Hess Corporation

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Press Release $HES Hess Corporation

0 COMMENTs 30 Oct
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Hess Reports Estimated Results for the Third Quarter of 2013

Third Quarter Highlights:

  • Net income was $420 million compared to $557 million in the third quarter of 2012
  • Production from the Bakken oil shale play increased to 71,000 barrels of oil equivalent per day, up 14 percent; drilling and completion costs per well were $7.8 million, down 18 percent from the third quarter of 2012
  • Capital and exploratory expenditures of $1,527 million in the third quarter of 2013 were down 33 percent from the same quarter last year
  • Proceeds from completed and announced asset sales, including the release of working capital, amount to $6.3 billion
  • Share repurchase program commenced; $500 million of common stock purchased in the third quarter at an average price of $76.60 per share
  • Quarterly dividend increased 150 percent to 25 cents per common share

NEW YORK--(BUSINESS WIRE)-- Hess Corporation (NYSE:HES) today reported net income of $420 million for the quarter ended September 30, 2013. Adjusted earnings, which exclude items affecting comparability, were $405 million or $1.18 per common share compared with $495 million in the third quarter of 2012.

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

Three Months Ended   Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)

   2013   

 

   2012   

   2013   

 

   2012   

(In millions, except per share amounts)
Exploration and Production $ 455 $ 608 $ 3,274 $ 1,887
Corporate and Other   (89)   (104)   (312)   (313)
Net income from continuing operations 366 504 2,962 1,574
Discontinued operations - Downstream businesses   54   53   165   77
Net income attributable to Hess Corporation $ 420 $ 557 $ 3,127 $ 1,651
 
Net income per share (diluted):
Continuing operations $ 1.07 $ 1.48 $ 8.63 $ 4.63
Discontinued operations   0.16   0.16   0.48   0.22
Net income per share $ 1.23 $ 1.64 $ 9.11 $ 4.85
 
Weighted average number of shares (diluted)   343.3   340.0   343.3   340.3
 
Note: See page 5 for the items affecting comparability of earnings between periods.

Exploration and Production:
Exploration and Production earnings were $455 million in the third quarter of 2013, compared with $608 million in the third quarter of 2012. Adjusted earnings were $458 million in the third quarter of 2013 and $546 million in the third quarter of 2012. Earnings in the third quarter were negatively impacted by an estimated $30 million resulting from sales volumes being underlifted compared to production by 1.2 million barrels. In addition, extended shutdowns for seasonal maintenance at non-operated fields in the Gulf of Mexico reduced earnings by an estimated $30 million compared to the prior year quarter and $75 million compared to the second quarter of 2013.

Oil and gas production of 310,000 barrels of oil equivalent per day (boepd) was down from 402,000 boepd in the third quarter a year ago. The decrease was due to asset sales in Russia, the United Kingdom North Sea and Azerbaijan (reduction of 83,000 boepd), extended shutdowns in the Gulf of Mexico and lower production in Libya (reduction of 23,000 boepd), as well as other maintenance and declines (reduction of 24,000 boepd). Partially offsetting these reductions, net production was up at Valhall by 30,000 boepd and at the Bakken by 8,000 boepd. Due to civil unrest in Libya, full year 2013 production is expected to be at the low end of the guidance range of 340,000 to 355,000 boepd. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $104.95 per barrel, up from $86.69 per barrel in the same quarter a year ago. The average worldwide natural gas selling price was $6.52 per mcf in the third quarter of 2013, up from $5.88 per mcf in the third quarter of 2012.

Operational Highlights for the Third Quarter of 2013:
 Bakken (Onshore U.S.): Net production from the Bakken oil shale play averaged 71,000 barrels of oil equivalent per day, an increase of approximately 14 percent from the same period last year. Bakken production guidance remains 64,000 to 70,000 boepd for full year 2013. During the quarter, Hess brought 50 operated wells on production, bringing the year-to-date total to 122 wells. Drilling and completion costs per operated well averaged $7.8 million in the third quarter of 2013, an improvement of 18 percent versus last year’s third quarter.

