Attached files
| file | filename |
|---|---|
| EX-99.(3) - EXHIBIT 99(3) - HESS CORP | a50041542ex993.htm |
| EX-99.(2) - EXHIBIT 99(2) - HESS CORP | a50041542ex992.htm |
| 8-K - HESS CORP. 8-K - HESS CORP | a50041542.htm |
Exhibit 99(1)
 News Release
|
HESS CORPORATION
Investor Contact: Jay Wilson
(212) 536-8940
Media Contact: Jon Pepper
(212) 536-8550
|
HESS REPORTS ESTIMATED RESULTS FOR THE THIRD QUARTER OF 2011
Third Quarter Highlights:
|
●
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Net income was $298 million, compared with $1,154 million in the third quarter of 2010
|
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●
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Net income excluding items affecting comparability between periods was $379 million, compared with $429 million in the third quarter of 2010
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●
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Net cash provided by operating activities was $1,022 million, down from $1,246 million in the third quarter of 2010
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●
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Oil and gas production was 344,000 barrels of oil equivalent per day, compared with 413,000 in the third quarter of 2010
|
|
●
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Capital and exploratory expenditures were $2,550 million, including $902 million for acquisitions, up from $1,567 million in the third quarter of 2010
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NEW YORK, October 26, 2011 -- Hess Corporation (NYSE: HES) reported net income of $298 million for the third quarter of 2011 compared with $1,154 million for the third quarter of 2010. The after-tax income (loss) by major operating activity was as follows:
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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September 30, (unaudited)
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September 30, (unaudited)
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|||||||||||||||
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2011
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2010
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2011
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2010
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|||||||||||||
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(In millions, except per share amounts)
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||||||||||||||||
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Exploration and Production
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$ | 422 | $ | 1,277 | $ | 2,148 | $ | 2,316 | ||||||||
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Marketing and Refining
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(23 | ) | (38 | ) | (23 | ) | 30 | |||||||||
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Corporate
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(44 | ) | (26 | ) | (114 | ) | (116 | ) | ||||||||
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Interest expense
|
(57 | ) | (59 | ) | (177 | ) | (163 | ) | ||||||||
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Net income attributable to Hess Corporation
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$ | 298 | $ | 1,154 | $ | 1,834 | $ | 2,067 | ||||||||
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Net income per share (diluted)
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$ | .88 | $ | 3.52 | $ | 5.40 | $ | 6.31 | ||||||||
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Weighted average number of shares (diluted)
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340.2 | 327.6 | 339.8 | 327.3 | ||||||||||||
Note: See the following page for a table of items affecting the comparability of earnings between periods.
1
Exploration and Production earnings were $422 million in the third quarter of 2011 compared with $1,277 million in the third quarter of 2010. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $85.81 per barrel, up from $64.81 per barrel in the third quarter of 2010. The average worldwide natural gas selling price of $5.74 per Mcf in the third quarter of 2011 was comparable with the selling price for the same quarter a year ago. Third quarter oil and gas production was 344,000 barrels of oil equivalent per day, down from 413,000 barrels of oil equivalent per day in the third quarter a year ago, due to production interruptions in Libya and at the Valhall and Llano fields, the sale of certain natural gas assets in the United Kingdom North Sea in February and natural field declines, partially offset by higher production from the Bakken oil shale play in North Dakota.
Marketing and Refining generated a loss of $23 million in the third quarter of 2011 compared with a loss of $38 million in the same period in 2010. Refining operations incurred a loss of $38 million in the third quarter of 2011 compared with a loss of $50 million in the year ago quarter. Marketing earnings of $41 million were comparable to the earnings for the third quarter of 2010. Trading activities generated a loss of $26 million in the third quarter of 2011 and a loss of $28 million in the third quarter of last year.
