Hess Reports Estimated Results for the First Quarter of 2012

25.04.2012 | Business Wire

Hess Reports Estimated Results for the First Quarter of 2012

First Quarter Highlights:

Net income was $545 million, compared with $929 million in the
first quarter of 2011
Net income excluding items affecting comparability between
periods was $509 million, compared with $619 million in the first
quarter of 2011
Oil and gas production was 397,000 barrels of oil equivalentper day, compared with 399,000 in the first quarter of 2011

Hess Corporation (NYSE: HES) reported net income of $545 ?million for the
first quarter of 2012 compared with $929 million for the first quarter
of 2011. The after-tax income (loss) by major operating activity was as
follows:

Three Months Ended

March 31, (unaudited)

2012

2011

(In millions, except

per share amounts)

Exploration and Production

? ? ? ? ? ?635

? ? ? ? ? ?979

Marketing and Refining

Corporate

(38)

(28)

Interest expense

(63)

(61)

Net income attributable to Hess Corporation

? ? ? ? ? ?545

? ? ? ? ? ?929

Net income per share (diluted)

? ? ? ? ?1.60

? ? ? ? ?2.74

Weighted average number of shares (diluted)

340.3

339.2

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

Exploration and Production earnings were $635 million in the first
quarter of 2012 compared with $979 million in the first quarter of 2011.
The Corporation′s average worldwide crude oil selling price, including
the effect of hedging, was $89.92 per barrel, up from $87.22 per barrel
in the same quarter a year ago. The average worldwide natural gas
selling price was $6.23 per mcf in the first quarter of 2012, up from
$5.84 per mcf in the first quarter of 2011. First quarter oil and gas
production was 397,000 barrels of oil equivalent per day compared with
399,000 barrels of oil equivalent per day in the first quarter a year
ago.

Marketing and Refining earnings were $11 million in the first quarter of
2012 compared with $39 million in the same period in 2011. Marketing
earnings, reflecting the impact of a mild winter on energy marketing
operations, were $22 million in the first quarter of 2012 compared with
$68 million in the first quarter of 2011. Refining operations incurred a
loss of $6 million in the first quarter of 2012, compared with a loss of
$48 million in the first quarter a year ago. Trading results were a loss
of $5 million in the first quarter of 2012, compared with income of $19
million in the first 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

March 31, (unaudited)

2012

2011

(Millions of dollars)

Exploration and Production

? ? ? ? ? ?36 ?

? ? ? ? ? ?310 ?

First quarter 2012 results included a gain of $36 million related to the
sale of the Corporation′s interest in the Snohvit Field, offshore Norway.

Net cash provided by operating activities was $988 million in the first
quarter of 2012, compared with $1,135 million in the same quarter of
2011. Capital and exploratory expenditures were $1,986 million, of which
$1,963 million related to Exploration and Production operations. Capital
and exploratory expenditures for the first quarter of 2011 were $1,186
million, of which $1,173 million related to Exploration and Production
operations.

At March 31, 2012, cash and cash equivalents totaled $396 million
compared with $351 ?million at December 31, 2011. Total debt was $6,978
million at March 31, 2012 and $6,057 million at December 31, 2011. The
Corporation′s debt to capitalization ratio at March 31, 2012 was 26.7
percent compared with 24.6 percent at the end of 2011.