 Utica (Onshore U.S.): Seven wells were drilled, eight wells were completed and one well was flow tested during the quarter. On the Hess 100 percent-owned acreage, the Porterfield C 1H-17 well, in Belmont County, tested at a rate of 3,421 barrels of oil equivalent per day including 21 percent liquids. To date in 2013, 21 wells have been drilled, 18 wells were completed and nine wells have been tested across both the Corporation’s 100 percent-owned and CONSOL joint venture acreage.

 Valhall (Offshore Norway): Net production averaged 37,000 boepd during the third quarter, compared with 7,000 boepd in the same period last year, and 13,000 boepd in the second quarter of 2013. The Field was shut down from July 2012 through January 2013 to install a new production, utilities and accommodation platform. Production resumed at reduced rates until the Field was shut down during June for planned maintenance at a third party processing facility. Full year 2013 production for Valhall is expected to be at the low end of the guidance range of 24,000 to 28,000 barrels of oil equivalent per day. The Corporation’s higher depreciation, depletion and amortization expense in the third quarter as compared to the second quarter of 2013, reflected this greater production contribution from the Valhall Field, which has a higher depreciation rate per barrel than the portfolio average due to a combination of the recently completed field redevelopment project and prior acquisition costs. While this higher depreciation rate and the high Norwegian statutory income tax rate lowers Valhall’s net income per barrel contribution to the portfolio, its cash margin per barrel is accretive to the portfolio average, since cash taxes are expected to be deferred for the next several years.

 North Malay Basin (Offshore Malaysia): The five well development drilling program, which commenced in June 2013, was completed ahead of schedule and the rig has now been demobilized. The project achieved first production in October 2013. Progress continues on the full field development where first gas is anticipated by 2017.

 Kurdistan Region of Iraq (Onshore): The Corporation spud its first exploration well on the Shakrok block. A second exploration well in Kurdistan, which will be on the Dinarta block, is due to be spud in November 2013.

Capital and Exploratory Expenditures:
Capital and exploratory expenditures in the third quarter of 2013 were $1,527 million, of which $1,491 million related to Exploration and Production operations, including $579 million invested in the Bakken. Capital and exploratory expenditures for the third quarter of 2012 were $2,287 million, of which $2,260 million related to Exploration and Production operations, including $766 million for the Bakken. Full year 2013 capital and exploratory expenditures guidance remains $6.8 billion, which is down approximately 18 percent from 2012 levels.

Asset Sales Program:
To date in 2013, the Corporation has sold its subsidiary in Russia and its interests in the Beryl area fields in the United Kingdom North Sea, the Azeri-Chirag-Guneshli fields offshore Azerbaijan, and its Eagle Ford shale assets in Texas. In addition, the Corporation has announced the sale of its energy marketing business and its terminal network. Total proceeds from these completed and announced asset sales, including an expected release of working capital, amount to approximately $6.3 billion. During the quarter, the Corporation also advanced divestiture processes for its upstream assets in Indonesia and Thailand, as well as the retail and trading businesses.

Liquidity:
Net cash provided by operating activities was $1,254 million in the third quarter of 2013, compared with $1,862 million in the same quarter of 2012. At September 30, 2013, cash and cash equivalents totaled $321 million, compared with $642 million at December 31, 2012. Total debt of $6,209 million at September 30, 2013 is down 23 percent from $8,111 million at December 31, 2012. The Corporation’s debt to capitalization ratio at September 30, 2013 was 20.7 percent, compared with 27.7 percent at the end of 2012.

Returning Capital to Shareholders:
During the third quarter, the Corporation increased its returns to shareholders through a 150 percent increase in the quarterly dividend to 25 cents per common share, and the purchase of approximately 6,530,000 shares of common stock at a cost of approximately $500 million under the Corporation’s authorized $4 billion share repurchase program.

Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:

  Three Months Ended   Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)

   2013   

 

   2012   

   2013   

 

   2012   

(In millions)
Exploration and Production $ (3) $ 62 $ 1,518 $ 62
Corporate and Other   (5)   -   (17)   -

Total items affecting comparability of earnings from continuing operations

(8) 62 1,501 62
Discontinued operations - Downstream businesses   23   -   32   -

 

Total items affecting comparability of earnings between periods

$ 15 $ 62 $ 1,533 $ 62
 

Third quarter 2013 net income from continuing operations included after-tax charges of $8 million for employee severance expenses associated with the Corporation’s transformation to a pure play E&P company.

Discontinued Operations – Downstream Businesses:
The downstream businesses, comprised of retail, energy marketing, refining and energy trading, reported income of $54 million in the third quarter of 2013, compared with $53 million in the same period in 2012. Third quarter 2013 results included after-tax income totaling $23 million resulting from the net impact of a gain on the liquidation of LIFO inventories, largely offset by non-cash mark-to-market adjustments in energy marketing, employee severance, Port Reading refinery shutdown costs and other charges.

Reconciliation of Reported Net Income to Adjusted Earnings:
The following table reconciles reported net income attributable to Hess Corporation (U.S. GAAP) and adjusted earnings:

  Three Months Ended     Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)

    2013    

   

    2012    

    2013    

   

    2012    

(In millions)
Net income attributable to Hess Corporation $ 420 $ 557 $ 3,127 $ 1,651

Less: Total items affecting comparability of earnings between periods

  15   62   1,533   62
Adjusted earnings $ 405 $ 495 $ 1,594 $ 1,589
 

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 is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. 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. Estimates and projections contained in this release are based on the Company’s current understanding and assessment based on reasonable assumptions. Actual results may differ materially from these estimates and projections due to certain risk factors discussed in the Corporation’s periodic filings with the Securities and Exchange Commission and other factors.
 

Adjusted Earnings:

The Corporation has used a non-GAAP financial measure in this earnings release. “Adjusted earnings” presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. We believe that investors' understanding of our performance is enhanced by disclosing this measure. This measure is not, and should not be viewed as, a substitute for U.S. GAAP net income. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted earnings is provided in the release.

 

     

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 
Third Third Second
Quarter Quarter Quarter
2013 2012 2013

Income Statement

Revenues and Non-operating Income
Sales and other operating revenues $ 2,706 $ 3,072 $ 3,011
Gains (losses) on asset sales (5) 376 1,111
Other, net   (3)   46   (17)
 
Total revenues and non-operating income   2,698   3,494   4,105
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 374 359 421
Operating costs and expenses 475 568 510
Production and severance taxes 84 144 97
Exploration expenses, including dry holes and lease impairment 154 259 200
General and administrative expenses 153 134 167
Interest expense 86 104 99
Depreciation, depletion and amortization 681 728 613
Asset impairments   -   208   -
 
Total costs and expenses   2,007   2,504   2,107
 
Income from continuing operations before income taxes 691 990 1,998
Provision for income taxes   325   480   409
 
Income from continuing operations 366 510 1,589
Income (loss) from discontinued operations   52   82   27
 
Net income 418 592 1,616
Less: Net income (loss) attributable to noncontrolling interests   (2)   35   185
Net income attributable to Hess Corporation $ 420 $ 557 $ 1,431
 

Cash Flow Information

Cash provided by operating activities from continuing operations $ 1,022 $ 1,818 $ 1,211
Cash provided by operating activities from discontinued operations   232   44   36
Net cash provided by operating activities (a)   1,254   1,862   1,247
 
Cash provided by (used in) investing activities from continuing operations (1,463) (1,595) 962
Cash provided by (used in) investing activities from discontinued operations   (24)   (22)   (26)
Net cash provided by (used in) investing activities   (1,487)   (1,617)   936
 
Cash provided by (used in) financing activities from continuing operations (171) (126) (1,893)
Cash provided by (used in) financing activities from discontinued operations   -   -   (9)
Net cash provided by (used in) financing activities   (171)   (126)   (1,902)
 
Net increase (decrease) in cash and cash equivalents $ (404) $ 119 $ 281
 

(a)   Includes changes in working capital.

