Hess Reports Estimated Q3 Results

Hess Corp. reported net income of $298 million for the third quarter of 2011 compared with $1,154 million for the third quarter of 2010. 

 Key takeaways include:

• Net income excluding items affecting comparability between periods was $379 million, compared with $429 million in the third quarter of 2010.

• Net cash provided by operating activities was $1,022 million, down from $1,246 million in the third quarter of 2010.

• Oil and gas production was 344,000 barrels of oil equivalent per day, compared with 413,000 in the third quarter of 2010.

• Capital and exploratory expenditures were $2,550 million, including $902 million for acquisitions, up from $1,567 million in the third quarter of 2010.

Marketing and Refining generated a loss of $23 million in the third quarter of 2011 compared with a loss of $38 million in the same period in 2010. Refining operations incurred a loss of $38 million in the third quarter of 2011 compared with a loss of $50 million in the year ago quarter. Marketing earnings of $41 million were comparable to the earnings for the third quarter of 2010. Trading activities generated a loss of $26 million in the third quarter of 2011 and a loss of $28 million in the third quarter of last year.

 

 

 

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