Attached files
| file | filename |
|---|---|
| 8-K - HESS CORPORATION 8-K - HESS CORP | a6583820.htm |
| EX-99.2 - EXHIBIT 99(2) - HESS CORP | a6583820ex99-2.htm |
| EX-99.3 - EXHIBIT 99(3) - HESS CORP | a6583820ex99-3.htm |
Exhibit 99(1)
Hess Reports Estimated Results for the Fourth Quarter of 2010
Fourth Quarter Highlights:
- Net income was $58 million compared with $358 million in the fourth quarter 2009
- Items affecting comparability include an after-tax charge of $289 million relating to the impairment of our equity investment in HOVENSA L.L.C.
- Capital and exploratory expenditures, including acquisitions, were $2,464 million, compared with $992 million in the fourth quarter 2009
- Oil and gas production was 420,000 barrels per day, an increase from 415,000 in the fourth quarter 2009
- Year end total proved reserves were 1,537 million barrels; reserve replacement for 2010 was 176 percent
NEW YORK--(BUSINESS WIRE)--January 26, 2011--Hess Corporation (NYSE: HES) reported net income of $58 million for the fourth quarter of 2010 compared with net income of $358 million for the fourth quarter of 2009. The after-tax income (loss) by major operating activity was as follows:
| Three Months Ended | Year Ended | ||||||||||||||||||||
|
December 31, (unaudited) |
December 31, (unaudited) |
||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||||||
| Exploration and Production | $ | 420 | $ | 494 | $ | 2,736 | $ | 1,042 | |||||||||||||
| Marketing and Refining | (261 | ) | 17 | (231 | ) | 127 | |||||||||||||||
| Corporate | (43 | ) | (97 | ) | (159 | ) | (205 | ) | |||||||||||||
| Interest expense | (58 | ) | (56 | ) | (221 | ) | (224 | ) | |||||||||||||
| Net income attributable to Hess Corporation | $ | 58 | $ | 358 | $ | 2,125 | $ | 740 | |||||||||||||
| Net income per share (diluted) | $ | .18 | $ | 1.10 | $ | 6.47 | $ | 2.27 | |||||||||||||
| Weighted average number of shares (diluted) | 330.5 | 326.4 | 328.3 | 326.0 | |||||||||||||||||
Note: See the following page for a table of items affecting the comparability of earnings between periods.
Exploration and Production earnings were $420 million in the fourth quarter of 2010 compared with $494 million in the fourth quarter of 2009. Fourth quarter 2010 results included higher exploration expenses reflecting dry hole costs of $111 million ($72 million after-tax) associated with two exploration wells (Sabia and Azulão) located on Block BM-S-22 offshore Brazil. Fourth quarter oil and gas production was 420,000 barrels of oil equivalent per day, up from 415,000 barrels of oil equivalent per day in the fourth quarter a year ago. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $71.73 per barrel, an increase from $63.74 per barrel in the fourth quarter of 2009. The average worldwide natural gas selling price was $5.30 per Mcf in the fourth quarter of 2010 compared with $5.19 per Mcf in the same quarter a year ago.
Oil and gas proved reserves were 1,537 million barrels of oil equivalent at the end of 2010, compared to 1,437 million barrels at the end of 2009. During 2010, the Corporation added 274 million barrels of oil equivalent to proved reserves. These additions, which are subject to final review, replaced approximately 176 percent of the Corporation’s 2010 production, resulting in a reserve life of 9.9 years.
Marketing and Refining results were a loss of $261 million in the fourth quarter of 2010 compared with income of $17 million in the same period of 2009. Refining operations incurred a loss of $308 million in the fourth quarter of 2010, including the impairment charge discussed below, and a loss of $40 million in the fourth quarter a year ago. Marketing earnings were $37 million compared with $45 million in the same quarter of 2009. Trading activities generated income of $10 million in the fourth quarter of 2010 and $12 million in the fourth quarter of last year.
