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Second Quarter Highlights:
- Net income was
$549 million , compared with$607 million in the second quarter of 2011 - Oil and gas production increased to 429,000 barrels of oil equivalent per day, up from 372,000 in the second quarter of 2011
- Oil and gas production from the Bakken increased to 55,000 barrels of oil equivalent per day, up from 25,000 in the second quarter of 2011
- Net cash provided by operating activities was
$1,240 million , compared with$1,689 million in the second quarter of 2011
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, (unaudited) | June 30, (unaudited) | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
Exploration and Production | $ | 644 | $ | 747 | $ | 1,279 | $ | 1,726 | |||||||||||
Marketing and Refining | 8 | (39) | 19 | - | |||||||||||||||
Corporate | (39) | (42) | (77) | (70) | |||||||||||||||
Interest expense | (64) | (59) | (127) | (120) | |||||||||||||||
Net income attributable to Hess Corporation | $ | 549 | $ | 607 | $ | 1,094 | $ | 1,536 | |||||||||||
Net income per share (diluted) | $ | 1.61 | $ | 1.78 | $ | 3.21 | $ | 4.52 | |||||||||||
Weighted average number of shares (diluted) | 340.4 | 340.4 | 340.4 | 339.7 | |||||||||||||||
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Note: See the following page for a table of items affecting comparability of earnings between periods.
Exploration and Production earnings were
Marketing and Refining generated earnings of
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, (unaudited) | June 30, (unaudited) | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
(In millions of dollars) | ||||||||||||||||||||||
Exploration and Production | $ | (36) | $ | - |
$ |
- | $ | 310 | ||||||||||||||
Results for the second quarter of 2012 included an after-tax charge of
Net cash provided by operating activities was
At
==========================================================
Forward-looking Statements
Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||||||||
Second | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | ||||||||||||||
2012 | 2011 | 2012 | ||||||||||||||
Income Statement |
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Revenues and Non-operating Income | ||||||||||||||||
Sales (excluding excise taxes) and other operating revenues | $ | 9,304 | $ | 9,853 | $ | 9,682 | ||||||||||
Income (loss) from equity investment in HOVENSA L.L.C. | - | (49) | - | |||||||||||||
Gains on asset sales | - | - | 36 | |||||||||||||
Other, net | 5 | 2 | 29 | |||||||||||||
Total revenues and non-operating income | 9,309 | 9,806 | 9,747 | |||||||||||||
Costs and Expenses | ||||||||||||||||
Cost of products sold (excluding items shown separately below) | 5,969 | 6,841 | 6,679 | |||||||||||||
Production expenses | 677 | 599 | 673 | |||||||||||||
Marketing expenses | 265 | 247 | 251 | |||||||||||||
Exploration expenses, including dry holes and lease impairment | 196 | 257 | 253 | |||||||||||||
Other operating expenses | 41 | 42 | 41 | |||||||||||||
General and administrative expenses | 172 | 174 | 167 | |||||||||||||
Interest expense | 105 | 97 | 104 | |||||||||||||
Depreciation, depletion and amortization | 769 | 588 | 681 | |||||||||||||
Asset impairments | 59 | - | - | |||||||||||||
Total costs and expenses | 8,253 | 8,845 | 8,849 | |||||||||||||
Income (loss) before income taxes | 1,056 | 961 | 898 | |||||||||||||
Provision (benefit) for income taxes | 521 | 392 | 338 | |||||||||||||