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 ? ?Quarter ? ? 2012				First ? ?Quarter ? ? 2011					Fourth ? ?Quarter ? ? 2011
Income Statement								?
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues				$	? ? ? ?9,682			$	? ? ?10,215				$	? ? ? ?9,733
Income (loss) from equity investment in HOVENSA L.L.C.					-				(48)					(940)
Other, net				?	65			?	348				?	31
													?
Total revenues and non-operating income				?	9,747			?	10,515				?	8,824
													?
Costs and Expenses
Cost of products sold (excluding items shown separately below)					6,679				7,040					6,712
Production expenses					673				531					613
Marketing expenses					251				283					273
Exploration expenses, including dry holes and lease impairment					253				313					426
Other operating expenses					41				42					44
General and administrative expenses					167				164					187
Interest expense					104				99					93
Depreciation, depletion and amortization				?	681			?	558				?	674
													?
Total costs and expenses				?	8,849			?	9,030				?	9,022
													?
Income (loss) before income taxes					898				1,485					(198)
Provision (benefit) for income taxes				?	338			?	511				?	(64)
													?
Net income (loss)					560				974					(134)
Less: Net income (loss) attributable to noncontrolling interests				?	15			?	45				?	(3)
Net income (loss) attributable to Hess Corporation				$	? ? ? ? ? ?545			$	? ? ? ? ? ?929				$	? ? ? ?(131)
													?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax				$	? ? ? ? ? ? ? ?9			$	? ? ? ? ? ?(3)				$	? ? ? ? ? ?(8)
Capitalized interest					5				2					5
													?
Cash Flow Information
Net cash provided by operating activities (a)				$	? ? ? ? ? ?988	(b)		$	? ? ? ?1,135				$	? ? ? ?1,138
													?
Capital and Exploratory Expenditures
Exploration and Production
United States				$	? ? ? ?1,241			$	? ? ? ? ? ?540				$	? ? ? ?1,372
International				?	722			?	633				?	813
													?
Total Exploration and Production					1,963				1,173					2,185
Marketing, Refining and Corporate				?	23			?	13				?	51
													?
Total Capital and Exploratory Expenditures				$	? ? ? ?1,986			$	? ? ? ?1,186				$	? ? ? ?2,236
													?
Exploration expenses charged to income included above
United States				$	? ? ? ? ? ? ?37			$	? ? ? ? ? ? ?42				$	? ? ? ? ? ? ?51
International				?	71			?	62				?	70
													?
				$	? ? ? ? ? ?108			$	? ? ? ? ? ?104				$	? ? ? ? ? ?121

(a)	?	Includes changes in working capital.
(b)		Net of payments to HOVENSA L.L.C. totaling $487 million to fully fund our share of previously accrued refining shutdown
		costs.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS OF DOLLARS)

? ? ? ? ?March 31, ? ? ? ? ?

2012

December 31,

2011

Balance Sheet Information

Cash and cash equivalents

? ? ? ? ? ? ? ?396

? ? ? ? ? ? ? ?351

Other current assets

7,816

7,988

Investments

415

384

Property, plant and equipment ? net

26,052

24,712

Other long-term assets

5,968

5,701

Total assets

? ? ? ? ?40,647

? ? ? ? ?39,136

Short-term debt and current maturities of long-term debt

? ? ? ? ? ? ? ? ?38

? ? ? ? ? ? ? ? ?52

Other current liabilities

8,153

8,048

Long-term debt

6,940

6,005

Other long-term liabilities

6,359

6,439

Total equity excluding other comprehensive income (loss)

20,214

19,659

Accumulated other comprehensive income (loss)

(1,057)

(1,067)

Total liabilities and equity

? ? ? ? ?40,647

? ? ? ? ?39,136

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
	?	?	?
				First Quarter 2012
				United ? ? ? ?States ? ? ? ?			?	International			?	? ? ? ?Total ? ? ? ?
												?
Sales and other operating revenues				$	? ? ? ? ? ? ? ? ? ?923			$	1,697			$	2,620
Other, net				?	-			?	63			?	63
												?
Total revenues and non-operating income				?	923			?	1,760			?	2,683
Costs and expenses
Production expenses, including related taxes					231				442				673
Exploration expenses, including dry holes and lease impairment					78				175				253
General, administrative and other expenses					38				27				65
Depreciation, depletion and amortization				?	279			?	380			?	659
												?
Total costs and expenses				?	626			?	1,024			?	1,650
												?
Results of operations before income taxes					297				736				1,033
Provision (benefit) for income taxes				?	110			?	288			?	398
												?
Results of operations attributable to Hess Corporation				$	? ? ? ? ? ? ? ? ? ?187	(a)		$	448	(b)		$	? ? ? ? ? ? ? ?635
												?
				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 (benefit) for income taxes				?	112			?	401			?	513
												?
Results of operations attributable to Hess Corporation				$	? ? ? ? ? ? ? ? ? ?187			$	792	(b)		$	? ? ? ? ? ? ? ?979
												?
				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
												?
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	(b)		$	? ? ? ? ? ? ? ?527

(a)	?	The after-tax losses from crude oil hedging activities were $26 million.
(b)		The after-tax losses from crude oil hedging activities were $125 million in the first quarter of 2012, $81 million in the first quarter of 2011 and $83 million in the fourth quarter of 2011.
		?

