Hess Reports Estimated Results for the Second Quarter of 2012

Second Quarter Highlights:
- Net income was $549 million, compared with $607 million in the
second quarter of 2011 - Oil and gas production increased to 429,000 barrels of oil
equivalentper day, up from 372,000 in the second
quarter of 2011 - Oil and gas production from the Bakken increased to 55,000
barrels of oil equivalent per day, up from 25,000 in the second
quarter of 2011 - Net cash provided by operating activities was $1,240 million,
compared with $1,689 million in the second quarter of 2011
Hess Corporation (NYSE: HES) reported net income of $549 ?million for the
second quarter of 2012, compared with $607 million for the second
quarter of 2011. The after-tax income (loss) by major operating activity
was as follows:
? | ? | ? | ? | ? | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, (unaudited) | June 30, (unaudited) | ||||||||||||||||||
2012 | ? | 2011 | 2012 | ? | 2011 | ||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
Exploration and Production | $ | ? | 644 | $ | ? | 747 | $ | ? | 1,279 | $ | ? | 1,726 | |||||||
Marketing and Refining | 8 | (39) | 19 | - | |||||||||||||||
Corporate | (39) | (42) | (77) | (70) | |||||||||||||||
Interest expense | ? | ? | (64) | ? | ? | (59) | ? | ? | (127) | ? | ? | (120) | |||||||
Net income attributable to Hess Corporation | $ | ? | 549 | $ | ? | 607 | $ | ? | 1,094 | $ | ? | 1,536 | |||||||
? | |||||||||||||||||||
Net income per share (diluted) | $ | ? | 1.61 | $ | ? | 1.78 | $ | ? | 3.21 | $ | ? | 4.52 | |||||||
? | |||||||||||||||||||
Weighted average number of shares (diluted) | ? | ? | 340.4 | ? | ? | 340.4 | ? | ? | 340.4 | ? | ? | 339.7 | |||||||
? | |||||||||||||||||||
|
Note: See the following page for a table of items affecting
comparability of earnings between periods.
Exploration and Production earnings were $644 million in the second
quarter of 2012, compared with $747 million in the second quarter of
2011. The Corporation′s average worldwide crude oil selling price,
including the effect of hedging, was $86.86 per barrel, down from $97.20
per barrel in the same quarter a year ago. The average worldwide natural
gas selling price of $5.94 per mcf in the second quarter of 2012 was
comparable with the same quarter a year ago. Second quarter oil and gas
production was 429,000 barrels of oil equivalent per day, up from
372,000 barrels of oil equivalent per day in the second quarter of 2011,
primarily reflecting an increase in production from the Bakken oil shale
play and the resumption of operations in Libya.
Marketing and Refining generated earnings of $8 million in the second
quarter of 2012, compared with a loss of $39 million in the same period
in 2011. Marketing earnings were $18 million in the second quarter of
2012 and $28 million in the second quarter of 2011. Refining operations
generated income of $8 million in the second quarter of 2012, compared
with a loss of $44 million in the second quarter a year ago. Trading
activities generated a loss of $18 million in the second quarter of 2012
and a loss of $23 million in the second 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 | Six Months Ended | |||||||||||||||||||||
June 30, (unaudited) | June 30, (unaudited) | |||||||||||||||||||||
2012 | ? | 2011 | 2012 | ? | 2011 | |||||||||||||||||
(In millions of dollars) | ||||||||||||||||||||||
Exploration and Production | $ | ? | (36) | $ | ? | ? | ? | - |
| ? | ? | ? | - | $ | ? | 310 | ||||||
? | ? | ? | ? | ? | ? | ? | ? |
Results for the second quarter of 2012 included an after-tax charge of
$36 million for certain exploration properties in the Eagle Ford shale
in the United States that are expected to be divested in an asset
exchange with a joint venture partner.
Net cash provided by operating activities was $1,240 million in the
second quarter of 2012, compared with $1,689 million in the same quarter
of 2011. Capital and exploratory expenditures were $2,078 million, of
which $2,036 million related to Exploration and Production operations.
Capital and exploratory expenditures for the second quarter of 2011 were
$1,490 million, of which $1,469 million related to Exploration and
Production operations.
