Hess Reports Estimated Results For The First Quarter Of 2012

Hess Corporation (NYSE: HES) reported net income of $545 million for the first quarter of 2012 compared with $929 million for the first quarter of 2011. The after-tax income (loss) by major operating activity was as follows:
                      Three Months Ended
March 31, (unaudited)
2012   2011
(In millions, except

per share amounts)
Exploration and Production

$

      635

$

      979
Marketing and Refining 11 39
Corporate (38) (28)
Interest expense   (63)   (61)
Net income attributable to Hess Corporation

$

      545

$

      929
 
Net income per share (diluted)

$

     1.60

$

     2.74
 
Weighted average number of shares (diluted)   340.3   339.2

 

Note: See the following page for a table of items affecting comparability of earnings between periods.

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