Attached files
| file | filename |
|---|---|
| 8-K - HESS CORP. 8-K - HESS CORP | a50142595.htm |
| EX-99.(2) - EXHIBIT 99(2) - HESS CORP | a50142595ex992.htm |
| EX-99.(3) - EXHIBIT 99(3) - HESS CORP | a50142595ex993.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 FOURTH QUARTER OF 2011
Fourth Quarter Highlights:
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●
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Net loss was $131 million, compared with net income of $58 million in the fourth quarter of 2010
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●
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Net income excluding items affecting comparability between periods was $394 million, compared with $398 million in the fourth quarter of 2010
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●
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Results included a previously announced after-tax charge of $525 million related to the shutdown of the HOVENSA L.L.C. refinery
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●
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Oil and gas production was 367,000 barrels of oil equivalent per day, compared with 420,000 in the fourth quarter of 2010
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●
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Year end total proved reserves were 1,573 million barrels; reserve replacement for 2011 was 147 percent
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NEW YORK, January 25, 2012 -- Hess Corporation (NYSE: HES) reported a net loss of $131 million for the fourth quarter of 2011 compared with net income of $58 million for the fourth quarter of 2010. The after-tax income (loss) by major operating activity was as follows:
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Three Months Ended
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Year Ended
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||||||||||||||
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December 31, (unaudited)
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December 31, (unaudited)
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||||||||||||||
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2011
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2010
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2011
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2010
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||||||||||||
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(In millions, except per share amounts)
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|||||||||||||||
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Exploration and Production
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$ | 527 | $ | 420 | $ | 2,675 | $ | 2,736 | ||||||||
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Marketing and Refining
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(561 | ) | (261 | ) | (584 | ) | (231 | ) | ||||||||
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Corporate
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(40 | ) | (43 | ) | (154 | ) | (159 | ) | ||||||||
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Interest expense
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(57 | ) | (58 | ) | (234 | ) | (221 | ) | ||||||||
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Net income (loss) attributable to Hess Corporation
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$ | (131 | ) | $ | 58 | $ | 1,703 | $ | 2,125 | |||||||
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||||||||||||||||
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Net income (loss) per share (diluted)
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$ | (.39 | ) | $ | .18 | $ | 5.01 | $ | 6.47 | |||||||
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||||||||||||||||
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Weighted average number of shares (diluted)
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337.5 | 330.5 | 339.9 | 328.3 | ||||||||||||
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||||||||||||||||
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Note: See the following page for a table of items affecting comparability of earnings between periods.
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1
Exploration and Production earnings were $527 million in the fourth quarter of 2011 compared with $420 million in the fourth quarter of 2010. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $89.70 per barrel, up from $71.73 per barrel in the same quarter a year ago. The average worldwide natural gas selling price was $6.32 per Mcf in the fourth quarter of 2011, up from $5.30 per Mcf in the fourth quarter of 2010. Fourth quarter oil and gas production was 367,000 barrels of oil equivalent per day, compared with 420,000 barrels of oil equivalent per day in the fourth quarter a year ago, largely due to production interruptions and asset sales. Fourth quarter 2011 results included higher exploration expenses reflecting total dry hole costs of $236 million ($143 million after-tax), primarily associated with two exploration wells on the Semai V Block, offshore Indonesia.
Oil and gas proved reserves were 1,573 million barrels of oil equivalent at the end of 2011, compared with 1,537 million barrels at the end of 2010. During 2011, the Corporation added 203 million barrels of oil equivalent to proved reserves. These additions, which are subject to final review, replaced approximately 147 percent of the Corporation’s 2011 production, resulting in a reserve life of 11.4 years.
Marketing and Refining generated a loss of $561 million in the fourth quarter of 2011 compared with a loss of $261 million in the same period in 2010. Refining operations incurred a loss of $598 million in the fourth quarter of 2011, including the HOVENSA L.L.C. shutdown charge discussed below, and a loss of $308 million in the fourth quarter a year ago. Marketing earnings were $48 million compared with $37 million in the same quarter of 2010. Trading activities generated a loss of $11 million in the fourth quarter of 2011 and income of $10 million in the fourth quarter of last year.