At June 30, 2012, cash and cash equivalents totaled $409 million,
compared with $351 ?million at December 31, 2011. Total debt was $7,845
million at June 30, 2012 and $6,057 million at December 31, 2011. The
Corporation′s debt to capitalization ratio at June 30, 2012 was 28.2
percent, compared with 24.6 percent at the end of 2011.
Hess Corporation will review second 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) | ||||||||||||||||
? | ||||||||||||||||
Second | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | ||||||||||||||
2012 | 2011 | 2012 | ||||||||||||||
Income Statement | ? | ? | ? | |||||||||||||
Revenues and Non-operating Income | ||||||||||||||||
Sales (excluding excise taxes) and other operating revenues | $ | 9,304 | $ | 9,853 | $ | 9,682 | ||||||||||
Income (loss) from equity investment in HOVENSA L.L.C. | - | (49) | - | |||||||||||||
Gains on asset sales | - | - | 36 | |||||||||||||
Other, net | ? | ? | 5 | ? | ? | 2 | ? | ? | 29 | |||||||
? | ||||||||||||||||
Total revenues and non-operating income | ? | ? | 9,309 | ? | ? | 9,806 | ? | ? | 9,747 | |||||||
? | ||||||||||||||||
Costs and Expenses | ||||||||||||||||
Cost of products sold (excluding items shown separately below) | 5,969 | 6,841 | 6,679 | |||||||||||||
Production expenses | 677 | 599 | 673 | |||||||||||||
Marketing expenses | 265 | 247 | 251 | |||||||||||||
Exploration expenses, including dry holes and lease impairment | 196 | 257 | 253 | |||||||||||||
Other operating expenses | 41 | 42 | 41 | |||||||||||||
General and administrative expenses | 172 | 174 | 167 | |||||||||||||
Interest expense | 105 | 97 | 104 | |||||||||||||
Depreciation, depletion and amortization | 769 | 588 | 681 | |||||||||||||
Asset impairments | ? | ? | 59 | ? | ? | - | ? | ? | - | |||||||
? | ||||||||||||||||
Total costs and expenses | ? | ? | 8,253 | ? | ? | 8,845 | ? | ? | 8,849 | |||||||
? | ||||||||||||||||
Income (loss) before income taxes | 1,056 | 961 | 898 | |||||||||||||
Provision (benefit) for income taxes | ? | ? | 521 | ? | ? | 392 | ? | ? | 338 | |||||||
? | ||||||||||||||||
Net income (loss) | 535 | 569 | 560 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ? | ? | (14) | ? | ? | (38) | ? | ? | 15 | |||||||
Net income (loss) attributable to Hess Corporation | $ | ? | 549 | $ | ? | 607 | $ | ? | 545 | |||||||
? | ||||||||||||||||
Supplemental Income Statement Information | ||||||||||||||||
Foreign currency gains (losses), after-tax | $ | (5) | $ | (2) | $ | 9 | ||||||||||
Capitalized interest | 5 | 2 | 5 | |||||||||||||
? | ||||||||||||||||
Cash Flow Information | ||||||||||||||||
Net cash provided by operating activities (a) | $ | 1,240 | $ | 1,689 | $ | 988 | (b) | |||||||||
? | ||||||||||||||||
Capital and Exploratory Expenditures | ||||||||||||||||
Exploration and Production | ||||||||||||||||
United States | $ | 1,243 | $ | 793 | $ | 1,241 | ||||||||||
International | ? | ? | 793 | ? | ? | 676 | ? | ? | 722 | |||||||
? | ||||||||||||||||
Total Exploration and Production | 2,036 | 1,469 | 1,963 | |||||||||||||
Marketing, Refining and Corporate | ? | ? | 42 | ? | ? | 21 | ? | ? | 23 | |||||||
? | ||||||||||||||||
Total Capital and Exploratory Expenditures | $ | ? | 2,078 | $ | ? | 1,490 | $ | ? | 1,986 | |||||||
? | ||||||||||||||||
Exploration expenses charged to income included above | ||||||||||||||||
United States | $ | 33 | $ | 56 | $ | 37 | ||||||||||
International | ? | ? | 67 | ? | ? | 59 | ? | ? | 71 | |||||||