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods (in millions):
| Three Months Ended | Year Ended | |||||||||||||||||||||||
|
December 31, |
December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||
| Exploration and Production | $ | (51 | ) | $ | - | $ | 732 | $ | 45 | |||||||||||||||
| Marketing and Refining | (289 | ) | - | (289 | ) | 12 | ||||||||||||||||||
| Corporate | - | (44 | ) | (7 |
) |
(60 | ) | |||||||||||||||||
| $ | (340 | ) | $ | (44 | ) | $ | 436 | $ | (3 | ) | ||||||||||||||
Fourth quarter 2010 results included an after-tax charge of $51 million related to dry hole costs associated with the Azulão exploration well located offshore Brazil, which was drilled in 2009. The results also included an after-tax charge of $289 million to reduce the carrying value of the Corporation’s equity investment in HOVENSA L.L.C.
Net cash provided by operating activities was $1,478 million in the fourth quarter of 2010, compared with $1,271 million in the same quarter of 2009. Capital and exploratory expenditures were $2,464 million, of which $2,438 million related to Exploration and Production operations including $1,067 million for the acquisition of 167,000 net acres in the Bakken oil play in North Dakota from TRZ Energy, LLC. Capital and exploratory expenditures for the fourth quarter of 2009 were $992 million, of which $957 million related to Exploration and Production operations.
At December 31, 2010, cash and cash equivalents totaled $1,608 million compared with $1,362 million at December 31, 2009. Total debt was $5,583 million at December 31, 2010 and $4,467 million at December 31, 2009. The Corporation’s debt to capitalization ratio at December 31, 2010 was 24.9 percent compared with 24.8 percent at the end of 2009.
Hess Corporation will review fourth quarter financial and operating results and other matters on a webcast at 10 a.m. today. For details on 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.
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS) |
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| Fourth | Fourth | Third | |||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||
| 2010 | 2009 | 2010 | |||||||||||||
|
Income Statement |
|||||||||||||||
| Revenues and Non-operating Income | |||||||||||||||
| Sales (excluding excise taxes) and other operating revenues | $ | 9,007 | $ | 8,678 | $ | 7,864 | |||||||||
| Income (loss) from equity investment in HOVENSA L.L.C. | (348 | ) | (64 | ) | (83 | ) | |||||||||
| Other, net | 31 | (56 | ) | 1,172 | |||||||||||
| Total revenues and non-operating income | 8,690 | 8,558 | 8,953 | ||||||||||||
| Costs and Expenses | |||||||||||||||
| Cost of products sold (excluding items shown separately below) | 6,221 | 6,005 | 5,330 | ||||||||||||
| Production expenses | 532 | 492 | 475 | ||||||||||||
| Marketing expenses | 291 | 266 | 232 | ||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||
| and lease impairment | 317 | 157 | 225 | ||||||||||||
| Other operating expenses | 42 | 49 | 39 | ||||||||||||
| General and administrative expenses | 197 | 203 | 151 | ||||||||||||
| Interest expense | 100 | 91 | 94 | ||||||||||||
| Depreciation, depletion and amortization | 633 | 584 | 584 | ||||||||||||
| Asset impairments | - | - | 532 | ||||||||||||
| Total costs and expenses | 8,333 | 7,847 | 7,662 | ||||||||||||
| Income before income taxes | 357 | 711 | 1,291 | ||||||||||||
| Provision for income taxes | 274 | 341 | 200 | ||||||||||||
| Net income | 83 | 370 | 1,091 | ||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | 25 | 12 | (63 | ) | |||||||||||
| Net income attributable to Hess Corporation | $ | 58 | $ | 358 | $ | 1,154 | |||||||||
|
Supplemental Income Statement Information |
|||||||||||||||
| Foreign currency gains (losses), after-tax | $ | 2 | $ | (10 | ) | $ | (5 | ) | |||||||
| Capitalized interest | 2 | 2 | 1 | ||||||||||||
|
Cash Flow Information |
|||||||||||||||