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
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Three Months Ended
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Year Ended
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||||||||||||||
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December 31, (unaudited)
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December 31, (unaudited)
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2011
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2010
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2011
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2010
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||||||||||||
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(Millions of dollars)
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|||||||||||||||
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Exploration and Production
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$ | - | $ | (51 | ) | $ | 244 | $ | 732 | |||||||
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Marketing and Refining
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(525 | ) | (289 | ) | (525 | ) | (289 | ) | ||||||||
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Corporate
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- | - | - | (7 | ) | |||||||||||
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$ | (525 | ) | $ | (340 | ) | $ | (281 | ) | $ | 436 | |||||
2
Fourth quarter 2011 results included an after-tax charge of $525 million related to the Corporation’s investment in HOVENSA L.L.C. and the shutdown of the refinery in St. Croix, U.S. Virgin Islands.
Net cash provided by operating activities was $1,138 million in the fourth quarter of 2011, compared with $1,478 million in the same quarter of 2010. Capital and exploratory expenditures were $2,236 million, of which $2,185 million related to Exploration and Production operations. Capital and exploratory expenditures for the fourth quarter of 2010 were $2,464 million, of which $2,438 million related to Exploration and Production operations.
At December 31, 2011, cash and cash equivalents totaled $351 million compared with $1,608 million at December 31, 2010. Total debt was $6,057 million at December 31, 2011 and $5,583 million at December 31, 2010. The Corporation’s debt to capitalization ratio at December 31, 2011 was 24.6 percent compared with 24.9 percent at the end of 2010.
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 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)
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Fourth
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Fourth
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Third
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|||||||||
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Quarter
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Quarter
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Quarter
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|||||||||
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2011
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2010
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2011
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|||||||||
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Income Statement
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|||||||||
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Revenues and Non-operating Income
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|||||||||
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Sales (excluding excise taxes) and other operating revenues
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$ | 9,733 | $ | 9,007 | $ | 8,665 | ||||||
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Income (loss) from equity investment in HOVENSA L.L.C.
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(940 | ) | (348 | ) | (36 | ) | ||||||
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Other, net
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31 | 31 | 97 | |||||||||
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||||||||||||
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Total revenues and non-operating income
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8,824 | 8,690 | 8,726 | |||||||||
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||||||||||||
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Costs and Expenses
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||||||||||||
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Cost of products sold (excluding items shown separately below)
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6,712 | 6,221 | 6,181 | |||||||||
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Production expenses
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613 | 532 | 609 | |||||||||
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Marketing expenses
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273 | 291 | 266 | |||||||||
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Exploration expenses, including dry holes and lease impairment
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426 | 317 | 199 | |||||||||
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Other operating expenses
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44 | 42 | 43 | |||||||||
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General and administrative expenses
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187 | 197 | 177 | |||||||||
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Interest expense
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93 | 100 | 94 | |||||||||
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Depreciation, depletion and amortization
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674 | 633 | 586 | |||||||||
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Asset impairments
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- | - | 358 | |||||||||
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||||||||||||
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Total costs and expenses
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9,022 | 8,333 | 8,513 | |||||||||
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||||||||||||
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Income (loss) before income taxes
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(198 | ) | 357 | 213 | ||||||||
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Provision (benefit) for income taxes
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(64 | ) | 274 | (54 | ) | |||||||
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||||||||||||
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Net income (loss)
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(134 | ) | 83 | 267 | ||||||||
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Less: Net income (loss) attributable to noncontrolling interests
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(3 | ) | 25 | (31 | ) | |||||||
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Net income (loss) attributable to Hess Corporation
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$ | (131 | ) | $ | 58 | $ | 298 | |||||
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Supplemental Income Statement Information
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||||||||||||
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Foreign currency gains (losses), after-tax
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$ | (8 | ) | $ | 2 | $ | (2 | ) | ||||
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Capitalized interest
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5 | 2 | 4 | |||||||||
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||||||||||||
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Cash Flow Information
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Net cash provided by operating activities (*)
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$ | 1,138 | $ | 1,478 | $ | 1,022 | ||||||
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Capital and Exploratory Expenditures
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Exploration and Production
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United States
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$ | 1,372 | $ | 1,820 | $ | 1,600 | ||||||
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International
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813 | 618 | 917 | |||||||||
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||||||||||||
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Total Exploration and Production
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2,185 | 2,438 | 2,517 | |||||||||
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Marketing, Refining and Corporate
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51 | 26 | 33 | |||||||||
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Total Capital and Exploratory Expenditures
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$ | 2,236 | $ | 2,464 | $ | 2,550 | ||||||
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Exploration expenses charged to income included above
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United States
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$ | 51 | $ | 46 | $ | 48 | ||||||
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International
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70 | 77 | 68 | |||||||||
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$ | 121 | $ | 123 | $ | 116 | ||||||
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(*) Includes changes in working capital.