? | ||||||||||||||||
$ | ? | 100 | $ | ? | 115 | $ | ? | 108 | ||||||||
? |
(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) | ||||||||||
? | ||||||||||
First Half | ||||||||||
2012 | 2011 | |||||||||
Income Statement | ? | ? | ||||||||
Revenues and Non-operating Income | ||||||||||
Sales (excluding excise taxes) and other operating revenues | $ | 18,986 | $ | 20,068 | ||||||
Income (loss) from equity investment in HOVENSA L.L.C. | - | (97) | ||||||||
Gains on asset sales | 36 | 343 | ||||||||
Other, net | ? | ? | 34 | ? | ? | 7 | ||||
? | ||||||||||
Total revenues and non-operating income | ? | ? | 19,056 | ? | ? | 20,321 | ||||
? | ||||||||||
Costs and Expenses | ||||||||||
Cost of products sold (excluding items shown separately below) | 12,648 | 13,881 | ||||||||
Production expenses | 1,350 | 1,130 | ||||||||
Marketing expenses | 516 | 530 | ||||||||
Exploration expenses, including dry holes and lease impairment | 449 | 570 | ||||||||
Other operating expenses | 82 | 84 | ||||||||
General and administrative expenses | 339 | 338 | ||||||||
Interest expense | 209 | 196 | ||||||||
Depreciation, depletion and amortization | 1,450 | 1,146 | ||||||||
Asset impairments | ? | ? | 59 | ? | ? | - | ||||
? | ||||||||||
Total costs and expenses | ? | ? | 17,102 | ? | ? | 17,875 | ||||
? | ||||||||||
Income (loss) before income taxes | 1,954 | 2,446 | ||||||||
Provision (benefit) for income taxes | ? | ? | 859 | ? | ? | 903 | ||||
? | ||||||||||
Net income (loss) | 1,095 | 1,543 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | ? | ? | 1 | ? | ? | 7 | ||||
Net income (loss) attributable to Hess Corporation | $ | ? | 1,094 | $ | ? | 1,536 | ||||
? | ||||||||||
Supplemental Income Statement Information | ||||||||||
Foreign currency gains (losses), after-tax | $ | 4 | $ | (5) | ||||||
Capitalized interest | 10 | 4 | ||||||||
? | ||||||||||
Cash Flow Information | ||||||||||
Net cash provided by operating activities (a) | $ | 2,228 | (b) | $ | 2,824 | |||||
? | ||||||||||
Capital and Exploratory Expenditures | ||||||||||
Exploration and Production | ||||||||||
United States | $ | 2,484 | $ | 1,333 | ||||||
International | ? | ? | 1,515 | ? | ? | 1,309 | ||||
? | ||||||||||
Total Exploration and Production | 3,999 | 2,642 | ||||||||
Marketing, Refining and Corporate | ? | ? | 65 | ? | ? | 34 | ||||
? | ||||||||||
Total Capital and Exploratory Expenditures | $ | ? | 4,064 | $ | ? | 2,676 | ||||
? | ||||||||||
Exploration expenses charged to income included above | ||||||||||
United States | $ | 70 | $ | 98 | ||||||
International | ? | ? | 138 | ? | ? | 121 | ||||
? | ||||||||||
$ | ? | 208 | $ | ? | 219 | |||||
? |
(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) | ||||||||||
? | ||||||||||
June 30, | December 31, | |||||||||
2012 | 2011 | |||||||||
Balance Sheet Information | ? | ? | ||||||||
? | ||||||||||
Cash and cash equivalents | $ | 409 | $ | 351 | ||||||
Other current assets | 7,516 | 7,988 | ||||||||
Investments | 450 | 384 | ||||||||
Property, plant and equipment ? net | 26,556 | 24,712 | ||||||||
Other long-term assets | ? | ? | 5,683 | ? | ? | 5,701 | ||||
Total assets | $ | ? | 40,614 | $ | ? | 39,136 | ||||
? | ||||||||||
Short-term debt and current maturities of long-term debt | $ | 299 | $ | 52 | ||||||
Other current liabilities | 6,785 | 8,048 | ||||||||
Long-term debt | 7,546 | 6,005 | ||||||||
Other long-term liabilities | 6,025 | 6,439 | ||||||||
Total equity excluding other comprehensive income (loss) | 20,738 | 19,659 | ||||||||
