Hess Reports Estimated Results for the Fourth Quarter of 2012

30.01.2013 | Business Wire

Hess Reports Estimated Results for the Fourth Quarter of 2012

Fourth Quarter Highlights:

Net income was $566 million, compared with a net loss of $131
million in the fourth quarter of 2011
Net income excluding items affecting comparability between
periods was $409 million compared with $394 million in the fourth
quarter of 2011
Oil and gas production increased to 396,000 barrels of oil
equivalentper day, up from 367,000 in the fourth
quarter of 2011
Net cash provided by operating activities was $1,570 million,
compared with $1,138 million in the fourth quarter of 2011
Year-end total proved reserves were 1,553 million barrels of oil
equivalent; reserve replacement for 2012 was 141 percent

Hess Corporation (NYSE: HES) reported net income of $566 ?million for the
fourth quarter of 2012, compared with a net loss of $131 million for the
fourth quarter of 2011.

The after-tax income (loss) by major operating activity was as follows:

	?						?
		Three Months Ended						Years Ended
		December 31, (unaudited)						December 31, (unaudited)
		2012		?	2011			2012		?	2011
		(In millions, except per share amounts)
Exploration and Production		$	517		$	527		$	2,404		$	2,675
Marketing and Refining			159			(561)			231			(584)
Corporate			(43)			(40)			(158)			(154)
Interest expense		?	(67)		?	(57)		?	(260)		?	(234)
Net income (loss) attributable to Hess Corporation		$	566		$	(131)		$	2,217		$	1,703
												?
Net income (loss) per share (diluted)		$	1.66		$	(.39)		$	6.52		$	5.01
												?
Weighted average number of shares (diluted)		?	340.5		?	337.5		?	340.3		?	339.9
?
Note: See page 3 for a table of items affecting comparability of earnings between periods.
?

Exploration and Production earnings were $517 million in the fourth
quarter of 2012, compared with $527 million in the fourth quarter of
2011. Fourth quarter oil and gas production was 396,000 barrels of oil
equivalent per day, up from 367,000 barrels of oil equivalent per day in
the fourth quarter a year ago, primarily reflecting an increase in
production from the Bakken oil shale play and the resumption of
operations in Libya, partly offset by the shut-in of the Valhall Field
in Norway for the quarter due to the redevelopment project. Net
production from the Bakken oil shale play averaged 64,000 barrels of oil
equivalent per day in the fourth quarter of 2012, an increase of 68%
from 38,000 barrels of oil equivalent per day in the same period last
year. The Corporation′s average worldwide crude oil selling price,
including the effect of hedging, was $84.46 per barrel, down from $89.70
per barrel in the same quarter a year ago. The average worldwide natural
gas selling price was $6.60 per mcf in the fourth quarter of 2012, up
from $6.32 per mcf in the fourth quarter of 2011. Fourth quarter 2012
exploration expenses included total dry hole expenses of $167 million
($102 million after-tax), primarily associated with two exploration
wells, Ness Deep in the Gulf of Mexico and Ajek-1 offshore, Indonesia.

In 2012, the Corporation announced divestitures totaling $2.4 billion as
part of the strategic reshaping of its Exploration and Production asset
portfolio. The sale of the Corporation's interest in the Bittern Field
in the United Kingdom North Sea was completed in the fourth quarter of
2012 and follows the completion of the sales of the Schiehallion Field,
offshore United Kingdom, and the Snohvit Field, offshore Norway, earlier
in the year. The sale of the Corporation's interest in the Beryl Field
in the United Kingdom North Sea was completed in January 2013 and the
divestiture of our assets in Azerbaijan is expected to be completed by
the end of March 2013. In addition, as previously announced, the
Corporation has commenced a sales process for its Russian subsidiary,
Samara-Nafta, and its Eagle Ford assets in Texas.

Oil and gas proved reserves were 1,553 million barrels of oil equivalent
at the end of 2012, compared with 1,573 million barrels at the end of
2011. During 2012, the Corporation added 214 million barrels of oil
equivalent to proved reserves and sold 83 million barrels of oil
equivalent of proved reserves through asset dispositions. The additions,
which are subject to final review, replaced approximately 141 percent of
the Corporation′s 2012 production, resulting in a reserve life of 10.3
years.