| Net cash provided by operating activities (*) | $ | 1,478 | $ | 1,271 | $ | 1,246 | |||||||||
|
Capital and Exploratory Expenditures |
|||||||||||||||
| Exploration and Production | |||||||||||||||
| United States | $ | 1,820 | $ | 392 | $ | 379 | |||||||||
| International | 618 | 565 | 1,169 | ||||||||||||
| Total Exploration and Production | 2,438 | 957 | 1,548 | ||||||||||||
| Marketing, Refining and Corporate | 26 | 35 | 19 | ||||||||||||
| Total Capital and Exploratory Expenditures | $ | 2,464 | $ | 992 | $ | 1,567 | |||||||||
| Exploration expenses charged to income included above | |||||||||||||||
| United States | $ | 46 | $ | 22 | $ | 46 | |||||||||
| International | 77 | 45 | 59 | ||||||||||||
| $ | 123 | $ | 67 | $ | 105 | ||||||||||
(*) Includes changes in working capital
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS) |
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|
||||||||||
| Year Ended December 31, | ||||||||||
| 2010 | 2009 | |||||||||
|
Income Statement |
||||||||||
| Revenues and Non-operating Income | ||||||||||
| Sales (excluding excise taxes) and other operating revenues | $ | 33,862 | $ | 29,614 | ||||||
| Income (loss) from equity investment in HOVENSA L.L.C. | (522 | ) | (229 | ) | ||||||
| Other, net | 1,273 | 184 | ||||||||
| Total revenues and non-operating income | 34,613 | 29,569 | ||||||||
| Costs and Expenses | ||||||||||
| Cost of products sold (excluding items shown separately below) | 23,407 | 20,961 | ||||||||
| Production expenses | 1,924 | 1,805 | ||||||||
| Marketing expenses | 1,021 | 1,008 | ||||||||
| Exploration expenses, including dry holes | ||||||||||
| and lease impairment | 865 |
|
829 | |||||||
| Other operating expenses | 213 | 183 | ||||||||
| General and administrative expenses | 662 | 647 | ||||||||
| Interest expense | 361 | 360 | ||||||||
| Depreciation, depletion and amortization | 2,317 | 2,200 | ||||||||
| Asset impairments |
532 |
54 | ||||||||
| Total costs and expenses | 31,302 | 28,047 | ||||||||
| Income before income taxes | 3,311 | 1,522 | ||||||||
| Provision for income taxes | 1,173 | 715 | ||||||||
| Net income | 2,138 | 807 | ||||||||
| Less: Net income attributable to noncontrolling interests | 13 | 67 | ||||||||
| Net income attributable to Hess Corporation | $ | 2,125 | $ | 740 | ||||||
|
Supplemental Income Statement Information |
||||||||||
| Foreign currency gains (losses), after-tax | $ | (8 | ) | $ | (11 | ) | ||||
| Capitalized interest | 5 | 6 | ||||||||
|
Cash Flow Information |
||||||||||
| Net cash provided by operating activities (*) | $ | 4,530 | $ | 3,046 | ||||||
|
Capital and Exploratory Expenditures |
||||||||||
| Exploration and Production | ||||||||||
| United States | $ | 2,935 | $ | 1,200 | ||||||
| International | 2,822 | 1,927 | ||||||||
| Total Exploration and Production | 5,757 |
|
3,127 | |||||||
| Marketing, Refining and Corporate | 98 | 118 | ||||||||
| Total Capital and Exploratory Expenditures | $ | 5,855 | $ | 3,245 | ||||||
| Exploration expenses charged to income included above | ||||||||||
| United States | $ | 154 | $ | 144 | ||||||
| International | 209 | 183 | ||||||||
| $ | 363 | $ | 327 | |||||||
(*) Includes changes in working capital
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS) |
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|
December 31, | December 31, | ||||||||
| 2010 | 2009 | |||||||||
|
Balance Sheet Information |
||||||||||
| Cash and cash equivalents | $ | 1,608 | $ | 1,362 | ||||||
| Other current assets | 7,138 | 6,625 | ||||||||
| Investments | 443 | 913 | ||||||||
| Property, plant and equipment – net | 21,127 | 16,627 | ||||||||
| Other long-term assets | 4,965 | 3,938 | ||||||||
| Total assets | $ | 35,281 | $ | 29,465 | ||||||
| Short-term debt and current maturities of long-term debt | $ | 46 | $ | 148 | ||||||
| Other current liabilities | 7,533 | 6,702 | ||||||||
| Long-term debt | 5,537 | 4,319 | ||||||||
