Amerada Hess Reports 2Q04 Results

Amerada Hess Corporation (NYSE:AHC) reported net income of $288 million for the second quarter of 2004 compared with income of $252 million for the second quarter of 2003. Net income in the second quarter of 2004 and 2003 includes income of $7 million and $189 million, respectively, from discontinued operations.

Exploration and production earnings from continuing operations were $182 million in the second quarter of 2004 compared with $88 million in the second quarter of 2003. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 351,000 barrels per day in the second quarter of 2004, a decrease of 7% from the second quarter of 2003. The decline in production was primarily due to asset sales and exchanges in 2003. In the second quarter of 2004, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was $25.76 per barrel, an increase of $1.66 per barrel from the second quarter of 2003. The Corporation's average United States natural gas selling price, including the effect of hedging, was $5.23 per Mcf in the second quarter of 2004, an increase of $1.14 per Mcf from the second quarter of 2003. Exploration and production earnings include an after-tax gain of $15 million in the second quarter of 2004 from the sale of a non-producing asset and after-tax charges of $6 million and $23 million in the second quarter of 2004 and 2003, respectively, for accrued severance and a reduction in leased office space in London.

Refining and marketing earnings were $160 million in the second quarter of 2004 compared with $46 million in the second quarter of 2003. The increase principally reflects higher refining margins and increased utilization rates. Refining and marketing earnings in the second quarter of 2003 included a net loss of $20 million from the sale of the Corporation's interest in a shipping joint venture.

Capital expenditures in the second quarter of 2004 amounted to $372 million of which $357 million related to exploration and production activities. Capital expenditures in the second quarter of 2003 amounted to $367 million, including $339 million for exploration and production.
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