The following table reflects the total after-tax income (expense) of items affecting the comparability of earnings between periods:
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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September 30, (unaudited)
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September 30, (unaudited)
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|||||||||||||||
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2011
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2010
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2011
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2010
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|||||||||||||
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(Millions of dollars)
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||||||||||||||||
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Exploration and Production
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$ | (81 | ) | $ | 725 | $ | 244 | $ | 783 | |||||||
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Corporate
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- | - | - | (7 | ) | |||||||||||
| $ | (81 | ) | $ | 725 | $ | 244 | $ | 776 | ||||||||
Third quarter 2011 results include after-tax impairment charges of $140 million that resulted from increases to the Corporation’s abandonment liabilities, primarily for non-producing properties. A charge of $44 million was also recorded as a result of the third quarter enactment of an additional 12 percent supplementary tax on petroleum operations in the United Kingdom with an effective date of March 24, 2011. The charge consists of incremental income tax of $15 million on earnings from the effective date to the end of the second quarter and a charge of $29 million to increase the United Kingdom deferred tax liability. The results
2
also include after-tax gains of $103 million from the sales of the Corporation’s interests in the Snorre Field, offshore Norway, and the Cook Field in the United Kingdom North Sea.
Net cash provided by operating activities was $1,022 million in the third quarter of 2011, compared with $1,246 million in the same quarter of 2010. Capital and exploratory expenditures were $2,550 million, of which $2,517 million related to Exploration and Production operations, including $902 million for acreage acquisitions in the Utica Shale play in eastern Ohio and in the Kurdistan region of Iraq. Capital and exploratory expenditures for the third quarter of 2010 were $1,567 million, of which $1,548 million related to Exploration and Production operations.
At September 30, 2011, cash and cash equivalents totaled $827 million compared with $1,608 million at December 31, 2010. Total debt was $5,592 million at September 30, 2011 and $5,583 million at December 31, 2010. The Corporation’s debt to capitalization ratio at September 30, 2011 was 22.8 percent compared with 24.9 percent at the end of 2010.
Hess Corporation will review third quarter financial and operating results and other matters on a webcast at 10 a.m. today. For details about the event, refer to the Investor Relations section of our website at www.hess.com.
Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. More information on Hess Corporation is available at www.hess.com.
Forward-looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, uncertainties inherent in the measurement and interpretation of geological, geophysical and other technical data.
3
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
Third
|
Third
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Second
|
||||||||||
|
Quarter
|
Quarter
|
Quarter
|
||||||||||
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2011