| Other long-term liabilities | 5,356 | 4,768 | ||||||||
| Total equity excluding other comprehensive income (loss) | 17,968 | 15,203 | ||||||||
| Accumulated other comprehensive income (loss) | (1,159 | ) | (1,675 | ) | ||||||
| Total liabilities and equity | $ | 35,281 | $ | 29,465 | ||||||
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS) |
|||||||||||||||||||
| Fourth Quarter 2010 | |||||||||||||||||||
| United | |||||||||||||||||||
| States | International | Total | |||||||||||||||||
| Sales and other operating revenues | $ | 679 | $ | 1,613 | $ | 2,292 | |||||||||||||
| Other, net | (5 | ) | 13 | 8 | |||||||||||||||
| Total revenues and non-operating income | 674 | 1,626 | 2,300 | ||||||||||||||||
| Costs and expenses | |||||||||||||||||||
| Production expenses, including related taxes | 143 | 389 | 532 | ||||||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||||||
| and lease impairment | 121 | 196 | 317 | ||||||||||||||||
| General, administrative and other expenses | 56 | 24 | 80 | ||||||||||||||||
| Depreciation, depletion and amortization | 184 | 425 | 609 | ||||||||||||||||
| Asset impairments | - | - | - | ||||||||||||||||
| Total costs and expenses | 504 | 1,034 | 1,538 | ||||||||||||||||
| Results of operations before income taxes | 170 | 592 | 762 | ||||||||||||||||
| Provision for income taxes | 72 | 270 | 342 | ||||||||||||||||
| Results of operations attributable to Hess Corporation | $ | 98 | $ | 322 | $ | 420 | |||||||||||||
| Fourth Quarter 2009 | |||||||||||||||||||
| United | |||||||||||||||||||
| States | International | Total | |||||||||||||||||
| Sales and other operating revenues | $ | 587 | $ | 1,626 | $ | 2,213 | |||||||||||||
| Other, net | - | (3 | ) | (3 | ) | ||||||||||||||
| Total revenues and non-operating income | 587 | 1,623 | 2,210 | ||||||||||||||||
| Costs and expenses | |||||||||||||||||||
| Production expenses, including related taxes | 104 | 388 | 492 | ||||||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||||||
| and lease impairment | 77 | 80 | 157 | ||||||||||||||||
| General, administrative and other expenses | 33 | 40 | 73 | ||||||||||||||||
| Depreciation, depletion and amortization | 165 | 397 | 562 | ||||||||||||||||
| Asset impairments | - | - | - | ||||||||||||||||
| Total costs and expenses | 379 | 905 | 1,284 | ||||||||||||||||
| Results of operations before income taxes | 208 | 718 | 926 | ||||||||||||||||
| Provision for income taxes | 79 | 353 | 432 | ||||||||||||||||
| Results of operations attributable to Hess Corporation | $ | 129 | $ | 365 | $ | 494 | |||||||||||||
| 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 | 357 | 474 | ||||||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||||||
| and lease impairment | 105 | 120 | 225 | ||||||||||||||||
| General, administrative and other expenses | 37 | 33 | 70 | ||||||||||||||||
| 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 for income taxes | 71 | 227 | 298 | ||||||||||||||||
| Results of operations attributable to Hess Corporation | $ | 118 | $ | 1,159 | $ | 1,277 | |||||||||||||
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS) |
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| Year Ended December 31, 2010 | |||||||||||||||||||
| United | |||||||||||||||||||
| States | International | Total | |||||||||||||||||
| Sales and other operating revenues | $ | 2,453 | $ | 6,291 | $ | 8,744 | |||||||||||||
| Other, net | (3 | ) | 1,236 | 1,233 | |||||||||||||||
| Total revenues and non-operating income | 2,450 | 7,527 | 9,977 | ||||||||||||||||
| Costs and expenses | |||||||||||||||||||
| Production expenses, including related taxes | 489 | 1,435 | 1,924 | ||||||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||||||
|
and lease impairment |
364 | 501 | 865 | ||||||||||||||||
| General, administrative and other expenses | 161 | 120 | 281 | ||||||||||||||||
| Depreciation, depletion and amortization | 649 | 1,573 | 2,222 | ||||||||||||||||
