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Amerada Hess Corporation (NYSE: AHC) announced today that it had completed the
acquisition of the validly tendered Ordinary Shares of Triton Energy Limited.
Amerada Hess said that as previously announced it or a subsidiary would effect
a compulsory acquisition of the remaining Ordinary Shares of Triton. The transaction
has a total value of approximately $3.2 billion, including the assumption of approximately
$500 million in Triton debt.
With the acquisition, Amerada Hess estimates that its third quarter production
will rise from its original forecast of 418,000 barrels of oil equivalent per
day to approximately 445,000 barrels per day and that fourth quarter production
will rise from the previously estimated level of 468,000 barrels per day to about
520,000 barrels per day. Production in 2002 is now estimated at 535,000 barrels
of oil equivalent per day and is expected to rise to more than 600,000 barrels
per day in 2003. At least eight high potential wells will be drilled on properties
acquired from Triton over the next 12 months.
Amerada Hess said that it expects that most of Triton's exploration staff and
certain senior Triton executives will remain with Amerada Hess and that Triton's
operations will continue to be based in Dallas.
Amerada Hess added that it has sold 85% of Triton's estimated fourth quarter 2001
production forward based on a WTI price of $26.65 per barrel and has also sold
forward 60% of Triton's estimated 2002 production based on a WTI price of $25.05
per barrel.
Contact: Amerada Hess Corporation.......C.T. Tursi (212) 536-8593