Amerada Hess Reports First Quarter Results

Apr 25, 2001, 01:00 ET from Amerada Hess Corporation

    NEW YORK, April 25 /PRNewswire Interactive News Release/ -- Amerada Hess
 Corporation (NYSE:   AHC) reported net income of $337 million for the first
 quarter of 2001 compared with income of $224 million for the first quarter of
 2000.
     The after-tax results by major operating activity for the first quarters
 of 2001 and 2000 were as follows (in millions, except per share amounts):
 
                                                        Three months ended
                                                        March 31 (unaudited)
 
                                                          2001         2000
 
     Exploration and production                          $275           $218
     Refining, marketing and shipping                     105             48
     Corporate                                            (13)           (12)
     Interest expense                                     (30)           (30)
 
     Net income                                          $337           $224
 
     Net income per share (diluted)                     $3.79          $2.47
 
     The Corporation's average worldwide crude oil selling price in the first
 quarter of 2001 was approximately $25.30 per barrel, slightly higher than in
 the first quarter of 2000.  The average worldwide natural gas price increased
 to $3.93 per Mcf in the first quarter of 2001 from $2.20 per Mcf in the first
 quarter of 2000, due largely to an average United States natural gas price of
 $5.45 per Mcf in the current quarter. The Corporation's oil and gas
 production, on a barrel-of-oil equivalent basis, was 405,000 barrels per day
 in the first quarter of 2001, an increase of 7% over the first quarter of
 2000.
     The increased refining, marketing and shipping results in the first
 quarter of 2001 reflect improved refining margins at Port Reading and HOVENSA,
 partially offset by the effects of the six week shutdown for scheduled
 maintenance of HOVENSA's fluid catalytic cracking unit.  Earnings from trading
 activities were also higher in the 2001 quarter.
     Capital expenditures in the first quarter of 2001 amounted to $331 million
 of which $318 million related to exploration and production activities. These
 expenditures include the purchase of natural gas reserves in the Gulf of
 Mexico for $98 million.  Capital expenditures in the first quarter of 2000
 amounted to $162 million including $127 million for exploration and
 production.
 
                 Consolidated Financial Information (unaudited)
 
                                           Three months ended March 31
                                                 2001           2000
                                       (In millions, except per share amounts)
 
     Sales and other operating revenues         $4,182         $2,831
 
     Net income                                   $337           $224
 
     Net income per share (diluted)             $ 3.79         $ 2.47
 
     Weighted average number of shares            88.9           90.5
 
               AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
                                       First          First          Fourth
                                      Quarter        Quarter         Quarter
                                        2001           2000            2000
                                        (A)             (B)             (C)
 
     Income Statement
     Revenues
     Sales and other
      operating revenues             $ 4,182         $ 2,831       $ 3,685
     Non-operating income
     Equity in income
      of HOVENSA L.L.C.                   14              11            46
     Other                                33              28            75
 
     Total revenues                    4,229           2,870         3,806
 
     Costs and Expenses
     Cost of products sold             2,933           1,875         2,523
     Production expenses                 153             133           156
     Marketing expenses                  153             106           157
     Exploration expenses,
      including dry holes
      and lease impairment                84              62            72
     Other operating expenses             56              57            66
     General and administrative
      expenses                            65              51            72
     Interest expense                     40              38            43
     Depreciation, depletion
      and amortization                   181             174           198
 
     Total costs and expenses          3,665           2,496         3,287
 
     Income before income taxes          564             374           519
     Provision for income taxes          227             150           179
 
     Net income                         $337            $224          $340
 
     Segment Analysis
     Exploration and production         $275            $218          $234
     Refining, marketing
      and shipping                       105              48           114
     Corporate                           (13)            (12)          (11)
     Interest expense                    (30)            (30)          (33)
 
     Operating earnings                  337             224           304
 
     Special items                        --              --            36
 
     Net income                         $337            $224          $340
 
     Cash Flow From Operations (*)      $590            $454          $526
 
     Capital Expenditures
     Exploration and production         $318            $127          $292
     Refining, marketing and shipping     13              35            35
     Total capital expenditures         $331            $162          $327
 
     At End of Period
     Total debt                      $ 2,042         $ 2,041       $ 2,050
 
     Stockholders' equity            $ 4,286         $ 3,250       $ 3,883
 
     (*)  Net income adjusted for depreciation and amortization, exploratory
          dry holes,deferred income taxes, undistributed earnings of affiliates
          and gains on asset sales.
 