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4
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
|
Year Ended December 31,
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|||||||
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2011
|
2010
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||||||
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Income Statement
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|
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||||||
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Revenues and Non-operating Income
|
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|
||||||
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Sales (excluding excise taxes) and other operating revenues
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$ | 38,466 | $ | 33,862 | ||||
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Income (loss) from equity investment in HOVENSA L.L.C.
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(1,073 | ) | (522 | ) | ||||
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Other, net
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478 | 1,273 | ||||||
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||||||||
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Total revenues and non-operating income
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37,871 | 34,613 | ||||||
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||||||||
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Costs and Expenses
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||||||||
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Cost of products sold (excluding items shown separately below)
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26,774 | 23,407 | ||||||
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Production expenses
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2,352 | 1,924 | ||||||
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Marketing expenses
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1,069 | 1,021 | ||||||
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Exploration expenses, including dry holes and lease impairment
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1,195 | 865 | ||||||
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Other operating expenses
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171 | 213 | ||||||
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General and administrative expenses
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702 | 662 | ||||||
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Interest expense
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383 | 361 | ||||||
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Depreciation, depletion and amortization
|
2,406 | 2,317 | ||||||
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Asset impairments
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358 | 532 | ||||||
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||||||||
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Total costs and expenses
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35,410 | 31,302 | ||||||
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||||||||
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Income (loss) before income taxes
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2,461 | 3,311 | ||||||
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Provision (benefit) for income taxes
|
785 | 1,173 | ||||||
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||||||||
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Net income (loss)
|
1,676 | 2,138 | ||||||
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Less: Net income (loss) attributable to noncontrolling interests
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(27 | ) | 13 | |||||
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Net income (loss) attributable to Hess Corporation
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$ | 1,703 | $ | 2,125 | ||||
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|
||||||||
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Supplemental Income Statement Information
|
||||||||
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Foreign currency gains (losses), after-tax
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$ | (15 | ) | $ | (8 | ) | ||
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Capitalized interest
|
13 | 5 | ||||||
|
|
||||||||
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Cash Flow Information
|
||||||||
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Net cash provided by operating activities (*)
|
$ | 4,984 | $ | 4,530 | ||||
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||||||||
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Capital and Exploratory Expenditures
|
||||||||
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Exploration and Production
|
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United States
|
$ | 4,305 | $ | 2,935 | ||||
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International
|
3,039 | 2,822 | ||||||
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||||||||
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Total Exploration and Production
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7,344 | 5,757 | ||||||
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Marketing, Refining and Corporate
|
118 | 98 | ||||||
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|
||||||||
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Total Capital and Exploratory Expenditures
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$ | 7,462 | $ | 5,855 | ||||
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||||||||
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Exploration expenses charged to income included above
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||||||||
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United States
|
$ | 197 | $ | 154 | ||||
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International
|
259 | 209 | ||||||
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|
||||||||
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|
$ | 456 | $ | 363 | ||||
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|
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(*) Includes changes in working capital.
