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Hess Reports Estimated Results For The Third Quarter Of 2013

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 $ -




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