Net income (loss) | 535 | 569 | 560 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (14) | (38) | 15 | |||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 549 | $ | 607 | $ | 545 | ||||||||||
Supplemental Income Statement Information |
||||||||||||||||
Foreign currency gains (losses), after-tax | $ | (5) | $ | (2) | $ | 9 | ||||||||||
Capitalized interest | 5 | 2 | 5 | |||||||||||||
Cash Flow Information |
||||||||||||||||
Net cash provided by operating activities (a) | $ | 1,240 | $ | 1,689 | $ | 988 | (b) | |||||||||
Capital and Exploratory Expenditures |
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Exploration and Production | ||||||||||||||||
United States | $ | 1,243 | $ | 793 | $ | 1,241 | ||||||||||
International | 793 | 676 | 722 | |||||||||||||
Total Exploration and Production | 2,036 | 1,469 | 1,963 | |||||||||||||
Marketing, Refining and Corporate | 42 | 21 | 23 | |||||||||||||
Total Capital and Exploratory Expenditures | $ | 2,078 | $ | 1,490 | $ | 1,986 | ||||||||||
Exploration expenses charged to income included above | ||||||||||||||||
United States | $ | 33 | $ | 56 | $ | 37 | ||||||||||
International | 67 | 59 | 71 | |||||||||||||
$ | 100 | $ | 115 | $ | 108 | |||||||||||
(a) | Includes changes in working capital. | |
(b) | Net of payments to HOVENSA L.L.C. totaling $487 million to fully fund our share of previously accrued refining shutdown costs. |
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) | ||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||
First Half | ||||||||||
2012 | 2011 | |||||||||
Income Statement |
||||||||||
Revenues and Non-operating Income | ||||||||||
Sales (excluding excise taxes) and other operating revenues | $ | 18,986 | $ | 20,068 | ||||||
Income (loss) from equity investment in HOVENSA L.L.C. | - | (97) | ||||||||
Gains on asset sales | 36 | 343 | ||||||||
Other, net | 34 | 7 | ||||||||
Total revenues and non-operating income | 19,056 | 20,321 | ||||||||
Costs and Expenses | ||||||||||
Cost of products sold (excluding items shown separately below) | 12,648 | 13,881 | ||||||||
Production expenses | 1,350 | 1,130 | ||||||||
Marketing expenses | 516 | 530 | ||||||||
Exploration expenses, including dry holes and lease impairment | 449 | 570 | ||||||||
Other operating expenses | 82 | 84 | ||||||||
General and administrative expenses | 339 | 338 | ||||||||
Interest expense | 209 | 196 | ||||||||
Depreciation, depletion and amortization | 1,450 | 1,146 | ||||||||
Asset impairments | 59 | - | ||||||||
Total costs and expenses | 17,102 | 17,875 | ||||||||
Income (loss) before income taxes | 1,954 | 2,446 | ||||||||
Provision (benefit) for income taxes | 859 | 903 | ||||||||
Net income (loss) | 1,095 | 1,543 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | 1 | 7 | ||||||||
Net income (loss) attributable to Hess Corporation | $ | 1,094 | $ | 1,536 | ||||||
Supplemental Income Statement Information |
||||||||||
Foreign currency gains (losses), after-tax | $ | 4 | $ | (5) | ||||||
Capitalized interest | 10 | 4 | ||||||||
Cash Flow Information |
||||||||||
Net cash provided by operating activities (a) | $ | 2,228 | (b) | $ | 2,824 | |||||
Capital and Exploratory Expenditures |
||||||||||
Exploration and Production | ||||||||||
United States | $ | 2,484 | $ | 1,333 | ||||||
International | 1,515 | 1,309 | ||||||||
Total Exploration and Production | 3,999 | 2,642 | ||||||||
Marketing, Refining and Corporate | 65 | 34 | ||||||||
Total Capital and Exploratory Expenditures | $ | 4,064 | $ | 2,676 | ||||||