|
2010
|
2011
|
||||||||||
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Income Statement
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||||||||||||
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Revenues and Non-operating Income
|
||||||||||||
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Sales (excluding excise taxes) and other operating revenues
|
$ | 8,665 | $ | 7,864 | $ | 9,853 | ||||||
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Income (loss) from equity investment in HOVENSA L.L.C.
|
(36 | ) | (83 | ) | (49 | ) | ||||||
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Other, net
|
97 | 1,172 | 2 | |||||||||
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Total revenues and non-operating income
|
8,726 | 8,953 | 9,806 | |||||||||
|
Costs and Expenses
|
||||||||||||
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Cost of products sold (excluding items shown separately below)
|
6,181 | 5,330 | 6,841 | |||||||||
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Production expenses
|
609 | 475 | 599 | |||||||||
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Marketing expenses
|
266 | 232 | 247 | |||||||||
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Exploration expenses, including dry holes
|
||||||||||||
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and lease impairment
|
199 | 225 | 257 | |||||||||
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Other operating expenses
|
43 | 39 | 42 | |||||||||
|
General and administrative expenses
|
177 | 151 | 174 | |||||||||
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Interest expense
|
94 | 94 | 97 | |||||||||
|
Depreciation, depletion and amortization
|
586 | 584 | 588 | |||||||||
|
Asset impairments
|
358 | 532 | - | |||||||||
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Total costs and expenses
|
8,513 | 7,662 | 8,845 | |||||||||
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Income before income taxes
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213 | 1,291 | 961 | |||||||||
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Provision (benefit) for income taxes
|
(54 | ) | 200 | 392 | ||||||||
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Net income
|
267 | 1,091 | 569 | |||||||||
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Less: Net income (loss) attributable to noncontrolling interests
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(31 | ) | (63 | ) | (38 | ) | ||||||
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Net income attributable to Hess Corporation
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$ | 298 | $ | 1,154 | $ | 607 | ||||||
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Supplemental Income Statement Information
|
||||||||||||
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Foreign currency gains (losses), after-tax
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$ | (2 | ) | $ | (5 | ) | $ | (2 | ) | |||
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Capitalized interest
|
4 | 1 | 2 | |||||||||
|
Cash Flow Information
|
||||||||||||
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Net cash provided by operating activities (*)
|
$ | 1,022 | $ | 1,246 | $ | 1,689 | ||||||
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Capital and Exploratory Expenditures
|
||||||||||||
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Exploration and Production
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||||||||||||
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United States
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$ | 1,600 | $ | 379 | $ | 793 | ||||||
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International