?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	?	?	?			?	?			?	?
				First ? ?Quarter ? ? 2012				First ? ?Quarter ? ? 2011				Fourth ? ?Quarter ? ? 2011
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States					95				77				89
Europe					94				99				95
Africa (a)					71				84				54
Asia				?	16			?	14			?	13
Total				?	276			?	274			?	251
													?
Natural gas liquids - barrels
United States					14				13				13
Europe					3				4				4
Asia				?	2			?	1			?	1
Total				?	19			?	18			?	18
													?
Natural gas - mcf
United States					100				106				90
Europe					61				107				92
Asia and other				?	449			?	430			?	408
Total				?	610			?	643			?	590
Barrels of oil equivalent				?	397			?	399			?	367
													?
Average Selling Price
Crude oil - per barrel (including hedging)
United States				$	95.92			$	91.56			$	100.76
Europe					80.18				84.17				77.18
Africa					88.75				82.32				85.49
Asia					117.13				110.80				111.08
Worldwide					89.92				87.22				89.70
													?
Crude oil - per barrel (excluding hedging)
United States				$	100.87			$	91.56			$	100.76
Europe					82.77				84.17				77.18
Africa					120.59				102.58				109.28
Asia					123.72				110.80				111.08
Worldwide					100.50				92.35				95.16
													?
Natural gas liquids - per barrel
United States				$	49.26			$	57.31			$	57.86
Europe					90.43				80.29				66.47
Asia					86.50				73.35				66.18
Worldwide					59.53				63.45				59.81
													?
Natural gas - per mcf
United States				$	1.75			$	3.82			$	2.50
Europe					9.44				8.25				8.88
Asia and other					6.77				5.75				6.57
Worldwide					6.23				5.84				6.32
													?

(a)	Includes Libyan production of 18 thousand barrels of oil per day (bopd) in the first quarter of 2012, 14 thousand bopd in the first quarter of 2011 and 2 thousand bopd in the fourth quarter of 2011.
	?

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
	?	?	?				?	?				?	?
				First ? ?Quarter ? ? 2012					First ? ?Quarter ? ? 2011					Fourth ? ?Quarter ? ? 2011
Financial Information (in millions of dollars)
																?
Marketing and Refining Results
Income (loss) before income taxes				$	20				$	96				$	(885)
Provision (benefit) for income taxes				?	9				?	57				?	(324)
Results of operations attributable to Hess Corporation				$	11				$	39				$	(561)
																?
Summary of Marketing and Refining Results
Marketing				$	22				$	68				$	48
Refining					(6)					(48)					(598)
Trading				?	(5)				?	19				?	(11)
Results of operations attributable to Hess Corporation				$	11				$	39				$	(561)
?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?	?
																?
Operating Data
																?
Sales Volumes
Refined petroleum products (thousands of barrels per day)
Gasoline					210					226					214
Distillates					115					134					143
Residuals					61					87					65
Other				?	18				?	20				?	19
Total				?	404				?	467				?	441
																?
Natural gas (thousands of mcf per day)				?	2,560					2,875					2,170
																?
Electricity (megawatts round the clock)				?	4,350					4,345					4,110
																?
Retail Marketing
Number of retail stations (a)					1,361					1,350					1,360
Convenience store revenue (in millions of dollars) (b)				$	272				$	278				$	290
Average gasoline volume per station (thousands of gallons per month) (b)					185					185					195
?
Port Reading
Refinery throughput (thousands of barrels per day)					47					66					58
Refinery utilization (capacity - 70,000 barrels per day)					67.4	%				94.0	%				82.9	%

(a)	Includes company operated, Wilco-Hess, dealer and branded retailer.
(b)	Company operated only.

Hess Corporation

Investor Contact:

Jay
Wilson, 212-536-8940

or

Media
Contact:

Jon Pepper, 212-536-8550

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