 

 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 
Nine Months
2013   2012

Income Statement

Revenues and Non-operating Income
Sales and other operating revenues $ 9,183 $ 9,292
Gains (losses) on asset sales 1,794 412
Other, net   (57)   72
 
Total revenues and non-operating income   10,920   9,776
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 1,391 961
Operating costs and expenses 1,570 1,653
Production and severance taxes 311 409
Exploration expenses, including dry holes and lease impairment 573 708
General and administrative expenses 469 410
Interest expense 291 313
Depreciation, depletion and amortization 1,973 2,136
Asset impairments   -   267
 
Total costs and expenses   6,578   6,857
 
Income from continuing operations before income taxes 4,342 2,919
Provision for income taxes   1,204   1,330
 
Income from continuing operations 3,138 1,589
Income (loss) from discontinued operations   169   98
 
Net income 3,307 1,687
Less: Net income (loss) attributable to noncontrolling interests   180   36
Net income attributable to Hess Corporation $ 3,127 $ 1,651
 

Cash Flow Information

Cash provided by operating activities from continuing operations $ 3,019 $ 3,995
Cash provided by operating activities from discontinued operations   301   95
Net cash provided by operating activities (a)   3,320   4,090
 
Cash provided by (used in) investing activities from continuing operations (750) (5,298)
Cash provided by (used in) investing activities from discontinued operations   (62)   (84)
Net cash provided by (used in) investing activities   (812)   (5,382)
 
Cash provided by (used in) financing activities from continuing operations (2,820) 1,472
Cash provided by (used in) financing activities from discontinued operations   (9)   (3)
Net cash provided by (used in) financing activities   (2,829)   1,469
 
Net increase (decrease) in cash and cash equivalents $ (321) $ 177
 

(a)   Includes changes in working capital.

 

   
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 
September 30,

December 31, 

2013 2012

Balance Sheet Information

 
Cash and cash equivalents $ 321 $ 642
Assets held for sale 5,642 1,092
Other current assets 3,294 6,653
Investments 441 443
Property, plant and equipment – net 27,414 28,807
Other long-term assets   4,784   5,804
Total assets $ 41,896 $ 43,441
 
Short-term debt and current maturities of long-term debt $ 791 $ 787
Liabilities associated with assets held for sale 2,511 539
Other current liabilities 3,621 7,056
Long-term debt 5,418 7,324
Other long-term liabilities 5,713 6,532
Total equity excluding other comprehensive income (loss) 24,289 21,696
Accumulated other comprehensive income (loss)   (447)   (493)
Total liabilities and equity $ 41,896 $ 43,441
 

     

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 
Third Third Second
Quarter Quarter Quarter
2013 2012 2013

Capital and Exploratory Expenditures

Exploration and Production
United States
Bakken $ 579 $ 766 $ 546
Other Onshore   161   150   195
Total Onshore 740 916 741
Offshore   208   294   217
Total United States   948   1,210   958
 
Europe 159 497 172
Africa 106 232 163
Asia and other   278   321   278
 
Total Exploration and Production 1,491 2,260 1,571
 
Other   36   27   42
 
Total Capital and Exploratory Expenditures $ 1,527 $ 2,287 $ 1,613
 
Total exploration expenses charged to income included above $ 96 $ 127 $ 113
 
 
Nine Months
2013 2012

Capital and Exploratory Expenditures

Exploration and Production
United States
Bakken $ 1,660 $ 2,444
Other Onshore   532   575
Total Onshore 2,192 3,019
Offshore   653   675
Total United States   2,845   3,694
 
Europe 550 1,102
Africa 498 547
Asia and other   782   916
 
Total Exploration and Production 4,675 6,259
 
Other   96   92
 
Total Capital and Exploratory Expenditures $ 4,771 $ 6,351
 
Total exploration expenses charged to income included above $ 319 $ 335
 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

 
Third Quarter 2013
United States  

 International 

 

      Total       

 
Sales and other operating revenues $ 1,472 $ 1,234 $ 2,706
Gains (losses) on asset sales (1) (7) (8)
Other, net   (1)   (2)   (3)
 