|
917 | 1,169 | 676 | |||||||||
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Total Exploration and Production
|
2,517 | 1,548 | 1,469 | |||||||||
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Marketing, Refining and Corporate
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33 | 19 | 21 | |||||||||
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Total Capital and Exploratory Expenditures
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$ | 2,550 | $ | 1,567 | $ | 1,490 | ||||||
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Exploration expenses charged to income included above
|
||||||||||||
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United States
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$ | 48 | $ | 46 | $ | 56 | ||||||
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International
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68 | 59 | 59 | |||||||||
| $ | 116 | $ | 105 | $ | 115 | |||||||
(*) Includes changes in working capital
4
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
Nine Months
|
||||||||
|
2011
|
2010
|
|||||||
|
Income Statement
|
||||||||
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Revenues and Non-operating Income
|
||||||||
|
Sales (excluding excise taxes) and other operating revenues
|
$ | 28,733 | $ | 24,855 | ||||
|
Income (loss) from equity investment in HOVENSA L.L.C.
|
(133 | ) | (174 | ) | ||||
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Other, net
|
447 | 1,242 | ||||||
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Total revenues and non-operating income
|
29,047 | 25,923 | ||||||
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Costs and Expenses
|
||||||||
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Cost of products sold (excluding items shown separately below)
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20,062 | 17,186 | ||||||
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Production expenses
|
1,739 | 1,392 | ||||||
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Marketing expenses
|
796 | 730 | ||||||
|
Exploration expenses, including dry holes
|
||||||||
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and lease impairment
|
769 | 548 | ||||||
|
Other operating expenses
|
127 | 171 | ||||||
|
General and administrative expenses
|
515 | 465 | ||||||
|
Interest expense
|
290 | 261 | ||||||
|
Depreciation, depletion and amortization
|
1,732 | 1,684 | ||||||
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Asset impairments
|
358 | 532 | ||||||
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Total costs and expenses
|
26,388 | 22,969 | ||||||
|
Income before income taxes
|
2,659 | 2,954 | ||||||
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Provision (benefit) for income taxes
|
849 | 899 | ||||||
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Net income
|
1,810 | 2,055 | ||||||
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Less: Net income (loss) attributable to noncontrolling interests
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(24 | ) | (12 | ) | ||||
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Net income attributable to Hess Corporation
|
$ | 1,834 | $ | 2,067 | ||||
|
Supplemental Income Statement Information
|
||||||||
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Foreign currency gains (losses), after-tax
|
$ | (7 | ) | $ | (10 | ) | ||
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Capitalized interest
|
8 | 3 | ||||||
|
Cash Flow Information
|
||||||||
|
Net cash provided by operating activities (*)
|
$ | 3,846 | $ | 3,052 | ||||
|
Capital and Exploratory Expenditures
|
||||||||
|
Exploration and Production
|
||||||||
|
United States
