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Hess Reports Estimated Results For The Third Quarter Of 2012

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, (unaudited) September 30, (unaudited)
2012       2011 2012       2011
(In millions)
Exploration and Production $ 62 $ (81) $ 62 $ 244

Third quarter 2012 results included an after-tax gain of $349 million from the sale of the Corporation’s interests in the Schiehallion Field and associated assets in the United Kingdom North Sea for $524 million. The results also included after-tax impairment charges of $116 million that resulted from increases to the Corporation’s estimated abandonment liabilities related to non-producing properties. Additionally, the Corporation recorded a $56 million after-tax charge to write off its assets in Peru following a decision to cease future appraisal and development activities in the country. A one-time charge of $115 million was also recorded to reflect the third quarter change in the United Kingdom’s supplementary income tax rate to 20 percent from 32 percent applicable to deductions for dismantlement expenditures.

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