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||||||||
5
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
|
December 31,
|
December 31,
|
||||||
|
|
2011
|
2010
|
||||||
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Balance Sheet Information
|
|
|
||||||
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Cash and cash equivalents
|
$ | 351 | $ | 1,608 | ||||
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Other current assets
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7,965 | 7,172 | ||||||
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Investments
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384 | 443 | ||||||
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Property, plant and equipment – net
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24,550 | 21,127 | ||||||
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Other long-term assets
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5,688 | 5,046 | ||||||
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Total assets
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$ | 38,938 | $ | 35,396 | ||||
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||||||||
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Short-term debt and current maturities of long-term debt
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$ | 52 | $ | 46 | ||||
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Other current liabilities
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8,025 | 7,567 | ||||||
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Long-term debt
|
6,005 | 5,537 | ||||||
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Other long-term liabilities
|
6,294 | 5,437 | ||||||
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Total equity excluding other comprehensive income (loss)
|
19,659 | 17,968 | ||||||
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Accumulated other comprehensive income (loss)
|
(1,097 | ) | (1,159 | ) | ||||
|
Total liabilities and equity
|
$ | 38,938 | $ | 35,396 | ||||
6
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
|
Fourth Quarter 2011
|
|||||||||||
|
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United
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|
|
|||||||||
|
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States
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International
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Total
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|||||||||
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Sales and other operating revenues
|
$ | 937 | $ | 1,662 | $ | 2,599 | ||||||
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Other, net
|
3 | 25 | 28 | |||||||||
|
|
||||||||||||
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Total revenues and non-operating income
|
940 | 1,687 | 2,627 | |||||||||
|
Costs and expenses
|
||||||||||||
|
Production expenses, including related taxes
|
170 | 443 | 613 | |||||||||
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Exploration expenses, including dry holes and lease impairment
|
118 | 308 | 426 | |||||||||
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General, administrative and other expenses
|
49 | 33 | 82 | |||||||||
|
Depreciation, depletion and amortization
|
273 | 378 | 651 | |||||||||
|
Asset impairments
|
- | - | - | |||||||||
|
|
||||||||||||
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Total costs and expenses
|
610 | 1,162 | 1,772 | |||||||||
|
|
||||||||||||
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Results of operations before income taxes
|
330 | 525 | 855 | |||||||||
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Provision (benefit) for income taxes
|
130 | 198 | 328 | |||||||||
|
|
||||||||||||
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Results of operations attributable to Hess Corporation
|
$ | 200 | $ | 327 | $ | 527 | ||||||
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||||||||||||
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|
Fourth Quarter 2010
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United
|
|||||||||||
|
|
States