|
$ | 2,933 | $ | 1,115 | ||||
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International
|
2,226 | 2,204 | ||||||
|
Total Exploration and Production
|
5,159 | 3,319 | ||||||
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Marketing, Refining and Corporate
|
67 | 72 | ||||||
|
Total Capital and Exploratory Expenditures
|
$ | 5,226 | $ | 3,391 | ||||
|
Exploration expenses charged to income included above
|
||||||||
|
United States
|
$ | 146 | $ | 108 | ||||
|
International
|
189 | 132 | ||||||
| $ | 335 | $ | 240 | |||||
(*) Includes changes in working capital
5
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
September 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
Balance Sheet Information
|
||||||||
|
Cash and cash equivalents
|
$ | 827 | $ | 1,608 | ||||
|
Other current assets
|
6,652 | 7,172 | ||||||
|
Investments
|
391 | 443 | ||||||
|
Property, plant and equipment – net
|
24,167 | 21,127 | ||||||
|
Other long-term assets
|
5,302 | 5,046 | ||||||
|
Total assets
|
$ | 37,339 | $ | 35,396 | ||||
|
Current maturities of long-term debt
|
$ | 44 | $ | 46 | ||||
|
Other current liabilities
|
6,562 | 7,567 | ||||||
|
Long-term debt
|
5,548 | 5,537 | ||||||
|
Other long-term liabilities
|
6,271 | 5,437 | ||||||
|
Total equity excluding other comprehensive income (loss)
|
19,781 | 17,968 | ||||||
|
Accumulated other comprehensive income (loss)
|
(867 | ) | (1,159 | ) | ||||
|
Total liabilities and equity
|
$ | 37,339 | $ | 35,396 | ||||
6
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
Third Quarter 2011
|
||||||||||||
|
United
|
||||||||||||
|
States
|
International
|
Total
|
||||||||||
|
Sales and other operating revenues
|
$ | 830 | $ | 1,307 | $ | 2,137 | ||||||
|
Other, net
|
4 | 93 | 97 | |||||||||
|
Total revenues and non-operating income
|
834 | 1,400 | 2,234 | |||||||||
|
Costs and Expenses
|
||||||||||||
|
Production expenses, including related taxes
|
174 | 435 | 609 | |||||||||
|
Exploration expenses, including dry holes
|
||||||||||||
|
and lease impairment
|
120 | 79 | 199 | |||||||||
|
General, administrative and other expenses
|
44 | 27 | 71 | |||||||||
|
Depreciation, depletion and amortization
|
209 | 355 | 564 | |||||||||
|
Asset impairments
|
16 | 342 | 358 | |||||||||
|
Total costs and expenses
|
563 | 1,238 | 1,801 | |||||||||
|
Results of operations before income taxes
|
271 | 162 | 433 | |||||||||
|
Provision (benefit) for income taxes
|
108 | (97 | ) | 11 | ||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 163 | $ | 259 | $ | 422 | ||||||
|
Third Quarter 2010
|
||||||||||||
|
United
|
||||||||||||
|
States
|
International
|
Total
|
||||||||||
|
Sales and other operating revenues
|
$ | 622 | $ | 1,657 | $ | 2,279 | ||||||
|
Other, net
|
(2 | ) | 1,159 | 1,157 | ||||||||
|
Total revenues and non-operating income
|
620 | 2,816 | 3,436 | |||||||||
|
Costs and Expenses
|
||||||||||||
|
Production expenses, including related taxes
|
117 | 358 | 475 | |||||||||
|
Exploration expenses, including dry holes
|
||||||||||||
|
and lease impairment
|
105 | 120 | 225 | |||||||||
|
General, administrative and other expenses
|
37 | 32 | 69 | |||||||||
|
Depreciation, depletion and amortization
|
172 | 388 | 560 | |||||||||
|
Asset impairments
|
- | 532 | 532 | |||||||||
|
Total costs and expenses
|
431 | 1,430 | 1,861 | |||||||||
|
Results of operations before income taxes
|
189 | 1,386 | 1,575 | |||||||||
|
Provision (benefit) for income taxes
|
71 | 227 | 298 | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 118 | $ | 1,159 | $ | 1,277 | ||||||
|
Second Quarter 2011
|
||||||||||||
|
United
|
||||||||||||
|
States
|
International
|
Total
|
||||||||||
|
Sales and other operating revenues
|
$ | 858 | $ | 1,840 | $ | 2,698 | ||||||