Exploration expenses charged to income included above | ||||||||||
United States | $ | 70 | $ | 98 | ||||||
International | 138 | 121 | ||||||||
$ | 208 | $ | 219 | |||||||
(a) | Includes changes in working capital. | |
(b) | Net of payments to HOVENSA L.L.C. totaling $487 million to fully fund our share of previously accrued refining shutdown costs. |
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) | ||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||
June 30, | December 31, | |||||||||
2012 | 2011 | |||||||||
Balance Sheet Information |
||||||||||
Cash and cash equivalents | $ | 409 | $ | 351 | ||||||
Other current assets | 7,516 | 7,988 | ||||||||
Investments | 450 | 384 | ||||||||
Property, plant and equipment - net | 26,556 | 24,712 | ||||||||
Other long-term assets | 5,683 | 5,701 | ||||||||
Total assets | $ | 40,614 | $ | 39,136 | ||||||
Short-term debt and current maturities of long-term debt | $ | 299 | $ | 52 | ||||||
Other current liabilities | 6,785 | 8,048 | ||||||||
Long-term debt | 7,546 | 6,005 | ||||||||
Other long-term liabilities | 6,025 | 6,439 | ||||||||
Total equity excluding other comprehensive income (loss) | 20,738 | 19,659 | ||||||||
Accumulated other comprehensive income (loss) | (779) | (1,067) | ||||||||
Total liabilities and equity | $ | 40,614 | $ | 39,136 | ||||||
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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) | ||||||||||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||||||||||
Second Quarter 2012 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 1,043 | $ | 1,946 | $ | 2,989 | ||||||||||||
Gains on asset sales | - | - | - | |||||||||||||||
Other, net | 1 | - | 1 | |||||||||||||||
Total revenues and non-operating income | 1,044 | 1,946 | 2,990 | |||||||||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 253 | 424 | 677 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 75 | 121 | 196 | |||||||||||||||
General, administrative and other expenses | 50 | 29 | 79 | |||||||||||||||
Depreciation, depletion and amortization | 335 | 408 | 743 | |||||||||||||||
Asset impairments | 59 | - | 59 | |||||||||||||||
Total costs and expenses | 772 | 982 | 1,754 | |||||||||||||||
Results of operations before income taxes | 272 | 964 | 1,236 | |||||||||||||||
Provision (benefit) for income taxes | 112 | 480 | 592 | |||||||||||||||
Results of operations attributable to Hess Corporation | $ | 160 | (a) | $ | 484 | (b) | $ | 644 | ||||||||||
Second Quarter 2011 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 858 | $ | 1,840 | $ | 2,698 | ||||||||||||
Gains on asset sales | - | - | - | |||||||||||||||
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 | (b) | $ | 747 | |||||||||||
First Quarter 2012 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 923 | $ | 1,697 | $ | 2,620 | ||||||||||||
Gains on asset sales | - | 36 | 36 | |||||||||||||||
Other, net | - | 27 | 27 | |||||||||||||||
Total revenues and non-operating income | 923 | 1,760 | 2,683 | |||||||||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 231 | 442 | 673 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 78 | 175 | 253 | |||||||||||||||
General, administrative and other expenses | 38 | 27 | 65 | |||||||||||||||
Depreciation, depletion and amortization | 279 | 380 | 659 | |||||||||||||||
Asset impairments | - | - | - | |||||||||||||||
Total costs and expenses | 626 | 1,024 | 1,650 | |||||||||||||||
Results of operations before income taxes | 297 | 736 | 1,033 | |||||||||||||||