Total revenues and non-operating income   1,470   1,225   2,695
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 398 (24) 374
Operating costs and expenses 191 284 475
Production and severance taxes 64 20 84
Exploration expenses, including dry holes and lease impairment 71 83 154
General and administrative expenses 58 38 96
Depreciation, depletion and amortization   346   330   676
 
Total costs and expenses   1,128   731   1,859
 
Results of operations before income taxes 342 494 836
Provision for income taxes   134   247   381
 
Net income 208 247 455
Less: Net income attributable to noncontrolling interests   -   -   -
 
Net income attributable to Hess Corporation $ 208 (a) $ 247 (b) $ 455
 
 
Third Quarter 2012
United States International Total
 
Sales and other operating revenues $ 1,298 $ 1,774 $ 3,072
Gains (losses) on asset sales - 376 376
Other, net   18   26   44
 
Total revenues and non-operating income   1,316   2,176   3,492
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 276 83 359
Operating costs and expenses 188 380 568
Production and severance taxes 53 91 144
Exploration expenses, including dry holes and lease impairment 68 191 259
General and administrative expenses 49 30 79
Depreciation, depletion and amortization 393 332 725
Asset impairments   58   150   208
 
Total costs and expenses   1,085   1,257   2,342
 
Results of operations before income taxes 231 919 1,150
Provision for income taxes   91   445   536
 
Net income 140 474 614
Less: Net income attributable to noncontrolling interests   -   6   6
 
Net income attributable to Hess Corporation $ 140 (a) $ 468 (b) $ 608
 

(a)

 

The results from crude oil hedging activities comprised after-tax realized income of $0.3 million in the third quarter of 2013, and losses of $5 million in the third quarter of 2012.

 

(b)

The results from crude oil hedging activities comprised after-tax realized income of $0.5 million in the third quarter of 2013, and losses of $89 million in the third quarter of 2012.

 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

 
Second Quarter 2013
United States  

  International 

 

       Total       

 
Sales and other operating revenues $ 1,517 $ 1,494 $ 3,011
Gains (losses) on asset sales (17) 1,128 1,111
Other, net   (4)   (14)   (18)
 
Total revenues and non-operating income   1,496   2,608   4,104
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 371 50 421
Operating costs and expenses 200 310 510
Production and severance taxes 55 42 97
Exploration expenses, including dry holes and lease impairment 63 137 200
General and administrative expenses 47 40 87
Depreciation, depletion and amortization   335   274   609
 
Total costs and expenses   1,071   853   1,924
 
Results of operations before income taxes 425 1,755 2,180
Provision for income taxes   171   307   478
 
Net income 254 1,448 1,702
Less: Net income attributable to noncontrolling interests   -   169   169
 
Net income attributable to Hess Corporation $ 254 (a) $ 1,279 (b) $ 1,533
 

(a)

 

The after-tax realized gains from crude oil hedging activities were $13 million in the second quarter of 2013.

 

(b)

The after-tax realized gains from crude oil hedging activities were $20 million in the second quarter of 2013.

 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

 
Nine Months 2013
United States  

 International 

 

       Total      

 
Sales and other operating revenues $ 4,680 $ 4,503 $ 9,183
Gains (losses) on asset sales (18) 1,809 1,791
Other, net   (11)   (45)   (56)
 
Total revenues and non-operating income   4,651   6,267   10,918
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 1,346 45 1,391
Operating costs and expenses 582 988 1,570
Production and severance taxes 176 135 311
Exploration expenses, including dry holes and lease impairment 242 331 573
General and administrative expenses 146 122 268
Depreciation, depletion and amortization   1,046   915   1,961
 
Total costs and expenses   3,538   2,536   6,074
 
Results of operations before income taxes 1,113 3,731 4,844
Provision for income taxes   450   944   1,394
 
Net income 663 2,787 3,450
Less: Net income attributable to noncontrolling interests   -   176   176
 
Net income attributable to Hess Corporation $ 663 (a) $ 2,611 (b) $ 3,274
 
 
Nine Months 2012
United States International Total
 
Sales and other operating revenues $ 3,840 $ 5,452 $ 9,292
Gains (losses) on asset sales - 412 412
Other, net   19   53   72
 