|
Other, net
|
(13 | ) | 8 | (5 | ) | |||||||
|
Total revenues and non-operating income
|
845 | 1,848 | 2,693 | |||||||||
|
Costs and Expenses
|
||||||||||||
|
Production expenses, including related taxes
|
179 | 420 | 599 | |||||||||
|
Exploration expenses, including dry holes
|
||||||||||||
|
and lease impairment
|
128 | 129 | 257 | |||||||||
|
General, administrative and other expenses
|
49 | 27 | 76 | |||||||||
|
Depreciation, depletion and amortization
|
166 | 387 | 553 | |||||||||
|
Asset impairments
|
- | - | - | |||||||||
|
Total costs and expenses
|
522 | 963 | 1,485 | |||||||||
|
Results of operations before income taxes
|
323 | 885 | 1,208 | |||||||||
|
Provision (benefit) for income taxes
|
120 | 341 | 461 | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 203 | $ | 544 | $ | 747 | ||||||
7
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
Nine Months 2011
|
||||||||||||
|
United
|
||||||||||||
|
States
|
International
|
Total
|
||||||||||
|
Sales and other operating revenues
|
$ | 2,434 | $ | 5,014 | $ | 7,448 | ||||||
|
Other, net
|
(10 | ) | 446 | 436 | ||||||||
|
Total revenues and non-operating income
|
2,424 | 5,460 | 7,884 | |||||||||
|
Costs and Expenses
|
||||||||||||
|
Production expenses, including related taxes
|
490 | 1,249 | 1,739 | |||||||||
|
Exploration expenses, including dry holes
|
||||||||||||
|
and lease impairment
|
357 | 412 | 769 | |||||||||
|
General, administrative and other expenses
|
141 | 90 | 231 | |||||||||
|
Depreciation, depletion and amortization
|
527 | 1,127 | 1,654 | |||||||||
|
Asset impairments
|
16 | 342 | 358 | |||||||||
|
Total costs and expenses
|
1,531 | 3,220 | 4,751 | |||||||||
|
Results of operations before income taxes
|
893 | 2,240 | 3,133 | |||||||||
|
Provision (benefit) for income taxes
|
340 | 645 | 985 | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 553 | $ | 1,595 | $ | 2,148 | ||||||
|
Nine Months 2010
|
||||||||||||
|
United
|
||||||||||||
|
States
|
International
|
Total
|
||||||||||
|
Sales and other operating revenues
|
$ | 1,774 | $ | 4,678 | $ | 6,452 | ||||||
|
Other, net
|
2 | 1,223 | 1,225 | |||||||||
|
Total revenues and non-operating income
|
1,776 | 5,901 | 7,677 | |||||||||
|
Costs and Expenses
|
||||||||||||
|
Production expenses, including related taxes
|
346 | 1,046 | 1,392 | |||||||||
|
Exploration expenses, including dry holes
|
||||||||||||
|
and lease impairment
|
243 | 305 | 548 | |||||||||
|
General, administrative and other expenses
|
105 | 96 | 201 | |||||||||
|
Depreciation, depletion and amortization
|
465 | 1,148 | 1,613 | |||||||||
|
Asset impairments
|
- | 532 | 532 | |||||||||
|
Total costs and expenses
|
1,159 | 3,127 | 4,286 | |||||||||
|
Results of operations before income taxes
|
617 | 2,774 | 3,391 | |||||||||
|
Provision (benefit) for income taxes
|
232 | 843 | 1,075 | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 385 | $ | 1,931 | $ | 2,316 | ||||||
8
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
Third
|
Third
|
Second
|
||||||||||
|
Quarter
|
Quarter
|
Quarter
|
||||||||||
|
2011
|
2010
|
2011
|
||||||||||
|
Operating Data
|
||||||||||||
|
Net Production Per Day (in thousands)
|
||||||||||||
|
Crude oil - barrels
|
||||||||||||
|
United States
|
82 | 78 | 77 | |||||||||
|
Europe
|
68 | 82 | 93 | |||||||||
|
Africa
|
59 | 117 | 66 | |||||||||
|
Asia
|
15 | 13 | 12 | |||||||||
|
Total
|
224 | 290 | 248 | |||||||||
|
Natural gas liquids - barrels
|
||||||||||||
|
United States
|
13 | 15 | 13 | |||||||||
|
Europe
|
3 | 3 | 3 | |||||||||
|
Asia
|
1 | - | 1 | |||||||||
|
Total
|
17 | 18 | 17 | |||||||||
|
Natural gas - mcf
|
||||||||||||
|
United States
|
102 | 120 | 100 | |||||||||
|
Europe
|
55 | 104 | 72 | |||||||||
|
Asia and other
|