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International
|
Total
|
|||||||||
|
Sales and other operating revenues
|
$ | 679 | $ | 1,613 | $ | 2,292 | ||||||
|
Other, net
|
(5 | ) | 13 | 8 | ||||||||
|
|
||||||||||||
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Total revenues and non-operating income
|
674 | 1,626 | 2,300 | |||||||||
|
Costs and expenses
|
||||||||||||
|
Production expenses, including related taxes
|
143 | 389 | 532 | |||||||||
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Exploration expenses, including dry holes and lease impairment
|
121 | 196 | 317 | |||||||||
|
General, administrative and other expenses
|
56 | 24 | 80 | |||||||||
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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 (benefit) for income taxes
|
72 | 270 | 342 | |||||||||
|
|
||||||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 98 | $ | 322 | $ | 420 | ||||||
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|
||||||||||||
|
|
Third Quarter 2011
|
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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 | ||||||
7
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
|
|
Year Ended December 31, 2011
|
|||||||||||
|
|
United
|
|
|
|||||||||
|
|
States
|
International
|
Total
|
|||||||||
|
Sales and other operating revenues
|
$ | 3,371 | $ | 6,676 | $ | 10,047 | ||||||
|
Other, net
|
(7 | ) | 471 | 464 | ||||||||
|
|
||||||||||||
|
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 | $ | 2,675 | ||||||
|
|
||||||||||||
|
|
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 (benefit) for income taxes
|
304 | 1,113 | 1,417 | |||||||||
|
|
||||||||||||
|
Results of operations attributable to Hess Corporation
|
$ | 483 | $ | 2,253 | $ | 2,736 | ||||||
8
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
Fourth
|
Fourth
|
Third
|
|||||||||
|
|
Quarter
|
Quarter
|
Quarter
|
|||||||||
|
|
2011
|
2010
|
2011
|
|||||||||
|
Operating Data
|
|
|
|
|||||||||
|
Net Production Per Day (in thousands)
|
|
|
|
|||||||||
|
Crude oil - barrels
|
|
|
|
|||||||||
|
United States
|
89 | 76 | 82 | |||||||||
|
Europe
|
95 | 103 | 68 | |||||||||
|
Africa
|
54 | 99 | 59 | |||||||||
|
Asia
|
13 | 13 | 15 | |||||||||
|
Total
|
251 | 291 | 224 | |||||||||
|
|
||||||||||||
|
Natural gas liquids - barrels
|
||||||||||||
|
United States
|
13 | 14 | 13 | |||||||||
|
Europe
|
4 | 4 | 3 | |||||||||
|
Asia
|
1 | 1 | 1 | |||||||||
|
Total
|
18 | 19 | 17 | |||||||||
|
|
||||||||||||
|
Natural gas - mcf
|
||||||||||||
|
United States
|
90 | 114 | 102 | |||||||||
|
Europe
|
92 | 138 | 55 | |||||||||
|
Asia and other
|
408 | 411 | 458 | |||||||||
|
Total
|
590 | 663 | 615 | |||||||||
|
Barrels of oil equivalent
|
367 | 420 | 344 | |||||||||
|
|
||||||||||||
|
Average Selling Price
|
||||||||||||
|
Crude oil - per barrel (including hedging)*
|
||||||||||||
|
United States
|
$ | 100.76 | $ | 80.65 | $ | 95.12 | ||||||
|
Europe
|
77.18 | 63.18 | 65.92 | |||||||||
|
Africa
|
85.49 | 70.21 | 89.41 | |||||||||
|
Asia
|
111.08 | 86.94 | 112.31 | |||||||||
|
Worldwide
|
89.70 | 71.73 | 85.81 | |||||||||
|
|
||||||||||||
|
Crude oil - per barrel (excluding hedging)
|
||||||||||||
|
United States
|
$ | 100.76 | $ | 80.65 | $ | 95.12 | ||||||
|
Europe
|
77.18 | 63.18 | 65.92 | |||||||||
|
Africa
|
109.28 | 86.40 | 113.03 | |||||||||
|
Asia
|
111.08 | 86.94 | 112.31 | |||||||||
|
Worldwide
|
95.16 | 77.17 | 92.33 | |||||||||
|
|
||||||||||||
|
Natural gas liquids - per barrel
|
||||||||||||
|
United States
|
$ | 57.86 | $ | 51.89 | $ | 57.72 | ||||||
|
Europe
|
66.47 | 64.65 | 82.18 | |||||||||
|
Asia
|
66.18 | 70.22 | 71.30 | |||||||||
|
Worldwide
|
59.81 | 55.00 | 63.64 | |||||||||
|
|
||||||||||||
|
Natural gas - per mcf
|
||||||||||||
|
United States
|
$ | 2.50 | $ | 3.11 | $ | 3.43 | ||||||
|
Europe
|
8.88 | 7.81 | 8.93 | |||||||||
|
Asia and other
|
6.57 | 5.06 | 5.86 | |||||||||
|
Worldwide
|
6.32 | 5.30 | 5.74 | |||||||||
|
*
|
The realized after-tax losses from crude oil hedging activities were $83 million in the fourth quarter of 2011, $86 million in the fourth quarter of 2010 and $82 million in the third quarter of 2011.