 
               AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
                            SUPPLEMENTAL OPERATING DATA
                 (IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
 
                                        First           First         Fourth
                                       Quarter         Quarter        Quarter
                                        2001             2000          2000
                                         (A)              (B)           (C)
 
     Operating Data
     Net Production Per Day
     Crude oil - barrels
     United States                        57              52            54
     United Kingdom                      120             112           128
     Norway                               25              23            27
     Denmark                              23              30            25
     Gabon                                 7               9             6
     Indonesia                             5               3             5
     Azerbaijan                            4               3             4
     Algeria                              14              --             8
 
     Total                               255             232           257
 
     Natural gas liquids - barrels
     United States                        11              14            10
     United Kingdom                        8               6             6
     Norway                                1               2             1
     Thailand                              1               1             1
 
     Total                                21              23            18
 
     Natural gas - mcf
     United States                       322             294           277
     United Kingdom                      344             345           306
     Norway                               25              26            26
     Denmark                              49              35            45
     Indonesia and Thailand               31              36            33
 
     Total                               771             736           687
 
     Barrels of oil equivalent           405             378           390
 
 
     Average Selling Price
     Crude oil - per barrel
     United States                    $24.23          $22.58        $24.35
     Foreign                           25.62           25.65         24.99
 
     Natural gas liquids - per barrel
     United States                    $26.76          $20.87        $26.38
     Foreign                           22.32           22.61         26.43
 
     Natural gas - per mcf
     United States                     $5.45           $2.40         $5.27
     Foreign                            2.95            2.08          2.44
 
     Marketing and Refining -
     Barrels Per Day
 
     Refined products sold               464             402           396
 
     Refinery runs (net)                 206             200           217
 
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SOURCE Amerada Hess Corporation
    NEW YORK, April 25 /PRNewswire Interactive News Release/ -- Amerada Hess
 Corporation (NYSE:   AHC) reported net income of $337 million for the first
 quarter of 2001 compared with income of $224 million for the first quarter of
 2000.
     The after-tax results by major operating activity for the first quarters
 of 2001 and 2000 were as follows (in millions, except per share amounts):
 
                                                        Three months ended
                                                        March 31 (unaudited)
 
                                                          2001         2000
 
     Exploration and production                          $275           $218
     Refining, marketing and shipping                     105             48
     Corporate                                            (13)           (12)
     Interest expense                                     (30)           (30)
 
     Net income                                          $337           $224
 
     Net income per share (diluted)                     $3.79          $2.47
 
     The Corporation's average worldwide crude oil selling price in the first
 quarter of 2001 was approximately $25.30 per barrel, slightly higher than in
 the first quarter of 2000.  The average worldwide natural gas price increased
 to $3.93 per Mcf in the first quarter of 2001 from $2.20 per Mcf in the first
 quarter of 2000, due largely to an average United States natural gas price of
 $5.45 per Mcf in the current quarter. The Corporation's oil and gas
 production, on a barrel-of-oil equivalent basis, was 405,000 barrels per day
 in the first quarter of 2001, an increase of 7% over the first quarter of
 2000.
     The increased refining, marketing and shipping results in the first
 quarter of 2001 reflect improved refining margins at Port Reading and HOVENSA,
 partially offset by the effects of the six week shutdown for scheduled
 maintenance of HOVENSA's fluid catalytic cracking unit.  Earnings from trading
 activities were also higher in the 2001 quarter.
     Capital expenditures in the first quarter of 2001 amounted to $331 million
 of which $318 million related to exploration and production activities. These
 expenditures include the purchase of natural gas reserves in the Gulf of
 Mexico for $98 million.  Capital expenditures in the first quarter of 2000
 amounted to $162 million including $127 million for exploration and
 production.
 