Total revenues and non-operating income   3,859   5,917   9,776
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 852 109 961
Operating costs and expenses 582 1,071 1,653
Production and severance taxes 143 266 409
Exploration expenses, including dry holes and lease impairment 221 487 708
General and administrative expenses 137 86 223
Depreciation, depletion and amortization 1,007 1,120 2,127
Asset impairments   117   150   267
 
Total costs and expenses   3,059   3,289   6,348
 
Results of operations before income taxes 800 2,628 3,428
Provision for income taxes   313   1,213   1,526
 
Net income 487 1,415 1,902
Less: Net income attributable to noncontrolling interests   -   15   15
 
Net income attributable to Hess Corporation $ 487 (a) $ 1,400 (b) $ 1,887
 

(a)

 

The results from crude oil hedging activities comprised after-tax realized income of $9 million in the first nine months of 2013, and losses of $34 million in the first nine months of 2012.

 

(b)

The results from crude oil hedging activities comprised after-tax realized income of $14 million in the first nine months of 2013, and losses of $300 million in the first nine months of 2012.

 

       

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
Third Third Second

   Quarter   

   Quarter   

   Quarter   

2013 2012 2013

Operating Data

     

Net Production Per Day (in thousands)

Crude oil - barrels
United States
Bakken 57 52 52
Other Onshore   9   13   11
Total Onshore 66 65 63
Offshore   37   44   48
Total United States   103   109   111
 
Europe 38 80 33
Africa 57 75 73
Asia   9   17   9
Total   207   281   226
 
Natural gas liquids - barrels
United States
Bakken 7 5 6
Other Onshore   4   6   4
Total Onshore 11 11 10
Offshore   4   5   6
Total United States   15   16   16
 
Europe 1 2 1
Asia   1   1   1
Total   17   19   18
 
Natural gas - mcf
United States
Bakken 44 35 39
Other Onshore   24   28   27
Total Onshore 68 63 66
Offshore   42   53   75
Total United States   110   116   141
 
Europe 29 36 15
Asia and other   380   462   427
Total   519   614   583
 
Barrels of oil equivalent   310   402   341
 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
Nine Months
2013   2012

Operating Data

   

Net Production Per Day (in thousands)

Crude oil - barrels
United States
Bakken 54 45
Other Onshore   11   13
Total Onshore 65 58
Offshore   44   46
Total United States   109   104
 
Europe 46 91
Africa 69 75
Asia   11   17

Total

  235   287
 
Natural gas liquids - barrels
United States
Bakken 6 4
Other Onshore   4   5
Total Onshore 10 9
Offshore   6   6
Total United States   16   15
 
Europe 1 3
Asia   1   1
Total   18   19
 
Natural gas - mcf
United States
Bakken 39 25
Other Onshore   26   26
Total Onshore 65 51
Offshore   63   61
Total United States   128   112
 
Europe 19 50
Asia and other   418   459
Total   565   621
 
Barrels of oil equivalent   347   409
 

     

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
Third Third Second
Quarter Quarter Quarter

    2013    

    2012    

    2013    

     

Sales Volumes Per Day (in thousands)

Crude oil - barrels 194 284 233
Natural gas liquids - barrels 17 19 18
Natural gas - mcf   515   616   582
Barrels of oil equivalent   296   406   347
 

Sales Volumes (in thousands)

Crude oil - barrels 17,857 26,158 21,180
Natural gas liquids - barrels 1,519 1,727 1,593
Natural gas - mcf   47,406   56,628   52,969
Barrels of oil equivalent   27,277   37,323   31,601
 
 
Nine Months

    2013    

    2012    

 

Sales Volumes Per Day (in thousands)

Crude oil - barrels 234 283
Natural gas liquids - barrels 17 19
Natural gas - mcf   564   622
Barrels of oil equivalent   345   405
 

Sales Volumes (in thousands)

Crude oil - barrels 63,804 77,583
Natural gas liquids - barrels 4,759 5,121
Natural gas - mcf   154,037   170,385
Barrels of oil equivalent   94,236   111,102
 

     

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
Third Third Second
Quarter Quarter Quarter
2013 2012 2013

