EX-99.1 2 hes-ex991_201504296.htm EX-99.1

Exhibit 99.1

 

 

 

HESS CORPORATION

 

 

HESS REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2015

 

First Quarter Highlights:

Net loss was $389 million compared to net income of $386 million in the first quarter of 2014.

Adjusted net loss was $279 million or $0.98 per share compared to net income of $446 million or $1.38 per share in the prior year quarter; lower hydrocarbon prices reduced first quarter 2015 adjusted net income by approximately $700 million, after-tax.

Oil and gas production increased to 361,000 barrels of oil equivalent per day (boepd) compared to 318,000 boepd in the first quarter of 2014.

Oil and gas production in the Bakken increased to 108,000 boepd, up from 63,000 boepd in the year-ago quarter.  

Initial cost reduction efforts will reduce full year 2015 capital and exploratory spend by $300 million to $4.4 billion, and reduce cash operating costs by $250 million, or $2 per barrel.

Cash and cash equivalents were $1.5 billion at March 31, 2015; debt to capitalization ratio was 21.6 percent.

 

NEW YORK, April 29, 2015, — Hess Corporation (NYSE: HES) today reported an adjusted net loss, which excludes items affecting comparability, of $279 million or $0.98 per common share, for the first quarter of 2015 compared with adjusted net income of $446 million or $1.38 per share in the first quarter of 2014.  Lower realized selling prices reduced adjusted net income by approximately $700 million, after-tax compared with the prior-year quarter.  In addition, first quarter 2015 results benefitted from higher crude oil and natural gas liquids production but were offset primarily by higher depreciation, depletion, and amortization expense.  On an unadjusted basis, the Corporation reported a net loss of $389 million for the first quarter of 2015 and net income of $386 million in the prior-year quarter.

1

 


 

After-tax income (loss) by major operating activity was as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

(unaudited)

 

 

 

2015

 

 

2014

 

 

 

(In millions, except per share amounts)

 

Net Income (Loss) Attributable to Hess Corporation

 

 

 

 

 

 

 

 

Exploration and Production

 

$

(286

)

 

$

508

 

Corporate, Interest and Other

 

 

(90

)

 

 

(144

)

Net income (loss) from continuing operations

 

 

(376

)

 

 

364

 

Discontinued operations

 

 

(13

)

 

 

22

 

Net income (loss) attributable to Hess Corporation

 

$

(389

)

 

$

386

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share (diluted)

 

$

(1.37

)

 

$

1.20

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)

 

 

 

 

 

 

 

 

Exploration and Production

 

$

(193

)

 

$

514

 

Corporate, Interest and Other

 

 

(86

)

 

 

(84

)

Adjusted net income (loss) from continuing operations

 

 

(279

)

 

 

430

 

Discontinued operations

 

 

 

 

 

16

 

Adjusted net income (loss) attributable to Hess Corporation

 

$

(279

)

 

$

446

 

 

 

 

 

 

 

 

 

 

Adjusted net income (loss) per share (diluted)

 

$

(0.98

)

 

$

1.38

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares (diluted)

 

283.5

 

 

 

322.6

 

“We delivered strong operating results for the quarter and captured significant cost savings for the year, with additional reductions being pursued,” Chief Executive Officer John Hess said. “With our robust balance sheet, resilient portfolio and top quartile operating capabilities, we are well positioned for both the current price environment as well as for a future recovery in oil prices."

Exploration and Production:

Exploration and Production losses were $286 million in the first quarter of 2015, compared with net income of $508 million in the first quarter of 2014.  Adjusted net loss was $193 million in the first quarter of 2015 compared with adjusted net income of $514 million in the first quarter of 2014.

During the quarter, the Corporation hedged 50,000 barrels of crude oil production for the remainder of 2015 by entering into Brent crude collars with a floor price of $60 per barrel and a ceiling price of $80 per barrel.  The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was down 55 percent to $44.78 per barrel in the first quarter of 2015 from

2

 


$99.17 per barrel in the first quarter of last year.  The average worldwide natural gas liquids selling price was $14.91 per barrel, down from $44.28 per barrel in the year-ago quarter while the average worldwide natural gas selling price was $4.74 per mcf in the first quarter of 2015 compared with $7.03 per mcf in the first quarter a year-ago.

Oil and gas production was 361,000 boepd, up 14 percent from 318,000 boepd in the first quarter of 2014.  Assets contributing to the volume growth were primarily the Bakken shale play (45,000 boepd), our Utica wet gas acreage (15,000 boepd), Denmark (4,000 boepd) and the Joint Development Area of Malaysia/Thailand (3,000 boepd).  Assets sales reduced production by 23,000 boepd and Norway production was 7,000 boepd lower.