Accumulated other comprehensive income (loss) | ? | ? | (779) | ? | ? | (1,067) | ||||
Total liabilities and equity | $ | ? | 40,614 | $ | ? | 39,136 | ||||
? |
| ? | ? | ? | |||||||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) | ||||||||||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||||||||||
? | ||||||||||||||||||
Second Quarter 2012 | ||||||||||||||||||
United States | ? | ? | International | ? | ? | Total | ||||||||||||
Sales and other operating revenues | $ | ? | 1,043 | $ | ? | 1,946 | $ | ? | 2,989 | |||||||||
Gains on asset sales | - | - | - | |||||||||||||||
Other, net | ? | ? | 1 | ? | ? | - | ? | ? | 1 | |||||||||
? | ||||||||||||||||||
Total revenues and non-operating income | ? | ? | 1,044 | ? | ? | 1,946 | ? | ? | 2,990 | |||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 253 | 424 | 677 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 75 | 121 | 196 | |||||||||||||||
General, administrative and other expenses | 50 | 29 | 79 | |||||||||||||||
Depreciation, depletion and amortization | 335 | 408 | 743 | |||||||||||||||
Asset impairments | ? | ? | 59 | ? | ? | - | ? | ? | 59 | |||||||||
? | ||||||||||||||||||
Total costs and expenses | ? | ? | 772 | ? | ? | 982 | ? | ? | 1,754 | |||||||||
? | ||||||||||||||||||
Results of operations before income taxes | 272 | 964 | 1,236 | |||||||||||||||
Provision (benefit) for income taxes | ? | ? | 112 | ? | ? | 480 | ? | ? | 592 | |||||||||
? | ||||||||||||||||||
Results of operations attributable to Hess Corporation | $ | ? | 160 | (a) | $ | ? | 484 | (b) | $ | ? | 644 | |||||||
? | ||||||||||||||||||
Second Quarter 2011 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 858 | $ | 1,840 | $ | 2,698 | ||||||||||||
Gains on asset sales | - | - | - | |||||||||||||||
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 | (b) | $ | ? | 747 | ||||||||
? | ||||||||||||||||||
First Quarter 2012 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 923 | $ | 1,697 | $ | 2,620 | ||||||||||||
Gains on asset sales | - | 36 | 36 | |||||||||||||||
Other, net | ? | ? | - | ? | ? | 27 | ? | ? | 27 | |||||||||
? | ||||||||||||||||||
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 | |||||||||||||||
Asset impairments | ? | ? | - | ? | ? | - | ? | ? | - | |||||||||
? | ||||||||||||||||||
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 | |||||||
? |
| ? |
|
|
|
? | ? | ? | ||||||||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) | ||||||||||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||||||||||
? | ||||||||||||||||||
First Half 2012 | ||||||||||||||||||
United States | ? | ? | International | ? | ? | Total | ||||||||||||
Sales and other operating revenues | $ | ? | 1,966 | $ | ? | 3,643 | $ | ? | 5,609 | |||||||||
Gains on asset sales | - | 36 | 36 | |||||||||||||||
Other, net | ? | ? | 1 | ? | ? | 27 | ? | ? | 28 | |||||||||
? | ||||||||||||||||||
Total revenues and non-operating income | ? | ? | 1,967 | ? | ? | 3,706 | ? | ? | 5,673 | |||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 484 | 866 | 1,350 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 153 | 296 | 449 | |||||||||||||||
General, administrative and other expenses | 88 | 56 | 144 | |||||||||||||||
Depreciation, depletion and amortization | 614 | 788 | 1,402 | |||||||||||||||
Asset impairments | ? | ? | 59 | ? | ? | - | ? | ? | 59 | |||||||||
? | ||||||||||||||||||
Total costs and expenses | ? | ? | 1,398 | ? | ? | 2,006 | ? | ? | 3,404 | |||||||||