Operating Data

Average Selling Prices

Crude oil - per barrel (including hedging)
United States
Onshore $ 96.01 $ 82.81 $ 89.97
Offshore 106.66 101.02 106.71
Total United States 99.80 90.17 97.20
 
Europe 113.18 75.08 77.14
Africa 110.71 90.78 106.15
Asia 104.27 102.85 105.27
Worldwide 104.95 86.69 97.89
 
Crude oil - per barrel (excluding hedging)
United States
Onshore $ 95.98 $ 83.34 $ 88.91
Offshore 106.56 101.99 103.43
Total United States 99.75 90.87 95.18
 
Europe 112.51 75.36 75.22
Africa 110.95 110.33 102.78
Asia 104.27 103.20 105.27
Worldwide 104.88 92.35 95.45
 
Natural gas liquids - per barrel
United States
Onshore $ 44.59 $ 41.34 $ 38.84
Offshore 32.14 32.51 27.81
Total United States 41.03 38.35 34.57
 
Europe 58.67 56.82 53.16
Asia 70.05 64.67 66.90
Worldwide 43.67 41.71 36.28
 
Natural gas - per mcf
United States
Onshore $ 2.91 $ 2.06 $ 3.19
Offshore 2.56 2.31 3.17
Total United States 2.78 2.18 3.18
 
Europe 12.13 9.15 9.99
Asia and other 7.19 6.56 7.39
Worldwide 6.52 5.88 6.44
 

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
Nine Months
2013   2012

Operating Data

Average Selling Prices

Crude oil - per barrel (including hedging)
United States
Onshore $ 91.87 $ 84.55
Offshore 106.99 102.54
Total United States 97.97 92.53
 
Europe 79.60 77.13
Africa 108.57 89.56
Asia 107.77 107.88
Worldwide 98.55 87.71
 
Crude oil - per barrel (excluding hedging)
United States
Onshore $ 91.64 $ 85.62
Offshore 106.18 105.53
Total United States 97.51 94.46
 
Europe 79.01 78.18
Africa 107.81 111.28
Asia 107.77 109.92
Worldwide 97.99 94.58
 
Natural gas liquids - per barrel
United States
Onshore $ 42.35 $ 45.53
Offshore 28.84 37.72
Total United States 37.50 42.60
 
Europe 57.02 75.67
Asia 71.70 75.95
Worldwide 39.46 49.05
 
Natural gas - per mcf
United States
Onshore $ 2.99 $ 1.83
Offshore 2.79 1.83
Total United States 2.89 1.83
 
Europe 10.62 9.56
Asia and other 7.46 6.64
Worldwide 6.53 6.01
 

     

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

DISCONTINUED OPERATIONS SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 
Third Third Second
Quarter Quarter Quarter
2013 2012 2013

Discontinued Operations - Financial Information

 

Downstream Businesses Results

Income (loss) before income taxes $ 86 $ 84 $ 15
Provision (benefit) for income taxes   32   31   4
Results of operations attributable to Hess Corporation $ 54 $ 53 $ 11
 

Summary of Downstream Businesses Results

Marketing $ 69 $ 17 $ 11
Refining (11) 18 (10)
Trading   (4)   18   10
Results of operations attributable to Hess Corporation $ 54 $ 53 $ 11
 

Net Impact of Items Affecting Comparability of Earnings Between Periods

$ 23 $ - $ (21)
 
 
Nine Months
2013 2012
 

Downstream Businesses Results

Income (loss) before income taxes $ 255 $ 116
Provision (benefit) for income taxes   90   39
Results of operations attributable to Hess Corporation $ 165 $ 77
 

Summary of Downstream Businesses Results

Marketing $ 122 $ 62
Refining 44 20
Trading   (1)   (5)
Results of operations attributable to Hess Corporation $ 165 $ 77
 

Net Impact of Items Affecting Comparability of Earnings Between Periods

$ 32 $ -

Hess Corporation
Investors:
Jay Wilson, 212-536-8940
or
Media:
Jon Pepper, 212-536-8550

Source: Hess Corporation

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