Amerada Hess Reports Estimated Results for 1Q05

Amerada Hess Corporation (NYSE: AHC) reported net income of $219 million for the first quarter of 2005 compared with income of $281 million for the first quarter of 2004.The after-tax results by major operating activity in the first quarter of 2005 and 2004 are as follows:
                                               Three months ended
                                              March 31 (unaudited)
                                           ---------------------------
                                                   2005          2004
                                           -------------  ------------
                                             (In millions, except per
                                                  share amounts)

Exploration and production                         $263          $207
Refining and marketing                               63           112
Corporate                                           (69)           (2)
Interest expense                                    (38)          (36)
                                           -------------  ------------
Net income                                         $219          $281
                                           =============  ============
Net income per share (diluted)                    $2.12         $2.77
                                           =============  ============
Weighted average number of shares (diluted)       103.2         101.4
                                           =============  ============

Exploration and production earnings were $263 million in the first quarter of 2005 compared with $207 million in the first quarter of 2004. Pre-tax exploration expenses increased by $55 million to $133 million in the first quarter of 2005, including $93 million of dry hole costs associated with the Wembley and Diamondback deepwater Gulf of Mexico wells. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 358,000 barrels per day in the first quarter of 2005, an increase of 3% from the first quarter of 2004. In the first quarter of 2005, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was $31.31 per barrel, an increase of $4.48 per barrel from the first quarter of 2004. The Corporation's average United States natural gas selling price was $6.15 per Mcf in the first quarter of 2005, an increase of $.95 per Mcf from the first quarter of 2004.

Refining and marketing earnings were $63 million in the first quarter of 2005 compared with $112 million in the first quarter of 2004. The fluid catalytic cracking units at HOVENSA and Port Reading, New Jersey were each shutdown for approximately 30 days for scheduled maintenance in the first quarter of 2005. Refining earnings decreased by $32 million, primarily as a result of these maintenance activities and increased HOVENSA taxes. Lower gasoline margins reduced results from retail gasoline operations and income from trading activities was lower by $7 million.

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Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
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