Operational Highlights for the First Quarter of 2015:

Bakken (Onshore U.S.):  Net production from the Bakken increased approximately 70 percent to 108,000 boepd from the prior year quarter due to continued drilling activities and constrained production in the first quarter of 2014 resulting from the shut-in of the Tioga gas plant to complete the expansion project.  The Corporation brought 70 gross operated wells on production in the first quarter of 2015. Drilling and completion costs per operated well averaged $6.8 million in the first quarter of 2015, down from $7.5 million in the year-ago quarter.  During the first quarter, the Corporation operated an average of 12 rigs, compared with 17 rigs at year-end 2014. As of April, the Corporation is operating 8 rigs and plans to continue at that level for the remainder of 2015.  

Utica (Onshore U.S.):  On the Corporation’s joint venture acreage, 5 wells were drilled and net production averaged 17,000 boepd in the first quarter of 2015 compared with 2,000 boepd in the prior-year quarter.

Gulf of Mexico (Offshore U.S.):  First quarter net production from Tubular Bells was 18,000 boepd and is forecast to be in the range of 30,000 boepd to 35,000 boepd for 2015 with the continued ramp up of existing wells and a fourth production well scheduled to be brought online in the second quarter.  Overall production from the Gulf of Mexico was comparable to the prior-year quarter as volumes from Tubular Bells were offset by lower production from the Conger and Llano Fields as a result of planned maintenance activities.  At the Corporation’s non-operated Sicily prospect, exploration drilling commenced in January with drilling operations expected to be completed in the second quarter of 2015.

3

 


Valhall (Offshore) Norway:  Net production averaged 30,000 boepd during the first quarter of 2015 which included a maintenance shut down, compared with 37,000 boepd in the year-ago quarter.  The Corporation anticipates production for 2015 to be in the range of 30,000 boepd to 35,000 boepd.

Kurdistan (Onshore):  In the first quarter, the Corporation suspended drilling at the Shireen 1 exploration well due to mechanical issues.  Based on well results to date and given the current low oil price environment, the Corporation and its partner agreed to relinquish the Dinarta Block and exit the region.

Guyana (Offshore):  The operator commenced drilling of the Liza-1 well and anticipates the well will reach target depth by the end of the second quarter of 2015.

Libya: Production was shut in for the first quarter of 2015 due to ongoing civil unrest in the country.

Capital and Exploratory Expenditures:

Capital and exploratory expenditures were $1.3 billion in the first quarter of 2015.  The first quarter 2015 capital spend reflects an average of 12 rigs in the Bakken and increased exploratory drilling expenditures in the Gulf of Mexico, Guyana and Kurdistan.

Cost Savings Initiatives:

In the first quarter, the Corporation aggressively reviewed its cost structure to reduce spending and met with suppliers to adjust service rates to better reflect the current commodity price environment.  As a result of the Corporation’s efforts to date, we are lowering full year 2015 guidance for capital and exploratory expenditures by $300 million to $4.4 billion.  In addition, the Corporation forecasts its full year 2015 cash costs will be lower by approximately $250 million, or $2.00 per barrel.  The Corporation will continue to pursue additional savings in 2015 and beyond to improve its financial flexibility.

Liquidity:

Net cash provided by operating activities was $362 million in the first quarter of 2015, compared with $1,158 million in the first quarter of 2014.  At March 31, 2015, cash and cash equivalents totaled $1,506 million, compared with $2,444 million at December 31, 2014.  Total debt was $5,980 million at March 31, 2015 compared with $5,987 million at December 31, 2014.  The Corporation’s debt to

4

 


capitalization ratio at March 31, 2015 was 21.6 percent, compared with 21.2 percent at December 31, 2014.

Discontinued Operations:

Results from discontinued operations were losses of $13 million in the first quarter of 2015 compared with income of $57 million in the first quarter of 2014.  The Corporation completed the sale of its energy trading partnership (HETCO) in the first quarter of 2015. Financial results for the first quarter of 2014 have been recast to report HETCO and the formerly owned retail marketing business as discontinued operations in the consolidated income statement on page 7.

