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Hess Reports Estimated Results For The Third Quarter Of 2013

Stocks in this article: HES

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)







(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.

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