458 | 406 | 471 | |||||||||
|
Total
|
615 | 630 | 643 | |||||||||
|
Barrels of oil equivalent
|
344 | 413 | 372 | |||||||||
|
Average Selling Price
|
||||||||||||
|
Crude oil - per barrel (including hedging)*
|
||||||||||||
|
United States
|
$ | 95.12 | $ | 71.92 | $ | 106.62 | ||||||
|
Europe
|
65.92 | 57.28 | 87.75 | |||||||||
|
Africa
|
89.41 | 64.78 | 97.74 | |||||||||
|
Asia
|
112.31 | 75.95 | 113.44 | |||||||||
|
Worldwide
|
85.81 | 64.81 | 97.20 | |||||||||
|
Crude oil - per barrel (excluding hedging)
|
||||||||||||
|
United States
|
$ | 95.12 | $ | 71.92 | $ | 106.62 | ||||||
|
Europe
|
65.92 | 57.28 | 87.75 | |||||||||
|
Africa
|
113.03 | 75.70 | 118.19 | |||||||||
|
Asia
|
112.31 | 75.95 | 113.44 | |||||||||
|
Worldwide
|
92.33 | 69.47 | 102.73 | |||||||||
|
Natural gas liquids - per barrel
|
||||||||||||
|
United States
|
$ | 57.72 | $ | 43.20 | $ | 61.57 | ||||||
|
Europe
|
82.18 | 57.69 | 69.99 | |||||||||
|
Asia
|
71.30 | 53.60 | 79.63 | |||||||||
|
Worldwide
|
63.64 | 46.10 | 64.05 | |||||||||
|
Natural gas - per mcf
|
||||||||||||
|
United States
|
$ | 3.43 | $ | 3.56 | $ | 3.71 | ||||||
|
Europe
|
8.93 | 6.50 | 8.97 | |||||||||
|
Asia and other
|
5.86 | 6.18 | 5.94 | |||||||||
|
Worldwide
|
5.74 | 5.73 | 5.93 | |||||||||
| * | The after-tax losses from crude oil hedging activities were $82 million in the third quarter of 2011, $85 million in the third quarter of 2010 and $81 million in the second quarter of 2011. |
9
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
Nine Months
|
||||||||
|
2011
|
2010
|
|||||||
|
Operating Data
|
||||||||
|
Net Production Per Day (in thousands)
|
||||||||
|
Crude oil - barrels
|
||||||||
|
United States
|
78 | 74 | ||||||
|
Europe
|
86 | 83 | ||||||
|
Africa
|
70 | 117 | ||||||
|
Asia
|
14 | 14 | ||||||
|
Total
|
248 | 288 | ||||||
|
Natural gas liquids - barrels
|
||||||||
|
United States
|
13 | 13 | ||||||
|
Europe
|
3 | 3 | ||||||
|
Asia
|
1 | 1 | ||||||
|
Total
|
17 | 17 | ||||||
|
Natural gas - mcf
|
||||||||
|
United States
|
103 | 107 | ||||||
|
Europe
|
78 | 133 | ||||||
|
Asia and other
|
453 | 432 | ||||||
|
Total
|
634 | 672 | ||||||
|
Barrels of oil equivalent
|
371 | 417 | ||||||
|
Average Selling Price
|
||||||||
|
Crude oil - per barrel (including hedging)*
|
||||||||
|
United States
|
$ | 97.71 | $ | 73.05 | ||||
|
Europe
|
81.19 | 56.29 | ||||||
|
Africa
|
89.85 | 63.67 | ||||||
|
Asia
|
112.03 | 75.97 | ||||||
|
Worldwide
|
90.22 | 64.44 | ||||||
|
Crude oil - per barrel (excluding hedging)
|
||||||||
|
United States
|
$ | 97.71 | $ | 73.05 | ||||
|
Europe
|
81.19 | 56.29 | ||||||
|
Africa
|
111.20 | 76.19 | ||||||
|
Asia
|
112.03 | 75.97 | ||||||
|
Worldwide
|
95.89 | 69.56 | ||||||
|
Natural gas liquids - per barrel
|
||||||||
|
United States
|
$ | 58.86 | $ | 46.49 | ||||
|
Europe
|
78.09 | 57.28 | ||||||
|
Asia
|
74.18 | 60.15 | ||||||
|
Worldwide
|
63.70 | 48.84 | ||||||
|
Natural gas - per mcf
|
||||||||
|
United States
|
$ | 3.66 | $ | 3.91 | ||||
|
Europe
|
8.64 | 5.67 | ||||||
|
Asia and other
|
5.85 | 6.21 | ||||||
|
Worldwide
|
5.84 | 5.74 | ||||||
| * | The after-tax losses from crude oil hedging activities were $244 million for the nine months ended September 30, 2011 and $252 million for the nine months ended September 30, 2010. |
10
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
|
Third
|
Third
|
Second
|
|||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||||
|
2011
|
2010
|
2011
|
|||||||||||||
|
Financial Information (in millions of dollars)
|
|||||||||||||||
|
Marketing and Refining Results
|
|||||||||||||||
|
Income (loss) before income taxes
|
$ | (23 | ) | $ | (78 | ) | $ | (45 | ) | ||||||
|
Provision (benefit) for income taxes
|
- | (40 | ) | (6 | ) | ||||||||||
|