? | ||||||||||||||||||
Results of operations before income taxes | 569 | 1,700 | 2,269 | |||||||||||||||
Provision (benefit) for income taxes | ? | ? | 222 | ? | ? | 768 | ? | ? | 990 | |||||||||
? | ||||||||||||||||||
Results of operations attributable to Hess Corporation | $ | ? | 347 | (a) | $ | ? | 932 | (b) | $ | ? | 1,279 | |||||||
? | ||||||||||||||||||
First Half 2011 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 1,604 | $ | 3,707 | $ | 5,311 | ||||||||||||
Gains on asset sales | - | 343 | 343 | |||||||||||||||
Other, net | ? | ? | (14) | ? | ? | 10 | ? | ? | (4) | |||||||||
? | ||||||||||||||||||
Total revenues and non-operating income | ? | ? | 1,590 | ? | ? | 4,060 | ? | ? | 5,650 | |||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 316 | 814 | 1,130 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 237 | 333 | 570 | |||||||||||||||
General, administrative and other expenses | 97 | 63 | 160 | |||||||||||||||
Depreciation, depletion and amortization | 318 | 772 | 1,090 | |||||||||||||||
Asset impairments | ? | ? | - | ? | ? | - | ? | ? | - | |||||||||
? | ||||||||||||||||||
Total costs and expenses | ? | ? | 968 | ? | ? | 1,982 | ? | ? | 2,950 | |||||||||
? | ||||||||||||||||||
Results of operations before income taxes | 622 | 2,078 | 2,700 | |||||||||||||||
Provision (benefit) for income taxes | ? | ? | 232 | ? | ? | 742 | ? | ? | 974 | |||||||||
? | ||||||||||||||||||
Results of operations attributable to Hess Corporation | $ | ? | 390 | $ | ? | 1,336 | (b) | $ | ? | 1,726 | ||||||||
? |
(a) | ? | The after-tax losses from crude oil hedging activities were $29 million in the first half of 2012. |
(b) | The after-tax losses from crude oil hedging activities were $211 million in the first half of 2012 and $162 million in the first half of 2011. |
? | ? | ? | ? | ? | |||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||||
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) | |||||||||||||
? | |||||||||||||
Second | Second | First | |||||||||||
Quarter | Quarter | Quarter | |||||||||||
2012 | 2011 | 2012 | |||||||||||
Operating Data | ? | ? | |||||||||||
Net Production Per Day (in thousands) | |||||||||||||
Crude oil - barrels | |||||||||||||
United States | 109 | 77 | 95 | ||||||||||
Europe | 98 | 93 | 94 | ||||||||||
Africa | 79 | 66 | 71 | ||||||||||
Asia | ? | ? | 18 | ? | ? | 12 | ? | 16 | |||||
Total | ? | ? | 304 | ? | ? | 248 | ? | 276 | |||||
? | |||||||||||||
Natural gas liquids - barrels | |||||||||||||
United States | 15 | 13 | 14 | ||||||||||
Europe | 3 | 3 | 3 | ||||||||||
Asia | ? | ? | 1 | ? | ? | 1 | ? | 2 | |||||
Total | ? | ? | 19 | ? | ? | 17 | ? | 19 | |||||
? | |||||||||||||
Natural gas - mcf | |||||||||||||
United States | 121 | 100 | 100 | ||||||||||
Europe | 53 | 72 | 61 | ||||||||||
Asia and other | ? | ? | 465 | ? | ? | 471 | ? | 449 | |||||
Total | ? | ? | 639 | ? | ? | 643 | ? | 610 | |||||
Barrels of oil equivalent | ? | ? | 429 | ? | ? | 372 | ? | 397 | |||||
? | |||||||||||||
Average Selling Price | |||||||||||||
Crude oil - per barrel (including hedging) | |||||||||||||
United States | $ | 91.97 | $ | 106.62 | $ | 95.92 | |||||||
Europe | 76.20 | 87.75 | 80.18 | ||||||||||
Africa | 89.01 | 97.74 | 88.75 | ||||||||||
Asia | 105.89 | 113.44 | 117.13 | ||||||||||
Worldwide | 86.86 | 97.20 | 89.92 | ||||||||||
? | |||||||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||||
United States | $ | 92.48 | $ | 106.62 | $ | 100.87 | |||||||
