per month) (c)

195

198

(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

Investors:

Jay Wilson, 212-536-8940

or

Media:

Jon
Pepper, 212-536-8550

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