Hess 2Q Profit Nearly Quadruples in 2010

Hess reported net income of $375 million for the second quarter of 2010 compared with net income of $100 million for the second quarter of 2009.

Exploration and Production earnings were $488 million in the second quarter of 2010 compared with $215 million in the second quarter of 2009. The Corporation's oil and gas production was 415,000 barrels of oil equivalent per day in the second quarter of 2010, an increase of 2 percent from the second quarter of 2009. The Corporation's average worldwide crude oil selling price, including the effect of hedging, was $64.81 per barrel in the second quarter of 2010 compared with $49.27 per barrel in the second quarter of 2009. The Corporation's average worldwide natural gas selling price was $5.57 per Mcf in the second quarter of 2010 compared with $4.56 per Mcf in the second quarter of 2009.

Marketing and Refining generated a loss of $19 million in the second quarter of 2010 compared with a loss of $30 million in the second quarter of 2009. Refining operations incurred a loss of $31 million compared with a loss of $26 million in the second quarter of 2009. During the second quarter of 2010, the Port Reading refining facility was shutdown for 41 days for a scheduled turnaround. The after-tax expenses for the Port Reading turnaround were approximately $27 million in the second quarter. Marketing earnings were $17 million, an increase of $30 million from the second quarter of 2009 primarily due to higher margins. Trading activities generated a loss of $5 million, compared with income of $9 million in the second quarter of 2009.

Net cash provided by operating activities was $981 million compared with $616 million in the second quarter of 2009. Capital and exploratory expenditures were $963 million in the second quarter of 2010, of which $930 million related to Exploration and Production operations. Capital and exploratory expenditures for the second quarter of 2009 were $780 million, of which $765 million related to Exploration and Production operations.

At June 30, 2010, cash and cash equivalents totaled $1,363 million compared with $1,362 million at December 31, 2009. Total debt was $4,326 million at June 30, 2010 and $4,467 million at December 31, 2009. The Corporation’s debt to capitalization ratio at June 30, 2010 was 22.9 percent compared with 24.8 percent at the end of 2009.

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