Marketing and Refining generated income of $159 million in the fourth
quarter of 2012, compared with a loss of $561 million in the same period
in 2011. Marketing earnings were $152 million, up from $48 million in
the same quarter of 2011 primarily as a result of income from the
partial liquidation of LIFO inventories, and higher margins. Operations
at our Port Reading refining facility in New Jersey generated income of
$8 million in the fourth quarter of 2012, compared with a loss of $6
million in the fourth quarter of 2011, principally due to higher
margins. Trading activities generated a loss of $1 million in the fourth
quarter of 2012 and a loss of $11 million in the fourth quarter of last
year.

Earlier this week, the Corporation announced that the Port Reading
refinery will be closed in February. Upon closure of Port Reading, which
follows the shutdown of the HOVENSA L.L.C. refinery in St. Croix, U.S.
Virgin Islands in early 2012, the Corporation will have completely
exited the refining business. The Corporation also announced that it
will commence a process to sell its terminal network. Following these
actions, over 90 percent of Hess′ capital employed will be in its
Exploration and Production business.

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

?	?	?	?	?		?	?	?	?	?	?	?						?
													Three Months Ended						Years Ended
													December 31, (unaudited)						December 31, (unaudited)
													2012		?	2011			2012		?	2011
													(In millions)
					Exploration and Production								$	86		$	-		$	148		$	244
					Marketing and Refining								?	71		?	(525)		?	71		?	(525)
													$	157		$	(525)		$	219		$	(281)
																							?

Fourth quarter 2012 Exploration and Production results included an
after-tax gain of $172 million relating to the sale of the Corporation′s
interest in the Bittern Field in the United Kingdom North Sea. The
results also included an income tax charge of $86 million for a disputed
application of an international tax treaty. Fourth quarter 2012
Marketing and Refining results included after-tax income of $104 million
from the partial liquidation of LIFO inventories and after-tax charges
totaling $33 million for asset impairments and other charges. Fourth
quarter 2011 results included an after-tax charge of $525 million
related to the shutdown of the HOVENSA refinery.

Net cash provided by operating activities was $1,570 million in the
fourth quarter of 2012, compared with $1,138 million in the same quarter
of 2011. Capital and exploratory expenditures were $1,914 million, of
which $1,887 million related to Exploration and Production operations.
Capital and exploratory expenditures for the fourth quarter of 2011 were
$2,236 million, of which $2,185 million related to Exploration and
Production operations.

At December 31, 2012, cash and cash equivalents totaled $642 million,
compared with $351 ?million at December 31, 2011. Total debt was $8,111
million at December 31, 2012 and $6,057 million at December 31, 2011.
The Corporation′s debt to capitalization ratio at December 31, 2012 was
27.5 percent, compared with 24.6 percent at the end of 2011.

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 http://www.hess.com.

Hess Corporation is a leading global independent energy company
primarily engaged in the exploration and production of crude oil and
natural gas, and the marketing of refined petroleum products, natural
gas and electricity. More information on Hess Corporation is available
at http://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)
															?
					Fourth				Fourth				Third
					Quarter				Quarter				Quarter
					2012				2011				2012
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues					$	9,511			$	9,733			$	9,194
Income (loss) from equity investment in HOVENSA L.L.C.						-				(940)				-
Gains on asset sales						172				-				376
Other, net					?	15	?		?	31	?		?	49	?
															?
Total revenues and non-operating income					?	9,698	?		?	8,824	?		?	9,619	?
															?
Costs and Expenses
Cost of products sold (excluding items shown separately below)						6,250				6,712				6,019
Production expenses						690				613				712
Marketing expenses						282				273				259
Exploration expenses, including dry holes and lease impairment						362				426				259
Other operating expenses						43				44				41
General and administrative expenses						201				187				167
Interest expense						106				93				104
Depreciation, depletion and amortization						751				674				748
Asset impairments					?	16	?		?	-	?		?	208	?
															?
Total costs and expenses					?	8,701	?		?	9,022	?		?	8,517	?
															?
Income (loss) before income taxes						997				(198)				1,102
Provision (benefit) for income taxes					?	429	?		?	(64)	?		?	510	?
															?
Net income (loss)						568				(134)				592
Less: Net income (loss) attributable to noncontrolling interests					?	2	?		?	(3)	?		?	35	?
Net income (loss) attributable to Hess Corporation					$	566	?		$	(131)	?		$	557	?
															?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax					$	7			$	(8)			$	7
Capitalized interest						10				5				8
															?
Cash Flow Information
Net cash provided by operating activities (a)					$	1,570			$	1,138			$	1,862
															?
Capital and Exploratory Expenditures
Exploration and Production
United States					$	1,069			$	1,372			$	1,210
International					?	818	?		?	813	?		?	1,050	?
															?
Total Exploration and Production						1,887				2,185				2,260
															?
Marketing, Refining and Corporate					?	27	?		?	51	?		?	27	?
															?
Total Capital and Exploratory Expenditures					$	1,914	?		$	2,236	?		$	2,287	?
															?
Exploration expenses charged to income included above
United States					$	33			$	51			$	39
International					?	102	?		?	70	?		?	88	?
															?
					$	135	?		$	121	?		$	127	?
															?