Items Affecting Comparability of Earnings Between Periods:

The following table reflects the total after‑tax income (expense) of items affecting comparability of earnings between periods:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

(unaudited)

 

 

 

2015

 

 

2014

 

 

 

(In millions)

 

Exploration and Production

 

$

(93

)

 

$

(6

)

Corporate, Interest and Other

 

 

(4

)

 

 

(60

)

Discontinued operations

 

 

(13

)

 

 

6

 

Total items affecting comparability of earnings between periods

 

$

(110

)

 

$

(60

)

First quarter 2015 results include an after-tax charge of $67 million ($159 million pre-tax) to write-off a previously capitalized exploration well and associated leasehold costs related to the Dinarta Block in the Kurdistan Region of Iraq following the decision by the Corporation and its partner to cease further drilling activity and to exit operations in the region.  In addition, the Corporation recorded after-tax charges totaling $26 million ($37 million pre-tax) to expense surplus drilling materials due to changes in the capital program, and to write-off its exploration project in Brunei.

5

 


Reconciliation of U.S. GAAP to Non-GAAP measures:

The following table reconciles reported net income (loss) attributable to Hess Corporation and adjusted net income (loss):

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

(unaudited)

 

 

 

2015

 

 

2014

 

 

 

(In millions)

 

Net income (loss) attributable to Hess Corporation

 

$

(389

)

 

$

386

 

Less: Total items affecting comparability of earnings

   between periods

 

 

(110

)

 

 

(60

)

Adjusted net income (loss) attributable to Hess Corporation

 

$

(279

)

 

$

446

 

Hess Corporation will review first 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.

Non-GAAP financial measure

The Corporation has used a non-GAAP financial measure in this earnings release. “Adjusted net income (loss)” presented in this release is defined as reported net income (loss) 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 (loss). A reconciliation of reported net income (loss) attributable to Hess Corporation (U.S. GAAP) to adjusted net income (loss) is provided in the release.  

For Hess Corporation

 

Investor Contact:

Jay Wilson

(212) 536-8940

 

 

Media Contact:

Michael Henson/Patrick Scanlan

Sard Verbinnen & Co

(212) 687-8080

 


6

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 

 

 

First

 

 

First

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

2015

 

 

2014

 

 

2014

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and Non-operating Income

 

 

 

 

 

 

 

 

 

 

 

 

Sales and other operating revenues

 

$

1,538

 

 

$

2,673

 

 

$

2,557

 

Other, net

 

 

12

 

 

 

(81

)

 

 

(29

)

Total revenues and non-operating income

 

 

1,550

 

 

 

2,592

 

 

 

2,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding items shown separately below)

 

 

306

 

 

 

393

 

 

 

542

 

Operating costs and expenses

 

 

478

 

 

 

466

 

 

 

452

 

Production and severance taxes

 

 

36

 

 

 

62

 

 

 

66

 

Exploration expenses, including dry holes and lease impairment

 

 

269

 

 

 

119

 

 

 

171

 

General and administrative expenses

 

 

147

 

 

 

142

 

 

 

164

 

Interest expense

 

 

85

 

 

 

81

 

 

 

82

 

Depreciation, depletion and amortization

 

 

956

 

 

 

726

 

 

 

875

 

Total costs and expenses

 

 

2,277

 

 

 

1,989

 

 

 

2,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

(727

)

 

 

603

 

 

 

176

 

Provision (benefit) for income taxes

 

 

(351

)

 

 

239

 

 

 

181

 

Income (loss) from continuing operations

 

 

(376

)

 

 

364

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, net of income taxes

 

 

(13

)

 

 

57

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

(389

)

 

 

421

 

 

 

(7

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

35

 

 

 

1

 

Net income (loss) attributable to Hess Corporation

 

$

(389

)

 

$

386

 

 

$

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

See "Discontinued Operations" on page 6 for basis of presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (*)

 

$

362

 

 

$

1,158

 

 

$

1,057

 

Net cash provided by (used in) investing activities

 

 

(1,152

)

 

 

(262

)

 

 

(1,538

)

Net cash provided by (used in) financing activities

 

 

(148

)

 

 

(1,422

)

 

 

(1,195

)

Net increase (decrease) in cash and cash equivalents

 

$

(938

)

 

$

(526

)

 

$

(1,676

)

 

(*)

Includes changes in working capital.