Provision (benefit) for income taxes | 110 | 288 | 398 | |||||||||||||||
Results of operations attributable to Hess Corporation | $ | 187 | (a) | $ | 448 | (b) | $ | 635 | ||||||||||
(a) |
The after-tax losses from crude oil hedging activities were $3 million in the second quarter of 2012 and $26 million in the first quarter of 2012. | |
(b) |
The after-tax losses from crude oil hedging activities were $86 million in the second quarter of 2012, $81 million in the second quarter of 2011 and $125 million in the first quarter of 2012. |
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) | ||||||||||||||||||
(IN MILLIONS OF DOLLARS) | ||||||||||||||||||
First Half 2012 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 1,966 | $ | 3,643 | $ | 5,609 | ||||||||||||
Gains on asset sales | - | 36 | 36 | |||||||||||||||
Other, net | 1 | 27 | 28 | |||||||||||||||
Total revenues and non-operating income | 1,967 | 3,706 | 5,673 | |||||||||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 484 | 866 | 1,350 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 153 | 296 | 449 | |||||||||||||||
General, administrative and other expenses | 88 | 56 | 144 | |||||||||||||||
Depreciation, depletion and amortization | 614 | 788 | 1,402 | |||||||||||||||
Asset impairments | 59 | - | 59 | |||||||||||||||
Total costs and expenses | 1,398 | 2,006 | 3,404 | |||||||||||||||
Results of operations before income taxes | 569 | 1,700 | 2,269 | |||||||||||||||
Provision (benefit) for income taxes | 222 | 768 | 990 | |||||||||||||||
Results of operations attributable to Hess Corporation | $ | 347 | (a) | $ | 932 | (b) | $ | 1,279 | ||||||||||
First Half 2011 | ||||||||||||||||||
United States | International | Total | ||||||||||||||||
Sales and other operating revenues | $ | 1,604 | $ | 3,707 | $ | 5,311 | ||||||||||||
Gains on asset sales | - | 343 | 343 | |||||||||||||||
Other, net | (14) | 10 | (4) | |||||||||||||||
Total revenues and non-operating income | 1,590 | 4,060 | 5,650 | |||||||||||||||
Costs and expenses | ||||||||||||||||||
Production expenses, including related taxes | 316 | 814 | 1,130 | |||||||||||||||
Exploration expenses, including dry holes and lease impairment | 237 | 333 | 570 | |||||||||||||||
General, administrative and other expenses | 97 | 63 | 160 | |||||||||||||||
Depreciation, depletion and amortization | 318 | 772 | 1,090 | |||||||||||||||
Asset impairments | - | - | - | |||||||||||||||
Total costs and expenses | 968 | 1,982 | 2,950 | |||||||||||||||
Results of operations before income taxes | 622 | 2,078 | 2,700 | |||||||||||||||
Provision (benefit) for income taxes | 232 | 742 | 974 | |||||||||||||||
Results of operations attributable to Hess Corporation | $ | 390 | $ | 1,336 | (b) | $ | 1,726 | |||||||||||
(a) | The after-tax losses from crude oil hedging activities were $29 million in the first half of 2012. | |
(b) | The after-tax losses from crude oil hedging activities were $211 million in the first half of 2012 and $162 million in the first half of 2011. |
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||||
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) | |||||||||||||
Second | Second | First | |||||||||||
Quarter | Quarter | Quarter | |||||||||||
2012 | 2011 | 2012 | |||||||||||
Operating Data |
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Net Production Per Day (in thousands) |
|||||||||||||
Crude oil - barrels | |||||||||||||
United States | 109 | 77 | 95 | ||||||||||
Europe | 98 | 93 | 94 | ||||||||||
Africa | 79 | 66 | 71 | ||||||||||