(a) Includes changes in working capital.

	?	?	?	?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
					?
					Years Ended December 31,
					2012		?	2011
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues					$	37,691		$	38,466
Income (loss) from equity investment in HOVENSA L.L.C.						-			(1,073)
Gains on asset sales						584			446
Other, net					?	98		?	32
									?
Total revenues and non-operating income					?	38,373		?	37,871
									?
Costs and Expenses
Cost of products sold (excluding items shown separately below)						24,917			26,774
Production expenses						2,752			2,352
Marketing expenses						1,057			1,069
Exploration expenses, including dry holes and lease impairment						1,070			1,195
Other operating expenses						166			171
General and administrative expenses						707			702
Interest expense						419			383
Depreciation, depletion and amortization						2,949			2,406
Asset impairments					?	283		?	358
									?
Total costs and expenses					?	34,320		?	35,410
									?
Income (loss) before income taxes						4,053			2,461
Provision (benefit) for income taxes					?	1,798		?	785
									?
Net income (loss)						2,255			1,676
Less: Net income (loss) attributable to noncontrolling interests					?	38		?	(27)
Net income (loss) attributable to Hess Corporation					$	2,217		$	1,703
									?
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax					$	18		$	(15)
Capitalized interest						28			13
									?
Cash Flow Information
Net cash provided by operating activities (a)					$	5,660		$	4,984
									?
Capital and Exploratory Expenditures
Exploration and Production
United States					$	4,763		$	4,305
International					?	3,383		?	3,039
									?
Total Exploration and Production						8,146			7,344
									?
Marketing, Refining and Corporate					?	119		?	118
									?
Total Capital and Exploratory Expenditures					$	8,265		$	7,462
									?
Exploration expenses charged to income included above
United States					$	142		$	197
International					?	328		?	259
									?
					$	470		$	456
									?

(a) Includes changes in working capital.

	?	?	?	?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
					?
					December 31,
					2012		?	2011
Balance Sheet Information
									?
Cash and cash equivalents					$	642		$	351
Other current assets						7,667			7,988
Investments						443			384
Property, plant and equipment ? net						29,122			24,712
Other long-term assets					?	5,720		?	5,701
Total assets					$	43,594		$	39,136
									?
Short-term debt and current maturities of long-term debt					$	787		$	52
Other current liabilities						7,556			8,048
Long-term debt						7,324			6,005
Other long-term liabilities						6,532			6,439
Total equity excluding other comprehensive income (loss)						21,888			19,659
Accumulated other comprehensive income (loss)					?	(493)		?	(1,067)
Total liabilities and equity					$	43,594		$	39,136
									?

	?	?	?	?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)
					?
					Fourth Quarter 2012
					United States			International			Total
Sales and other operating revenues					$	1,116		$	1,461		$	?	?	?	?	2,577
Gains on asset sales						-			172							172
Other, net					?	(1)		?	28		?	?	?	?	?	27
																?
Total revenues and non-operating income					?	1,115		?	1,661		?	?	?	?	?	2,776
																?
Costs and expenses
Production expenses, including related taxes						232			458							690
Exploration expenses, including dry holes and lease impairment						205			157							362
General, administrative and other expenses						59			32							91
Depreciation, depletion and amortization						399			327							726
Asset impairments					?	-		?	-		?	?	?	?	?	-
																?
Total costs and expenses					?	895		?	974		?	?	?	?	?	1,869
																?
Results of operations before income taxes						220			687							907
Provision (benefit) for income taxes					?	77		?	313		?	?	?	?	?	390
																?
Results of operations attributable to Hess Corporation					$	143	(a)	$	374	(b)	$	?	?	?	?	517
																?
					Fourth Quarter 2011
					United States			International			Total
Sales and other operating revenues					$	937		$	1,662		$					2,599
Gains on asset sales						-			-							-
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	(b)	$	?	?	?	?	527
																?
					Third Quarter 2012
					United States			International			Total
Sales and other operating revenues					$	1,022		$	1,685		$					2,707
Gains on asset sales						-			376							376
Other, net					?	18		?	26		?	?	?	?	?	44
																?
Total revenues and non-operating income					?	1,040		?	2,087		?	?	?	?	?	3,127
																?
Costs and expenses
Production expenses, including related taxes						241			471							712
Exploration expenses, including dry holes and lease impairment						68			191							259
General, administrative and other expenses						49			30							79
Depreciation, depletion and amortization						393			332							725
Asset impairments					?	58		?	150		?	?	?	?	?	208
																?
Total costs and expenses					?	809		?	1,174		?	?	?	?	?	1,983
																?
Results of operations before income taxes						231			913							1,144
Provision (benefit) for income taxes					?	91		?	445		?	?	?	?	?	536
																?
Results of operations attributable to Hess Corporation					$	140	(a)	$	468	(b)	$	?	?	?	?	608
																?