7

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Balance Sheet Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,506

 

 

$

2,444

 

Other current assets

 

 

2,817

 

 

 

4,243

 

Property, plant and equipment – net

 

 

27,208

 

 

 

27,517

 

Other long-term assets

 

 

4,570

 

 

 

4,374

 

Total assets

 

$

36,101

 

 

$

38,578

 

 

 

 

 

 

 

 

 

 

Short-term debt and current maturities of long-term debt

 

$

69

 

 

$

68

 

Other current liabilities

 

 

3,398

 

 

 

4,783

 

Long-term debt

 

 

5,911

 

 

 

5,919

 

Other long-term liabilities

 

 

5,056

 

 

 

5,488

 

Total equity excluding other comprehensive income (loss)

 

 

23,171

 

 

 

23,730

 

Accumulated other comprehensive income (loss)

 

 

(1,504

)

 

 

(1,410

)

Total liabilities and equity

 

$

36,101

 

 

$

38,578

 

 

 

 

 

 

 

First

 

 

First

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

2015

 

 

2014

 

 

2014

 

Capital and Exploratory Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exploration and Production

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Bakken

 

$

471

 

 

$

451

 

 

$

691

 

Other Onshore

 

 

83

 

 

 

171

 

 

 

186

 

Total Onshore

 

 

554

 

 

 

622

 

 

 

877

 

Offshore

 

 

279

 

 

 

162

 

 

 

241

 

Total United States

 

 

833

 

 

 

784

 

 

 

1,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

115

 

 

 

145

 

 

 

122

 

Africa

 

 

88

 

 

 

100

 

 

 

91

 

Asia and other

 

 

248

 

 

 

195

 

 

 

378

 

Total Capital and Exploratory Expenditures

 

$

1,284

 

 

$

1,224

 

 

$

1,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total exploration expenses charged to income included above

 

$

47

 

 

$

78

 

 

$

144

 

 

 

 

 

 

 

 

 


 

8

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 

 

 

 

First Quarter 2015

 

 

 

United States

 

 

International

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and other operating revenues

 

$

937

 

 

$

601

 

 

$

1,538

 

Other, net

 

 

(7

)

 

 

18

 

 

 

11

 

Total revenues and non-operating income

 

 

930

 

 

 

619

 

 

 

1,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding items shown separately below)

 

 

344

 

 

 

(38

)

 

 

306

 

Operating costs and expenses

 

 

248

 

 

 

230

 

 

 

478

 

Production and severance taxes

 

 

34

 

 

 

2

 

 

 

36

 

Exploration expenses, including dry holes and lease impairment

 

 

36

 

 

 

233

 

 

 

269

 

General and administrative expenses

 

 

78

 

 

 

10

 

 

 

88

 

Depreciation, depletion and amortization

 

 

549

 

 

 

404

 

 

 

953

 

Total costs and expenses

 

 

1,289

 

 

 

841

 

 

 

2,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of operations before income taxes

 

 

(359

)

 

 

(222

)

 

 

(581

)

Provision (benefit) for income taxes

 

 

(126

)

 

 

(169

)

 

 

(295

)

Net income (loss) attributable to Hess Corporation

 

$

(233

)

 

$

(53

)

(a)

$

(286

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2014

 

 

 

United States

 

 

International

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and other operating revenues

 

$

1,545

 

 

$

1,128

 

 

$

2,673

 

Other, net

 

 

(2

)

 

 

6

 

 

 

4

 

Total revenues and non-operating income

 

 

1,543

 

 

 

1,134

 

 

 

2,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding items shown separately below)

 

 

414

 

 

 

(21

)

 

 

393

 

Operating costs and expenses

 

 

209

 

 

 

257

 

 

 

466

 

Production and severance taxes

 

 

58

 

 

 

4

 

 

 

62

 

Exploration expenses, including dry holes and lease impairment

 

 

47

 

 

 

72

 

 

 

119

 

General and administrative expenses

 

 

58

 

 

 

22

 

 

 

80

 

Depreciation, depletion and amortization

 

 

360

 

 

 

361

 

 

 

721

 

Total costs and expenses

 

 

1,146

 

 

 

695

 

 

 

1,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of operations before income taxes

 

 

397

 

 

 

439

 

 

 

836

 

Provision for income taxes

 

 

157

 

 

 

171

 

 

 

328

 

Net income attributable to Hess Corporation

 

$

240

 

 

$

268

 

(a)

$

508

 

(a)

The after‑tax realized gains from crude oil hedging activities amounted to $1 million in the first quarter of 2015 and $2 million in the first quarter of 2014.  Unrealized changes in crude oil hedging activities, which are included in Other operating revenues, amounted to gains of $10  million after-tax in the first quarter of 2015 and gains of $3 million after-tax in the first quarter of  2014.