Asia | 18 | 12 | 16 | ||||||||||
Total | 304 | 248 | 276 | ||||||||||
Natural gas liquids - barrels | |||||||||||||
United States | 15 | 13 | 14 | ||||||||||
Europe | 3 | 3 | 3 | ||||||||||
Asia | 1 | 1 | 2 | ||||||||||
Total | 19 | 17 | 19 | ||||||||||
Natural gas - mcf | |||||||||||||
United States | 121 | 100 | 100 | ||||||||||
Europe | 53 | 72 | 61 | ||||||||||
Asia and other | 465 | 471 | 449 | ||||||||||
Total | 639 | 643 | 610 | ||||||||||
Barrels of oil equivalent | 429 | 372 | 397 | ||||||||||
Average Selling Price |
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Crude oil - per barrel (including hedging) | |||||||||||||
United States | $ | 91.97 | $ | 106.62 | $ | 95.92 | |||||||
Europe | 76.20 | 87.75 | 80.18 | ||||||||||
Africa | 89.01 | 97.74 | 88.75 | ||||||||||
Asia | 105.89 | 113.44 | 117.13 | ||||||||||
Worldwide | 86.86 | 97.20 | 89.92 | ||||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||||
United States | $ | 92.48 | $ | 106.62 | $ | 100.87 | |||||||
Europe | 76.58 | 87.75 | 82.77 | ||||||||||
Africa | 105.72 | 118.19 | 120.59 | ||||||||||
Asia | 106.17 | 113.44 | 123.72 | ||||||||||
Worldwide | 91.83 | 102.73 | 100.50 | ||||||||||
Natural gas liquids - per barrel | |||||||||||||
United States | $ | 40.75 | $ | 61.57 | $ | 49.26 | |||||||
Europe | 66.15 | 69.99 | 90.43 | ||||||||||
Asia | 75.16 | 79.63 | 86.50 | ||||||||||
Worldwide | 45.56 | 64.05 | 59.53 | ||||||||||
Natural gas - per mcf | |||||||||||||
United States | $ | 1.55 | $ | 3.71 | $ | 1.75 | |||||||
Europe | 9.98 | 8.97 | 9.44 | ||||||||||
Asia and other | 6.61 | 5.94 | 6.77 | ||||||||||
Worldwide | 5.94 | 5.93 | 6.23 | ||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED) | ||||||||||
First Half | ||||||||||
2012 | 2011 | |||||||||
Operating Data |
||||||||||
Net Production Per Day (in thousands) |
||||||||||
Crude oil - barrels | ||||||||||
United States | 102 | 77 | ||||||||
Europe | 96 | 96 | ||||||||
Africa | 75 | 75 | ||||||||
Asia | 17 | 13 | ||||||||
Total | 290 | 261 | ||||||||
Natural gas liquids - barrels | ||||||||||
United States | 15 | 13 | ||||||||
Europe | 3 | 3 | ||||||||
Asia | 1 | 1 | ||||||||
Total | 19 | 17 | ||||||||
Natural gas - mcf | ||||||||||
United States | 110 | 103 | ||||||||
Europe | 57 | 89 | ||||||||
Asia and other | 458 | 451 | ||||||||
Total | 625 | 643 | ||||||||
Barrels of oil equivalent | 413 | 385 | ||||||||
Average Selling Price |
||||||||||
Crude oil - per barrel (including hedging) | ||||||||||
United States | $ | 93.81 | $ | 99.12 | ||||||
Europe | 78.05 | 85.84 | ||||||||
Africa | 88.91 | 90.04 | ||||||||
Asia | 110.70 | 111.91 | ||||||||
Worldwide | 88.23 | 92.05 | ||||||||
Crude oil - per barrel (excluding hedging) | ||||||||||
United States | $ | 96.39 | $ | 99.12 | ||||||
Europe | 79.45 | 85.84 | ||||||||
Africa | 111.78 | 110.39 | ||||||||
Asia | 113.67 | 111.91 | ||||||||
Worldwide | 95.72 | 97.37 | ||||||||
Natural gas liquids - per barrel | ||||||||||
United States | $ | 44.92 | $ | 59.43 | ||||||
Europe | 81.20 | 76.01 | ||||||||
Asia | 82.02 | 76.23 | ||||||||
Worldwide | 52.78 | 63.74 | ||||||||
Natural gas - per mcf | ||||||||||
United States | $ | 1.64 | $ | 3.77 | ||||||
Europe | 9.69 | 8.55 | ||||||||
Asia and other | 6.69 | 5.85 | ||||||||
Worldwide | 6.08 | 5.89 | ||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) | ||||||||||||||
Second | Second | First | ||||||||||||
Quarter | Quarter | Quarter | ||||||||||||
2012 | 2011 | 2012 | ||||||||||||
Financial Information (in millions of dollars) |
||||||||||||||