|
9
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
Year Ended December 31,
|
|||||||
|
|
2011
|
2010
|
||||||
|
Operating Data
|
|
|
||||||
|
Net Production Per Day (in thousands)
|
|
|
||||||
|
Crude oil - barrels
|
|
|
||||||
|
United States
|
81 | 75 | ||||||
|
Europe
|
89 | 88 | ||||||
|
Africa
|
66 | 113 | ||||||
|
Asia
|
13 | 13 | ||||||
|
Total
|
249 | 289 | ||||||
|
|
||||||||
|
Natural gas liquids - barrels
|
||||||||
|
United States
|
13 | 14 | ||||||
|
Europe
|
3 | 3 | ||||||
|
Asia
|
1 | 1 | ||||||
|
Total
|
17 | 18 | ||||||
|
|
||||||||
|
Natural gas - mcf
|
||||||||
|
United States
|
100 | 108 | ||||||
|
Europe
|
81 | 134 | ||||||
|
Asia and other
|
442 | 427 | ||||||
|
Total
|
623 | 669 | ||||||
|
Barrels of oil equivalent
|
370 | 418 | ||||||
|
|
||||||||
|
Average Selling Price
|
||||||||
|
Crude oil - per barrel (including hedging)*
|
||||||||
|
United States
|
$ | 98.56 | $ | 75.02 | ||||
|
Europe
|
80.18 | 58.11 | ||||||
|
Africa
|
88.46 | 65.02 | ||||||
|
Asia
|
111.71 | 79.23 | ||||||
|
Worldwide
|
89.99 | 66.20 | ||||||
|
|
||||||||
|
Crude oil - per barrel (excluding hedging)
|
||||||||
|
United States
|
$ | 98.56 | $ | 75.02 | ||||
|
Europe
|
80.18 | 58.11 | ||||||
|
Africa
|
110.28 | 78.31 | ||||||
|
Asia
|
111.71 | 79.23 | ||||||
|
Worldwide
|
95.60 | 71.40 | ||||||
|
|
||||||||
|
Natural gas liquids - per barrel
|
||||||||
|
United States
|
$ | 58.59 | $ | 47.92 | ||||
|
Europe
|
75.49 | 59.23 | ||||||
|
Asia
|
72.29 | 63.50 | ||||||
|
Worldwide
|
62.72 | 50.49 | ||||||
|
|
||||||||
|
Natural gas - per mcf
|
||||||||
|
United States
|
$ | 3.39 | $ | 3.70 | ||||
|
Europe
|
8.79 | 6.23 | ||||||
|
Asia and other
|
6.02 | 5.93 | ||||||
|
Worldwide
|
5.96 | 5.63 | ||||||
|
*
|
The realized after-tax losses from crude oil hedging activities were $327 million for the year ended December 31, 2011 and $338 million for the year ended December 31, 2010.
|
10
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
|
|
Fourth
|
Fourth
|
Third
|
|||||||||||
|
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||
|
|
2011
|
2010
|
2011
|
|||||||||||
|
Financial Information (in millions of dollars)
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
|
Marketing and Refining Results
|
|
|
|
|||||||||||
|
Income (loss) before income taxes
|
$ | (885 | ) | $ | (251 | ) | $ | (23 | ) | |||||
|
Provision (benefit) for income taxes
|
(324 | ) | 10 | - | ||||||||||
|
Results of operations attributable to Hess Corporation
|
$ | (561 | ) | $ | (261 | ) | $ | (23 | ) | |||||
|
|
||||||||||||||
|
Summary of Marketing and Refining Results
|
||||||||||||||
|
Refining
|
$ | (598 | ) | $ | (308 | ) | $ | (38 | ) | |||||
|
Marketing
|
48 | 37 | 41 | |||||||||||
|
Trading
|
(11 | ) | 10 | (26 | ) | |||||||||
|
Results of operations attributable to Hess Corporation
|
$ | (561 | ) | $ | (261 | ) | $ | (23 | ) | |||||
|
|
||||||||||||||
|
|
||||||||||||||
|
Operating Data (barrels and gallons in thousands)
|
||||||||||||||
|
|
||||||||||||||
|
Refined Product Sales (barrels per day)
|
||||||||||||||