Europe | 76.58 | 87.75 | 82.77 | ||||||||||
Africa | 105.72 | 118.19 | 120.59 | ||||||||||
Asia | 106.17 | 113.44 | 123.72 | ||||||||||
Worldwide | 91.83 | 102.73 | 100.50 | ||||||||||
? | |||||||||||||
Natural gas liquids - per barrel | |||||||||||||
United States | $ | 40.75 | $ | 61.57 | $ | 49.26 | |||||||
Europe | 66.15 | 69.99 | 90.43 | ||||||||||
Asia | 75.16 | 79.63 | 86.50 | ||||||||||
Worldwide | 45.56 | 64.05 | 59.53 | ||||||||||
? | |||||||||||||
Natural gas - per mcf | |||||||||||||
United States | $ | 1.55 | $ | 3.71 | $ | 1.75 | |||||||
Europe | 9.98 | 8.97 | 9.44 | ||||||||||
Asia and other | 6.61 | 5.94 | 6.77 | ||||||||||
Worldwide | 5.94 | 5.93 | 6.23 | ||||||||||
? |
? | ? | ? | ||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) | ||||||||||
? | ||||||||||
First Half | ||||||||||
2012 | ? | 2011 | ||||||||
Operating Data | ? | ? | ||||||||
Net Production Per Day (in thousands) | ||||||||||
Crude oil - barrels | ||||||||||
United States | 102 | 77 | ||||||||
Europe | 96 | 96 | ||||||||
Africa | 75 | 75 | ||||||||
Asia | ? | ? | 17 | ? | ? | 13 | ||||
Total | ? | ? | 290 | ? | ? | 261 | ||||
? | ||||||||||
Natural gas liquids - barrels | ||||||||||
United States | 15 | 13 | ||||||||
Europe | 3 | 3 | ||||||||
Asia | ? | ? | 1 | ? | ? | 1 | ||||
Total | ? | ? | 19 | ? | ? | 17 | ||||
? | ||||||||||
Natural gas - mcf | ||||||||||
United States | 110 | 103 | ||||||||
Europe | 57 | 89 | ||||||||
Asia and other | ? | ? | 458 | ? | ? | 451 | ||||
Total | ? | ? | 625 | ? | ? | 643 | ||||
Barrels of oil equivalent | ? | ? | 413 | ? | ? | 385 | ||||
? | ||||||||||
Average Selling Price | ||||||||||
Crude oil - per barrel (including hedging) | ||||||||||
United States | $ | 93.81 | $ | 99.12 | ||||||
Europe | 78.05 | 85.84 | ||||||||
Africa | 88.91 | 90.04 | ||||||||
Asia | 110.70 | 111.91 | ||||||||
Worldwide | 88.23 | 92.05 | ||||||||
? | ||||||||||
Crude oil - per barrel (excluding hedging) | ||||||||||
United States | $ | 96.39 | $ | 99.12 | ||||||
Europe | 79.45 | 85.84 | ||||||||
Africa | 111.78 | 110.39 | ||||||||
Asia | 113.67 | 111.91 | ||||||||
Worldwide | 95.72 | 97.37 | ||||||||
? | ||||||||||
Natural gas liquids - per barrel | ||||||||||
United States | $ | 44.92 | $ | 59.43 | ||||||
Europe | 81.20 | 76.01 | ||||||||
Asia | 82.02 | 76.23 | ||||||||
Worldwide | 52.78 | 63.74 | ||||||||
? | ||||||||||
Natural gas - per mcf | ||||||||||
United States | $ | 1.64 | $ | 3.77 | ||||||
Europe | 9.69 | 8.55 | ||||||||
Asia and other | 6.69 | 5.85 | ||||||||
Worldwide | 6.08 | 5.89 | ||||||||
? |
? | ? | ? | ? | ? | ? | ? | ||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) | ||||||||||||||
? | ||||||||||||||
Second | Second | First | ||||||||||||
Quarter | Quarter | Quarter | ||||||||||||
2012 | 2011 | 2012 | ||||||||||||
Financial Information (in millions of | ||||||||||||||
? | ||||||||||||||
Marketing and Refining Results | ||||||||||||||
Income (loss) before income taxes | $ | 7 | $ | (45) | $ | 20 | ||||||||
Provision (benefit) for income taxes | ? | ? | (1) | ? | ? | (6) | ? | ? | 9 | |||||
Results of operations attributable to Hess Corporation | $ | ? | 8 | $ | ? | (39) | $ | ? | 11 | |||||
? | ||||||||||||||
Summary of Marketing and Refining Results | ||||||||||||||
Marketing | $ | 18 | $ | 28 | $ | 22 | ||||||||
Refining | 8 | (44) | (6) | |||||||||||
Trading | ? | ? | (18) | ? | ? | (23) | ? | ? | (5) | |||||