| Asset impairments | - | 532 | 532 | ||||||||||||||||
| Total costs and expenses | 1,663 | 4,161 | 5,824 | ||||||||||||||||
| Results of operations before income taxes | 787 | 3,366 | 4,153 | ||||||||||||||||
| Provision for income taxes | 304 | 1,113 | 1,417 | ||||||||||||||||
| Results of operations attributable to Hess Corporation | $ | 483 | $ | 2,253 | $ | 2,736 | |||||||||||||
| Year Ended December 31, 2009 | |||||||||||||||||||
| United | |||||||||||||||||||
| States | International | Total | |||||||||||||||||
| Sales and other operating revenues | $ | 1,611 | $ | 5,224 | $ | 6,835 | |||||||||||||
| Other, net | 132 | 75 | 207 | ||||||||||||||||
| Total revenues and non-operating income | 1,743 | 5,299 | 7,042 | ||||||||||||||||
| Costs and expenses | |||||||||||||||||||
| Production expenses, including related taxes | 431 | 1,374 | 1,805 | ||||||||||||||||
| Exploration expenses, including dry holes | |||||||||||||||||||
| and lease impairment | 383 | 446 | 829 | ||||||||||||||||
| General, administrative and other expenses | 130 | 125 | 255 | ||||||||||||||||
| Depreciation, depletion and amortization | 503 | 1,610 | 2,113 | ||||||||||||||||
| Asset impairments | - | 54 | 54 | ||||||||||||||||
| Total costs and expenses | 1,447 | 3,609 | 5,056 | ||||||||||||||||
| Results of operations before income taxes | 296 | 1,690 | 1,986 | ||||||||||||||||
| Provision for income taxes | 114 | 830 | 944 | ||||||||||||||||
| Results of operations attributable to Hess Corporation | $ | 182 | $ | 860 | $ | 1,042 | |||||||||||||
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) |
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|
Fourth | Fourth | Third | |||||||||
|
Quarter |
Quarter | Quarter | ||||||||||
| 2010 | 2009 | 2010 | ||||||||||
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Operating Data |
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Net Production Per Day (in thousands) |
||||||||||||
| Crude oil - barrels | ||||||||||||
| United States | 76 | 76 | 78 | |||||||||
| Europe | 103 | 86 | 82 | |||||||||
| Africa | 99 | 105 | 117 | |||||||||
| Asia | 13 | 15 | 13 | |||||||||
| Total | 291 | 282 | 290 | |||||||||
| Natural gas liquids - barrels | ||||||||||||
| United States | 14 | 12 | 15 | |||||||||
| Europe | 4 | 3 | 3 | |||||||||
| Asia | 1 | 1 | - | |||||||||
|
Total |
19 | 16 | 18 | |||||||||
| Natural gas - mcf | ||||||||||||
| United States | 114 | 97 | 120 | |||||||||
| Europe | 138 | 147 | 104 | |||||||||
| Asia and other | 411 | 456 | 406 | |||||||||
| Total | 663 | 700 | 630 | |||||||||
| Barrels of oil equivalent | 420 | 415 | 413 | |||||||||
|
Average Selling Price |
||||||||||||
| Crude oil - per barrel (including hedging)* | ||||||||||||
| United States | $ | 80.65 | $ | 70.61 | $ | 71.92 | ||||||
| Europe | 63.18 | 58.07 | 57.28 | |||||||||
| Africa | 70.21 | 61.67 | 64.78 | |||||||||
| Asia | 86.94 | 74.59 | 75.95 | |||||||||
| Worldwide | 71.73 | 63.74 | 64.81 | |||||||||
| Crude oil - per barrel (excluding hedging) | ||||||||||||
| United States | $ | 80.65 | $ | 70.61 | $ | 71.92 | ||||||
| Europe | 63.18 | 58.07 | 57.28 | |||||||||
| Africa | 86.40 | 74.41 | 75.70 | |||||||||
| Asia | 86.94 | 74.59 | 75.95 | |||||||||
| Worldwide | 77.17 | 68.50 | 69.47 | |||||||||
| Natural gas liquids - per barrel | ||||||||||||
| United States | $ | 51.89 | $ | 47.12 | $ | 43.20 | ||||||
| Europe | 64.65 | 59.31 | 57.69 | |||||||||
| Asia | 70.22 | 57.40 | 53.60 | |||||||||
| Worldwide | 55.00 | 50.21 | 46.10 | |||||||||
| Natural gas - per mcf | ||||||||||||
| United States | $ | 3.11 | $ | 3.83 | $ | 3.56 | ||||||
| Europe | 7.81 | 4.82 | 6.50 | |||||||||
| Asia and other | 5.06 | 5.60 | 6.18 | |||||||||
| Worldwide | 5.30 | 5.19 | 5.73 | |||||||||
* The after-tax losses from crude oil hedging activities were $86 million in the fourth quarter of 2010, $88 million in the fourth quarter of 2009 and $85 million in the third quarter of 2010.