|
Gasoline
|
214 | 225 | 222 | |||||||||||
|
Distillates
|
143 | 144 | 100 | |||||||||||
|
Residuals
|
65 | 78 | 53 | |||||||||||
|
Other
|
19 | 42 | 14 | |||||||||||
|
Total
|
441 | 489 | 389 | |||||||||||
|
|
||||||||||||||
|
Refinery Throughput (barrels per day)
|
||||||||||||||
|
HOVENSA - Crude runs
|
271 | 384 | 297 | |||||||||||
|
HOVENSA - Hess 50% share
|
136 | 192 | 149 | |||||||||||
|
Port Reading
|
58 | 60 | 63 | |||||||||||
|
|
||||||||||||||
|
Refinery Utilization
|
Refinery Capacity
|
|||||||||||||
|
HOVENSA
|
(barrels per day)
|
|||||||||||||
|
Crude
|
350 | (a) | 77.5 | % | 76.8 | % | 84.9 | % | ||||||
|
FCC
|
150 | 64.0 | % | 57.3 | % | 79.2 | % | |||||||
|
Coker
|
58 | 80.4 | % | 73.3 | % | 91.0 | % | |||||||
|
Port Reading
|
70 | 82.9 | % | 86.0 | % | 90.0 | % | |||||||
|
|
||||||||||||||
|
Retail Marketing
|
||||||||||||||
|
Number of retail stations (b)
|
1,361 | 1,362 | 1,358 | |||||||||||
|
Convenience store revenue (in millions of dollars) (c)
|
$ | 290 | $ | 298 | $ | 316 | ||||||||
|
Average gasoline volume per station (gallons per month) (c)
|
195 | 201 | 201 | |||||||||||
|
(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)
|
|
Year Ended December 31,
|
|||||||||
|
|
2011
|
2010
|
||||||||
|
|
|
|
||||||||
|
Financial Information (in millions of dollars)
|
|
|
||||||||
|
|
|
|
||||||||
|
Marketing and Refining Results
|
|
|
||||||||
|
Income (loss) before income taxes
|
$ | (857 | ) | $ | (227 | ) | ||||
|
Provision (benefit) for income taxes
|
(273 | ) | 4 | |||||||
|
Results of operations attributable to Hess Corporation
|
$ | (584 | ) | $ | (231 | ) | ||||
|
|
||||||||||
|
Summary of Marketing and Refining Results
|
||||||||||
|
Refining
|
$ | (728 | ) | $ | (445 | ) | ||||
|
Marketing
|
185 | 215 | ||||||||
|
Trading
|
(41 | ) | (1 | ) | ||||||
|
Results of operations attributable to Hess Corporation
|
$ | (584 | ) | $ | (231 | ) | ||||
|
|
||||||||||
|
|
||||||||||
|
Operating Data (barrels and gallons in thousands)
|
||||||||||
|
|
||||||||||
|
Refined Product Sales (barrels per day)
|
||||||||||
|
Gasoline
|
222 | 242 | ||||||||
|
Distillates
|
123 | 120 | ||||||||
|
Residuals
|
65 | 69 | ||||||||
|
Other
|
20 | 40 | ||||||||
|
Total
|
430 | 471 | ||||||||
|
|
||||||||||
|
Refinery Throughput (barrels per day)
|
||||||||||
|
HOVENSA - Crude runs
|
284 | 390 | ||||||||
|
HOVENSA - Hess 50% share
|
142 | 195 | ||||||||
|
Port Reading
|
63 | 55 | ||||||||
|
|
||||||||||
|
Refinery Utilization
|
Refinery Capacity
|
|||||||||
|
HOVENSA
|
(barrels per day)
|
|||||||||
|
Crude
|
350 | (a) | 81.1 | % | 78.0 | % | ||||
|
FCC
|
150 | 71.7 | % | 66.5 | % | |||||
|
Coker
|
58 | 77.4 | % | 78.3 | % | |||||
|
Port Reading
|
70 | 90.0 | % | 78.1 | % | |||||
|
|
||||||||||
|
Retail Marketing
|
||||||||||
|
Number of retail stations (b)
|
1,361 | 1,362 | ||||||||
|
Convenience store revenue (in millions of dollars) (c)
|
$ | 1,189 | $ | 1,213 | ||||||
|
Average gasoline volume per station (gallons per month) (c)
|
195 | 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.
|
12