                 Consolidated Financial Information (unaudited)
 
                                           Three months ended March 31
                                                 2001           2000
                                       (In millions, except per share amounts)
 
     Sales and other operating revenues         $4,182         $2,831
 
     Net income                                   $337           $224
 
     Net income per share (diluted)             $ 3.79         $ 2.47
 
     Weighted average number of shares            88.9           90.5
 
               AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
                                       First          First          Fourth
                                      Quarter        Quarter         Quarter
                                        2001           2000            2000
                                        (A)             (B)             (C)
 
     Income Statement
     Revenues
     Sales and other
      operating revenues             $ 4,182         $ 2,831       $ 3,685
     Non-operating income
     Equity in income
      of HOVENSA L.L.C.                   14              11            46
     Other                                33              28            75
 
     Total revenues                    4,229           2,870         3,806
 
     Costs and Expenses
     Cost of products sold             2,933           1,875         2,523
     Production expenses                 153             133           156
     Marketing expenses                  153             106           157
     Exploration expenses,
      including dry holes
      and lease impairment                84              62            72
     Other operating expenses             56              57            66
     General and administrative
      expenses                            65              51            72
     Interest expense                     40              38            43
     Depreciation, depletion
      and amortization                   181             174           198
 
     Total costs and expenses          3,665           2,496         3,287
 
     Income before income taxes          564             374           519
     Provision for income taxes          227             150           179
 
     Net income                         $337            $224          $340
 
     Segment Analysis
     Exploration and production         $275            $218          $234
     Refining, marketing
      and shipping                       105              48           114
     Corporate                           (13)            (12)          (11)
     Interest expense                    (30)            (30)          (33)
 
     Operating earnings                  337             224           304
 
     Special items                        --              --            36
 
     Net income                         $337            $224          $340
 
     Cash Flow From Operations (*)      $590            $454          $526
 
     Capital Expenditures
     Exploration and production         $318            $127          $292
     Refining, marketing and shipping     13              35            35
     Total capital expenditures         $331            $162          $327
 
     At End of Period
     Total debt                      $ 2,042         $ 2,041       $ 2,050
 
     Stockholders' equity            $ 4,286         $ 3,250       $ 3,883
 
     (*)  Net income adjusted for depreciation and amortization, exploratory
          dry holes,deferred income taxes, undistributed earnings of affiliates
          and gains on asset sales.
 
 
               AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
                            SUPPLEMENTAL OPERATING DATA
                 (IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
 
                                        First           First         Fourth
                                       Quarter         Quarter        Quarter
                                        2001             2000          2000
                                         (A)              (B)           (C)
 
     Operating Data
     Net Production Per Day
     Crude oil - barrels
     United States                        57              52            54
     United Kingdom                      120             112           128
     Norway                               25              23            27
     Denmark                              23              30            25
     Gabon                                 7               9             6
     Indonesia                             5               3             5
     Azerbaijan                            4               3             4
     Algeria                              14              --             8
 
     Total                               255             232           257
 
     Natural gas liquids - barrels
     United States                        11              14            10
     United Kingdom                        8               6             6
     Norway                                1               2             1
     Thailand                              1               1             1
 
     Total                                21              23            18
 
     Natural gas - mcf
     United States                       322             294           277
     United Kingdom                      344             345           306
     Norway                               25              26            26
     Denmark                              49              35            45
     Indonesia and Thailand               31              36            33
 
     Total                               771             736           687
 
     Barrels of oil equivalent           405             378           390
 
 
     Average Selling Price
     Crude oil - per barrel
     United States                    $24.23          $22.58        $24.35
     Foreign                           25.62           25.65         24.99
 
     Natural gas liquids - per barrel
     United States                    $26.76          $20.87        $26.38
     Foreign                           22.32           22.61         26.43
 
     Natural gas - per mcf
     United States                     $5.45           $2.40         $5.27
     Foreign                            2.95            2.08          2.44
 
     Marketing and Refining -
     Barrels Per Day
 
     Refined products sold               464             402           396
 
     Refinery runs (net)                 206             200           217
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X49839670
 
 SOURCE  Amerada Hess Corporation