Results of operations attributable to Hess Corporation | $ | ? | 8 | $ | ? | (39) | $ | ? | 11 | |||||
? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? |
? | ||||||||||||||
Operating Data | ||||||||||||||
? | ||||||||||||||
Sales Volumes | ||||||||||||||
Refined petroleum products (thousands of barrels per day) | ||||||||||||||
Gasoline | 212 | 228 | 210 | |||||||||||
Distillates | 108 | 114 | 115 | |||||||||||
Residuals | 54 | 56 | 61 | |||||||||||
Other | ? | ? | 17 | ? | ? | 28 | ? | ? | 18 | |||||
Total | ? | ? | 391 | ? | ? | 426 | ? | ? | 404 | |||||
? | ||||||||||||||
Natural gas (thousands of mcf per day) | ? | ? | 1,860 | ? | ? | 1,900 | ? | ? | 2,560 | |||||
? | ||||||||||||||
Electricity (megawatts round the clock) | ? | ? | 4,405 | ? | ? | 4,100 | ? | ? | 4,350 | |||||
? | ||||||||||||||
Retail Marketing | ||||||||||||||
Number of retail stations (a) | 1,361 | 1,356 | 1,361 | |||||||||||
Convenience store revenue (in millions of dollars) (b) | $ | 288 | $ | 305 | $ | 272 | ||||||||
Average gasoline volume per station (thousands of gallons per month) (b) | 194 | 199 | 185 | |||||||||||
? | ||||||||||||||
Port Reading | ||||||||||||||
Refinery throughput (thousands of barrels per day) | 69 | 66 | 47 | |||||||||||
Refinery utilization (capacity - 70,000 barrels per day) | 98.0% | 93.6% | 67.4% | |||||||||||
? |
(a) | ? | Includes company operated, Wilco-Hess, dealer and branded retailer. |
(b) | Company operated only. |
? | ? | ? | ? | ? | ? | ||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) | |||||||||||
? | |||||||||||
First Half | |||||||||||
2012 | 2011 | ||||||||||
Financial Information (in millions of | |||||||||||
? | |||||||||||
Marketing and Refining Results | |||||||||||
Income (loss) before income taxes | $ | 27 | $ | 51 | |||||||
Provision (benefit) for income taxes | ? | ? | 8 | ? | ? | 51 | |||||
Results of operations attributable to Hess Corporation | $ | ? | 19 | $ | ? | - | |||||
? | |||||||||||
Summary of Marketing and Refining Results | |||||||||||
Marketing | $ | 40 | $ | 96 | |||||||
Refining | 2 | (92) | |||||||||
Trading | ? | ? | (23) | ? | ? | (4) | |||||
Results of operations attributable to Hess Corporation | $ | ? | 19 | $ | ? | - | |||||
? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? |
? | |||||||||||
Operating Data | |||||||||||
? | |||||||||||
Sales Volumes | |||||||||||
Refined petroleum products (thousands of barrels per day) | |||||||||||
Gasoline | 210 | 227 | |||||||||
Distillates | 112 | 124 | |||||||||
Residuals | 58 | 71 | |||||||||
Other | ? | ? | 18 | ? | ? | 24 | |||||
Total | ? | ? | 398 | ? | ? | 446 | |||||
? | |||||||||||
Natural gas (thousands of mcf per day) | ? | ? | 2,205 | ? | ? | 2,400 | |||||
? | |||||||||||
Electricity (megawatts round the clock) | ? | ? | 4,390 | ? | ? | 4,200 | |||||
? | |||||||||||
Retail Marketing | |||||||||||
Number of retail stations (a) | 1,361 | 1,356 | |||||||||
Convenience store revenue (in millions of dollars) (b) | $ | 560 | $ | 583 | |||||||
Average gasoline volume per station (thousands of gallons per month) (b) | 190 | 192 | |||||||||
? | |||||||||||
Port Reading | |||||||||||
Refinery throughput (thousands of barrels per day) | 58 | 66 | |||||||||
Refinery utilization (capacity - 70,000 barrels per day) | 82.7% | 93.8% | |||||||||
? |
(a) | ? | Includes company operated, Wilco-Hess, dealer and branded retailer. |
(b) | Company operated only. |
Hess Corporation
Investor:
Jay
Wilson, 212-536-8940
or
Media:
Jon
Pepper, 212-536-8550