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) |
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|
Year Ended December 31, | |||||||
| 2010 | 2009 | |||||||
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Operating Data |
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Net Production Per Day (in thousands) |
||||||||
| Crude oil - barrels | ||||||||
| United States | 75 | 60 | ||||||
| Europe | 88 | 83 | ||||||
| Africa | 113 | 120 | ||||||
| Asia | 13 | 16 | ||||||
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Total |
289 | 279 | ||||||
| Natural gas liquids - barrels | ||||||||
| United States | 14 | 11 | ||||||
| Europe | 3 | 3 | ||||||
| Asia | 1 | - | ||||||
| Total | 18 | 14 | ||||||
| Natural gas - mcf | ||||||||
| United States | 108 | 93 | ||||||
| Europe | 134 | 151 | ||||||
| Asia and other | 427 | 446 | ||||||
| Total | 669 | 690 | ||||||
| Barrels of oil equivalent | 418 | 408 | ||||||
|
Average Selling Price |
||||||||
| Crude oil - per barrel (including hedging)* | ||||||||
| United States | $ | 75.02 | $ | 60.67 | ||||
| Europe | 58.11 | 47.02 | ||||||
| Africa | 65.02 | 48.91 | ||||||
| Asia | 79.23 | 63.01 | ||||||
| Worldwide | 66.20 | 51.62 | ||||||
| Crude oil - per barrel (excluding hedging) | ||||||||
| United States | $ | 75.02 | $ | 60.67 | ||||
| Europe | 58.11 | 47.02 | ||||||
| Africa | 78.31 | 60.79 | ||||||
| Asia | 79.23 | 63.01 | ||||||
| Worldwide | 71.40 | 56.74 | ||||||
| Natural gas liquids - per barrel | ||||||||
| United States | $ | 47.92 | $ | 36.57 | ||||
| Europe | 59.23 | 43.23 | ||||||
| Asia | 63.50 | 46.48 | ||||||
| Worldwide | 50.49 | 38.47 | ||||||
| Natural gas - per mcf | ||||||||
| United States | $ | 3.70 | $ | 3.36 | ||||
| Europe | 6.23 | 5.15 | ||||||
| Asia and other | 5.93 | 5.06 | ||||||
| Worldwide | 5.63 | 4.85 | ||||||
* The after-tax losses from hedging activities were $338 million for the year ended December 31, 2010 and $337 million for the year ended December 31, 2009.