(a) The after-tax losses from crude oil hedging activities were $5
million in both the third and fourth quarter of 2012.

(b) The after-tax losses from crude oil hedging activities were $92
million in the fourth quarter of 2012, $83 million in the fourth quarter
of 2011 and $89 million in the third quarter of 2012.

	?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)
		?
		Year Ended December 31, 2012
		United States			International			Total
Sales and other operating revenues		$	4,104		$	6,789		$	?	?	?	10,893
Gains on asset sales			-			584						584
Other, net		?	18		?	81		?	?	?	?	99
												?
Total revenues and non-operating income		?	4,122		?	7,454		?	?	?	?	11,576
												?
Costs and expenses
Production expenses, including related taxes			957			1,795						2,752
Exploration expenses, including dry holes and lease impairment			426			644						1,070
General, administrative and other expenses			196			118						314
Depreciation, depletion and amortization			1,406			1,447						2,853
Asset impairments		?	117		?	150		?	?	?	?	267
												?
Total costs and expenses		?	3,102		?	4,154		?	?	?	?	7,256
												?
Results of operations before income taxes			1,020			3,300						4,320
Provision (benefit) for income taxes		?	390		?	1,526		?	?	?	?	1,916
												?
Results of operations attributable to Hess Corporation		$	630	(a)	$	1,774	(b)	$	?	?	?	2,404
												?
		Year Ended December 31, 2011
		United States			International			Total
Sales and other operating revenues		$	3,371		$	6,676		$				10,047
Gains on asset sales			-			446						446
Other, net		?	(7)		?	25		?	?	?	?	18
												?
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	(b)	$	?	?	?	2,675
												?

(a) The after-tax losses from crude oil hedging activities were $39
million for the year ended December 31, 2012.

(b) The after-tax losses from crude oil hedging activities were $392
million for the year ended December 31, 2012 and $327 million for the
corresponding period of 2011.

	?	?	?	?			?			?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
											?
					Fourth			Fourth			Third
					Quarter			Quarter			Quarter
					2012			2011			2012
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States						118			89			109
Europe						64			95			80
Africa						77			54			75
Asia					?	16		?	13		?	17
Total					?	275		?	251		?	281
												?
Natural gas liquids - barrels
United States						18			13			16
Europe						2			4			2
Asia					?	1		?	1		?	1
Total					?	21		?	18		?	19
												?
Natural gas - mcf
United States						138			90			116
Europe						22			92			36
Asia and other					?	441		?	408		?	462
Total					?	601		?	590		?	614
Barrels of oil equivalent					?	396		?	367		?	402
												?
Average Selling Price
Crude oil - per barrel (including hedging)
United States					$	91.74		$	100.76		$	90.17
Europe						61.01			77.18			75.08
Africa						87.27			85.49			90.78
Asia						106.28			111.08			102.85
Worldwide						84.46			89.70			86.69
												?
Crude oil - per barrel (excluding hedging)
United States					$	92.63		$	100.76		$	90.87
Europe						61.29			77.18			75.36
Africa						109.76			109.28			110.33
Asia						107.86			111.08			103.20
Worldwide						90.86			95.16			92.35
												?
Natural gas liquids - per barrel
United States					$	36.21		$	57.86		$	38.35
Europe						85.62			66.47			56.82
Asia						85.24			66.18			64.67
Worldwide						44.66			59.81			41.71
												?
Natural gas - per mcf
United States					$	2.72		$	2.50		$	2.18
Europe						9.06			8.88			9.15
Asia and other						7.68			6.57			6.56
Worldwide						6.60			6.32			5.88
												?