Results of operations attributable to Hess Corporation
|
$ | (23 | ) | $ | (38 | ) | $ | (39 | ) | ||||||
|
Summary of Marketing and Refining Results
|
|||||||||||||||
|
Refining
|
$ | (38 | ) | $ | (50 | ) | $ | (44 | ) | ||||||
|
Marketing
|
41 | 40 | 28 | ||||||||||||
|
Trading
|
(26 | ) | (28 | ) | (23 | ) | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | (23 | ) | $ | (38 | ) | $ | (39 | ) | ||||||
|
|
|||||||||||||||
|
Operating Data (barrels and gallons in thousands)
|
|||||||||||||||
|
Refined Product Sales (barrels per day)
|
|||||||||||||||
|
Gasoline
|
222 | 253 | 228 | ||||||||||||
|
Distillates
|
100 | 96 | 114 | ||||||||||||
|
Residuals
|
53 | 56 | 56 | ||||||||||||
|
Other
|
14 | 41 | 28 | ||||||||||||
|
Total
|
389 | 446 | 426 | ||||||||||||
|
Refinery Throughput (barrels per day)
|
|||||||||||||||
|
HOVENSA - Crude runs
|
297 | 408 | 303 | ||||||||||||
|
HOVENSA - Hess 50% share
|
149 | 204 | 152 | ||||||||||||
|
Port Reading
|
63 | 61 | 66 | ||||||||||||
|
Refinery Utilization
|
Refinery Capacity
|
||||||||||||||
|
HOVENSA
|
(barrels per day)
|
||||||||||||||
|
Crude
|
350 (a) | 84.9% | 81.6% | 86.7% | |||||||||||
|
FCC
|
150 | 79.2% | 76.1% | 77.8% | |||||||||||
|
Coker
|
58 | 91.0% | 73.0% | 96.0% | |||||||||||
|
Port Reading
|
70 | 90.0% | 87.7% | 93.6% | |||||||||||
|
Retail Marketing
|
|||||||||||||||
|
Number of retail stations (b)
|
1,358 | 1,360 | 1,356 | ||||||||||||
|
Convenience store revenue (in millions of dollars) (c)
|
$ | 316 | $ | 322 | $ | 305 | |||||||||
|
Average gasoline volume per station (gallons per month) (c)
|
201 | 204 | 199 | ||||||||||||
| (a) |
HOVENSA’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011.
|
|
| (b) |
Includes company operated, Wilco-Hess, dealer and branded retailer.
|
|
| (c) |
Company operated only.
|
11
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
|
Nine Months
|
|||||||||||
|
2011
|
2010
|
||||||||||
|
Financial Information (in millions of dollars)
|
|||||||||||
|
Marketing and Refining Results
|
|||||||||||
|
Income (loss) before income taxes
|
$ | 28 | $ | 24 | |||||||
|
Provision (benefit) for income taxes
|
51 | (6 | ) | ||||||||
|
Results of operations attributable to Hess Corporation
|
$ | (23 | ) | $ | 30 | ||||||
|
Summary of Marketing and Refining Results
|
|||||||||||
|
Refining
|
$ | (130 | ) | $ | (137 | ) | |||||
|
Marketing
|
137 | 178 | |||||||||
|
Trading
|
(30 | ) | (11 | ) | |||||||
|
Results of operations attributable to Hess Corporation
|
$ | (23 | ) | $ | 30 | ||||||
|
|
|||||||||||
|
Operating Data (barrels and gallons in thousands)
|
|||||||||||
|
Refined Product Sales (barrels per day)
|
|||||||||||
|
Gasoline
|
226 | 247 | |||||||||
|
Distillates
|
116 | 112 | |||||||||
|
Residuals
|
65 | 66 | |||||||||
|
Other
|
20 | 40 | |||||||||
|
Total
|
427 | 465 | |||||||||
|
Refinery Throughput (barrels per day)
|
|||||||||||
|
HOVENSA - Crude runs
|
288 | 392 | |||||||||
|
HOVENSA - Hess 50% share
|
144 | 196 | |||||||||
| Port Reading | 65 | 53 | |||||||||
|
Refinery Utilization
|
Refinery Capacity
|
||||||||||
|
HOVENSA
|
(barrels per day)
|
||||||||||
|
Crude
|
350 (a) | 82.3% | 78.4% | ||||||||
|
FCC
|
150 | 74.3% | 69.5% | ||||||||
|
Coker
|
58 | 76.4% | 80.0% | ||||||||
|
Port Reading
|
70 | 92.5% | 75.4% | ||||||||
|
Retail Marketing
|
|||||||||||
|
Number of retail stations (b)
|
1,358 | 1,360 | |||||||||
|
Convenience store revenue (in millions of dollars) (c)
|
$ | 899 | $ | 915 | |||||||
|
Average gasoline volume per station (gallons per month) (c)
|
195 | 198 | |||||||||
| (a) |
HOVENSA’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011.
|
|
| (b) |
Includes company operated, Wilco-Hess, dealer and branded retailer.
|
|
| (c) |
Company operated only.
|
12