9

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 

 

 

Fourth Quarter 2014

 

 

 

United States

 

 

International

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and other operating revenues

 

$

1,443

 

 

$

1,114

 

 

$

2,557

 

Other, net

 

 

 

 

 

(29

)

 

 

(29

)

Total revenues and non-operating income

 

 

1,443

 

 

 

1,085

 

 

 

2,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding items shown separately below)

 

 

484

 

 

 

58

 

 

 

542

 

Operating costs and expenses

 

 

205

 

 

 

247

 

 

 

452

 

Production and severance taxes

 

 

53

 

 

 

13

 

 

 

66

 

Exploration expenses, including dry holes and lease impairment

 

 

70

 

 

 

101

 

 

 

171

 

General and administrative expenses

 

 

87

 

 

 

5

 

 

 

92

 

Depreciation, depletion and amortization

 

 

484

 

 

 

389

 

 

 

873

 

Total costs and expenses

 

 

1,383

 

 

 

813

 

 

 

2,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of operations before income taxes

 

 

60

 

 

 

272

 

 

 

332

 

Provision for income taxes

 

 

41

 

 

 

199

 

 

 

240

 

Net income attributable to Hess Corporation

 

$

19

 

(a)

$

73

 

(b)

$

92

 

(a)

The after‑tax realized gains from crude oil hedging activities amounted to $31 million in the fourth quarter of 2014.  Unrealized changes in crude oil hedging activities, which are included in Other operating revenues, amounted to losses of $3 million after-tax.

(b)

The after‑tax realized gains from crude oil hedging activities amounted to $75 million in the fourth quarter of 2014.  Unrealized changes in crude oil hedging activities, which are included in Other operating revenues, amounted to losses of $4 million after-tax.


10

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 

 

 

 

First

 

 

First

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

2015

 

 

2014

 

 

2014

 

Operating Data

 

 

 

 

 

 

 

 

 

 

 

 

Net Production Per Day (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil - barrels

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Bakken

 

 

79

 

 

 

58

 

 

 

78

 

Other Onshore

 

 

11

 

 

 

9

 

 

 

10

 

Total Onshore

 

 

90

 

 

 

67

 

 

 

88

 

Offshore

 

 

50

 

 

 

51

 

 

 

48

 

Total United States

 

 

140

 

 

 

118

 

 

 

136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

36

 

 

 

39

 

 

 

40

 

Africa

 

 

52

 

 

 

48

 

 

 

63

 

Asia

 

 

2

 

 

 

5

 

 

 

2

 

Total

 

 

230

 

 

 

210

 

 

 

241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas liquids - barrels

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Bakken

 

 

19

 

 

 

2

 

 

 

16

 

Other Onshore

 

 

9

 

 

 

2

 

 

 

9

 

Total Onshore

 

 

28

 

 

 

4

 

 

 

25

 

Offshore

 

 

6

 

 

 

7

 

 

 

6

 

Total United States

 

 

34

 

 

 

11

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

1

 

 

 

2

 

 

 

1

 

Total

 

 

35

 

 

 

13

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas - mcf

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Bakken

 

 

58

 

 

 

15

 

 

 

50

 

Other Onshore

 

 

79

 

 

 

26

 

 

 

60

 

Total Onshore

 

 

137

 

 

 

41

 

 

 

110

 

Offshore

 

 

65

 

 

 

78

 

 

 

74

 

Total United States

 

 

202

 

 

 

119

 

 

 

184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

36

 

 

 

37

 

 

 

43

 

Asia and other

 

 

336

 

 

 

415

 

 

 

304

 

Total

 

 

574

 

 

 

571

 

 

 

531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Barrels of oil equivalent

 

 

361

 

 

 

318

 

 

 

362

 


11

 


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 

 

 

 

First

 

 

First

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

2015

 

 

2014

 

 

2014

 

Sales Volumes Per Day (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil - barrels

 

 

219

 

 

 

197

 

 

 

252

 

Natural gas liquids - barrels

 

 

35

 

 

 

12

 

 

 

32

 

Natural gas - mcf

 

 

574

 

 

 

571

 

 

 

531

 

Barrels of oil equivalent

 

 

349

 

 

 

305

 

 

 

373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Volumes (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil - barrels

 

 

19,708

 

 

 

17,750

 

 

 

23,207

 

Natural gas liquids - barrels

 

 

3,119

 

 

 

1,122

 

 

 

2,957

 

Natural gas - mcf

 

 

51,641

 

 

 

51,357

 

 

 

48,851

 

Barrels of oil equivalent

 

 

31,434

 

 

 

27,432