	?	?	?	?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
					?
					Years Ended December 31,
					2012		?	2011
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States						108			81
Europe						84			89
Africa						75			66
Asia					?	17		?	13
Total					?	284		?	249
									?
Natural gas liquids - barrels
United States						16			13
Europe						2			3
Asia					?	1		?	1
Total					?	19		?	17
									?
Natural gas - mcf
United States						119			100
Europe						43			81
Asia and other					?	454		?	442
Total					?	616		?	623
Barrels of oil equivalent					?	406		?	370
									?
Average Selling Price
Crude oil - per barrel (including hedging)
United States					$	92.32		$	98.56
Europe						74.14			80.18
Africa						89.02			88.46
Asia						107.45			111.71
Worldwide						86.94			89.99
									?
Crude oil - per barrel (excluding hedging)
United States					$	93.96		$	98.56
Europe						75.06			80.18
Africa						110.92			110.28
Asia						109.35			111.71
Worldwide						93.70			95.60
									?
Natural gas liquids - per barrel
United States					$	40.75		$	58.59
Europe						78.43			75.49
Asia						77.92			72.29
Worldwide						47.81			62.72
									?
Natural gas - per mcf
United States					$	2.09		$	3.39
Europe						9.50			8.79
Asia and other						6.90			6.02
Worldwide						6.16			5.96
									?

	?	?	?				?				?
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
														?
				Fourth				Fourth				Third
				Quarter				Quarter				Quarter
				2012				2011				2012
Financial Information (in millions)
														?
Marketing and Refining Results
Income (loss) before income taxes				$	265			$	(885)			$	84
Provision (benefit) for income taxes				?	106	?		?	(324)	?		?	31	?
Results of operations attributable to Hess Corporation				$	159	?		$	(561)	?		$	53	?
														?
Summary of Marketing and Refining Results
Marketing				$	152			$	48			$	17
Refining					8				(598)				18
Trading				?	(1)	?		?	(11)	?		?	18	?
Results of operations attributable to Hess Corporation				$	159	?		$	(561)	?		$	53	?
?	?	?	?
														?
Operating Data
														?
Sales Volumes
Refined petroleum products (thousands of barrels per day)
Gasoline					201				214				214
Distillates					126				143				102
Residuals					49				65				48
Other				?	10	?		?	19	?		?	10	?
Total				?	386	?		?	441	?		?	374	?
														?
Natural gas (thousands of mcf per day)				?	2,700	?		?	2,200	?		?	1,900	?
														?
Electricity (megawatts round the clock)				?	4,400	?		?	4,100	?		?	4,800	?
														?
Retail Marketing
Number of retail stations (a)					1,361				1,360				1,361
Convenience store revenue (in millions) (b)				$	268			$	290			$	295
Average gasoline volume per station (thousands of gallons per month) (b)					194				195				196
														?
Port Reading
Refinery throughput (thousands of barrels per day)					50				58				68
Refinery utilization (capacity - 70,000 barrels per day)					72.0%				82.9%				97.0%
														?

(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)
									?
					Years Ended December 31,
					2012			2011
Financial Information (in millions)
									?
Marketing and Refining Results
Income (loss) before income taxes					$	376		$	(857)
Provision (benefit) for income taxes					?	145		?	(273)
Results of operations attributable to Hess Corporation					$	231		$	(584)
									?
Summary of Marketing and Refining Results
Marketing					$	209		$	185
Refining						28			(728)
Trading					?	(6)		?	(41)
Results of operations attributable to Hess Corporation					$	231		$	(584)
?	?	?	?	?	?	?	?	?	?
									?
Operating Data
									?
Sales Volumes
Refined petroleum products (thousands of barrels per day)
Gasoline						209			222
Distillates						113			123
Residuals						53			65
Other					?	14		?	20
Total	?				?	389		?	430
									?
Natural gas (thousands of mcf per day)					?	2,300		?	2,200
									?
Electricity (megawatts round the clock)					?	4,500		?	4,400
									?
Retail Marketing
Number of retail stations (a)						1,361			1,360
Convenience store revenue (in millions) (b)					$	1,123		$	1,189
Average gasoline volume per station (thousands of gallons per month) (b)						192			195
									?
Port Reading
Refinery throughput (thousands of barrels per day)						59			63
Refinery utilization (capacity - 70,000 barrels per day)						83.6%			90.0%
									?

(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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