Marketing and Refining Results |
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Income (loss) before income taxes | $ | 7 | $ | (45) | $ | 20 | ||||||||
Provision (benefit) for income taxes | (1) | (6) | 9 | |||||||||||
Results of operations attributable to Hess Corporation | $ | 8 | $ | (39) | $ | 11 | ||||||||
Summary of Marketing and Refining Results |
||||||||||||||
Marketing | $ | 18 | $ | 28 | $ | 22 | ||||||||
Refining | 8 | (44) | (6) | |||||||||||
Trading | (18) | (23) | (5) | |||||||||||
Results of operations attributable to Hess Corporation | $ | 8 | $ | (39) | $ | 11 | ||||||||
Operating Data |
||||||||||||||
Sales Volumes |
||||||||||||||
Refined petroleum products (thousands of barrels per day) | ||||||||||||||
Gasoline | 212 | 228 | 210 | |||||||||||
Distillates | 108 | 114 | 115 | |||||||||||
Residuals | 54 | 56 | 61 | |||||||||||
Other | 17 | 28 | 18 | |||||||||||
Total | 391 | 426 | 404 | |||||||||||
Natural gas (thousands of mcf per day) | 1,860 | 1,900 | 2,560 | |||||||||||
Electricity (megawatts round the clock) | 4,405 | 4,100 | 4,350 | |||||||||||
Retail Marketing |
||||||||||||||
Number of retail stations (a) | 1,361 | 1,356 | 1,361 | |||||||||||
Convenience store revenue (in millions of dollars) (b) | $ | 288 | $ | 305 | $ | 272 | ||||||||
Average gasoline volume per station (thousands of gallons per month) (b) | 194 | 199 | 185 | |||||||||||
Port Reading |
||||||||||||||
Refinery throughput (thousands of barrels per day) | 69 | 66 | 47 | |||||||||||
Refinery utilization (capacity - 70,000 barrels per day) | 98.0% | 93.6% | 67.4% | |||||||||||
(a) | Includes company operated, Wilco-Hess, dealer and branded retailer. | |
(b) | Company operated only. |
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES | |||||||||||
MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED) | |||||||||||
First Half | |||||||||||
2012 | 2011 | ||||||||||
Financial Information (in millions of dollars) |
|||||||||||
Marketing and Refining Results |
|||||||||||
Income (loss) before income taxes | $ | 27 | $ | 51 | |||||||
Provision (benefit) for income taxes | 8 | 51 | |||||||||
Results of operations attributable to Hess Corporation | $ | 19 | $ | - | |||||||
Summary of Marketing and Refining Results |
|||||||||||
Marketing | $ | 40 | $ | 96 | |||||||
Refining | 2 | (92) | |||||||||
Trading | (23) | (4) | |||||||||
Results of operations attributable to Hess Corporation | $ | 19 | $ | - | |||||||
Operating Data |
|||||||||||
Sales Volumes |
|||||||||||
Refined petroleum products (thousands of barrels per day) | |||||||||||
Gasoline | 210 | 227 | |||||||||
Distillates | 112 | 124 | |||||||||
Residuals | 58 | 71 | |||||||||
Other | 18 | 24 | |||||||||
Total | 398 | 446 | |||||||||
Natural gas (thousands of mcf per day) | 2,205 | 2,400 | |||||||||
Electricity (megawatts round the clock) | 4,390 | 4,200 | |||||||||
Retail Marketing |
|||||||||||
Number of retail stations (a) | 1,361 | 1,356 | |||||||||
Convenience store revenue (in millions of dollars) (b) | $ | 560 | $ | 583 | |||||||
Average gasoline volume per station (thousands of gallons per month) (b) | 190 | 192 | |||||||||
Port Reading |
|||||||||||
Refinery throughput (thousands of barrels per day) | 58 | 66 | |||||||||
Refinery utilization (capacity - 70,000 barrels per day) | 82.7% | 93.8% | |||||||||
(a) | Includes company operated, Wilco-Hess, dealer and branded retailer. | |
(b) | Company operated only. |
Source:
Hess Corporation
Investor:
Jay Wilson, 212-536-8940
or
Media:
Jon Pepper, 212-536-8550