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) |
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| Fourth | Fourth | Third | |||||||||||||
| Quarter | Quarter | Quarter | |||||||||||||
| 2010 | 2009 | 2010 | |||||||||||||
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Financial Information (in millions of dollars) |
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Marketing and Refining Results |
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| Income (loss) before income taxes | $ | (251) | $ | 16 | $ | (78) | |||||||||
| Provision (benefit) for income taxes | 10 | (1) | (40) | ||||||||||||
| Results of operations attributable to Hess Corporation | $ | (261) | $ | 17 | $ | (38) | |||||||||
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Summary of Marketing and Refining Results |
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| Refining | $ | (308) | $ | (40) | $ | (50) | |||||||||
| Marketing | 37 | 45 | 40 | ||||||||||||
| Trading | 10 | 12 | (28) | ||||||||||||
| Results of operations attributable to Hess Corporation | $ | (261) | $ | 17 | $ | (38) | |||||||||
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Operating Data (barrels and gallons in thousands) |
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Refined Product Sales (barrels per day) |
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| Gasoline | 225 | 241 | 253 | ||||||||||||
| Distillates | 144 | 149 | 96 | ||||||||||||
| Residuals | 78 | 67 | 56 | ||||||||||||
| Other | 42 | 38 | 41 | ||||||||||||
| Total | 489 | 495 | 446 | ||||||||||||
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Refinery Throughput (barrels per day) |
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| HOVENSA - Crude runs | 384 | 371 | 408 | ||||||||||||
| HOVENSA - Hess 50% share | 192 | 185 | 204 | ||||||||||||
| Port Reading | 60 | 61 | 61 | ||||||||||||
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Refinery Utilization |
Refinery Capacity |
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| HOVENSA | (barrels per day) | ||||||||||||||
| Crude | 500 | 76.8% | 74.1% | 81.6% | |||||||||||
| FCC | 150 | 57.3% | 55.5% | 76.1% | |||||||||||
| Coker | 58 | 73.3% | 75.8% | 73.0% | |||||||||||
| Port Reading | 70 | 86.0% | 87.3% | 87.7% | |||||||||||
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Retail Marketing |
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| Number of retail stations (a) | 1,362 | 1,357 | 1,360 | ||||||||||||
| Convenience store revenue (in millions of dollars) (b) | $ | 298 | $ | 296 | $ | 322 | |||||||||
| Average gasoline volume per station (gallons per month) (b) | 201 | 196 | 204 | ||||||||||||
| (a) Includes company operated, Wilco-Hess, dealer and branded retailer. |
| (b) Company operated only. |
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) |
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| Year Ended December 31, | |||||||||||
| 2010 | 2009 | ||||||||||
|
Financial Information (in millions of dollars) |
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|
Marketing and Refining Results |
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| Income (loss) before income taxes | $ | (227) | $ | 151 | |||||||
| Provision (benefit) for income taxes | 4 | 24 | |||||||||
| Results of operations attributable to Hess Corporation | $ | (231) | $ | 127 | |||||||
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Summary of Marketing and Refining Results |
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| Refining | $ | (445) | $ | (87) | |||||||
| Marketing | 215 | 168 | |||||||||
| Trading | (1) | 46 | |||||||||
| Results of operations attributable to Hess Corporation | $ | (231) | $ | 127 | |||||||
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Operating Data (barrels and gallons in thousands) |
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|
Refined Product Sales (barrels per day) |
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| Gasoline | 242 | 236 | |||||||||
| Distillates | 120 | 134 | |||||||||
| Residuals | 69 | 67 | |||||||||
| Other | 40 | 36 | |||||||||
| Total | 471 | 473 | |||||||||
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Refinery Throughput (barrels per day) |
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| HOVENSA - Crude runs | 390 | 402 | |||||||||
| HOVENSA - Hess 50% share | 195 | 201 | |||||||||
| Port Reading | 55 | 63 | |||||||||
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Refinery Utilization |
Refinery Capacity |
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| HOVENSA | (barrels per day) | ||||||||||
| Crude | 500 | 78.0% | 80.3% | ||||||||
| FCC | 150 | 66.5% | 70.2% | ||||||||
| Coker | 58 | 78.3% | 81.6% | ||||||||
| Port Reading | 70 | 78.1% | 90.2% | ||||||||
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Retail Marketing |
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| Number of retail stations (a) | 1,362 | 1,357 | |||||||||
| Convenience store revenue (in millions of dollars) (b) | $ | 1,213 | $ | 1,164 | |||||||
| Average gasoline volume per station (gallons per month) (b) | 199 | 201 | |||||||||
| (a) Includes company operated, Wilco-Hess, dealer and branded retailer. |
| (b) Company operated only. |
CONTACT:
Hess Corporation
Investors:
Jay
Wilson, 212-536-8940
or
Media:
Jon
Pepper, 212-536-8550