Amerada Hess Reports Fourth Quarter Results.

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01/25/2001

New York, New York....January 25, 2001...Amerada Hess Corporation reported net income of $340 million for the fourth quarter of 2000 compared with income of $131 million for the fourth quarter of 1999. For the full year, net income was $1,023 million compared with income of $438 million in 1999.

The after-tax results by major operating activity in 2000 and 1999 were as follows (in millions, except per share amounts):

	Three Months Ended December 31		Year Ended December 31
	2000*	1999*	2000*	1999
Exploration and production	$234	$174	$868	$324
Refining, marketing and shipping	114	39	288	133
Corporate	(11)	(5)	(43)	(31)
Interest expense	(33)	(32)	(126)	(119)
Operating earnings	304	176	987	307
Special items	36	(45)	36	131
Net income	$340	$131	$1,023	$438
Net income per share (diluted)	$3.83	$1.45	$11.38	$4.85
* - Unaudited

The Corporation's average worldwide crude oil selling price in the fourth quarter of 2000 was approximately $24.80 per barrel, an increase of $1.60 per barrel from the fourth quarter of 1999. The average crude oil selling price for the full year of 2000 was approximately $25.00 per barrel, an increase of $7.40 per barrel over 1999. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 390,000 barrels per day in the fourth quarter of 2000 and 1999. Full year 2000 production averaged 374,000 barrels per day, an increase of 10% over 1999.

Refining, marketing and shipping results increased in the fourth quarter and year 2000 compared with the corresponding periods of 1999, principally reflecting improved refining margins.

After-tax special items in 2000 and 1999 are summarized below (in millions):

	Three Months Ended December 31		Year Ended December 31
	2000	1999	2000	1999
Net gain on termination of acquisition	$60	$- -	$60	$- -
Costs associated with a research and development venture	(24)	- -	(24)	- -
Gains on asset sales	- -	- -	- -	176
Income tax benefits	- -	54	- -	54
Impairment of assets and operating leases	- -	(99)	- -	(99)
Total special items	$36	$(45)	$36	$131

In the fourth quarter of 2000, the Corporation recorded a gain in connection with the termination of its proposed acquisition of another company. The income reflects transaction related foreign currency gains and a termination payment from the other company, partially offset by transaction costs. The Corporation expensed costs associated with an alternative fuel research and development venture in the fourth quarter of 2000.

Sales and other operating revenues in the fourth quarter of 2000 amounted to $3,685 million compared with $2,269 million in the fourth quarter of 1999. Sales and other operating revenues were $11,993 million for the year 2000 compared with $7,039 million in 1999. The increase reflects significantly higher crude oil, natural gas and refined product selling prices.

Capital expenditures for the year 2000 were $938 million compared with $797 million in 1999. Exploration and production expenditures were $783 million in 2000 and $727 million in 1999.

Consolidated Financial Information

	Three Months Ended December 31		Year Ended December 31
	2000*	1999*	2000*	1999
Sales and other operating revenues	$3,685	$2,269	$11,993	$7,039
Operating earnings	$304	$176	$987	$307
Special items	36	(45)	36	131
Net income	$340	$131	$1,023	$438
Net income per share (diluted)	$3.83	$1.45	$11.38	$4.85
Weighted average number of shares	88.8	90.7	89.9	90.3
* - Unaudited

Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)

Line	INCOME STATEMENT					Fourth Quarter 2000 (A)		Fourth Quarter 1999 (B)	Third Quarter 2000 (C)
No.	REVENUES
1		Sales and other operating revenues				$3,685		$2,269	$2,833
		Non-operating income
2			Gains on asset sales			- -		- -	- -
3			Equity in income (loss) of HOVENSA L.L.C.			46		(17)	24
4			Other			75		46	30
5				Total revenues		3,806		2,298	2,887

	COSTS AND EXPENSES
6		Cost of products sold				2,523		1,305	1,768
7		Production expenses				156		160	139
8		Marketing expenses				157		100	157
9		Other operating expenses				66		48	60
10		Exploration expenses, including dry holes and lease impairment				72		75	65
11		General and administrative expenses				72		47	50
12		Interest expense				43		42	42
13		Depreciation, depletion and amortization				198		215	176
14		Impairment of assets and operating leases				- -		128	- -
15				Total costs and expenses		3,287		2,120	2,457

16		Income before income taxes				519		178	430
17		Provision for income taxes				179		47	173
18	NET INCOME		$340		$131		$257

	SEGMENT ANALYSIS
19		Exploration and production				$234		$174	$238
20		Refining, marketing and shipping				114		39	62
21		Corporate				(11)		(5)	(10)
22		Interest expense				(33)		(32)	(33)
23				Operating earnings		304		176	257
24		Special items				36		(45)	- -
25				Net Income		$340		$131	$257

26	*CASH FLOW FROM OPERATIONS ()**					$534		$553	$530

	CAPITAL EXPENDITURES
27		Exploration and production				$292		$167	$170
28		Refining, marketing and shipping				35		13	35
29				Total capital expenditures		$327		$180	$205

	AT END OF PERIOD
30		Total debt				$2,050		$2,310	$1,999

31		Stockholders' equity				$3,883		$3,038	$3,543

	(*) 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 Financial Data
(unaudited - in millions)

					Year
Line	INCOME STATEMENT				2000 (A)	1999 (B)
No.	REVENUES
1		Sales and other operating revenues			$11,993	$7,039
		Non-operating income
2			Gains on asset sales		- -	273
3			Equity in income of HOVENSA L.L.C.		121	7
4			Other		163	142
5				Total revenues	12,277	7,461

	COSTS AND EXPENSES
6		Cost of products sold			7,883	4,240
7		Production expenses			557	487
8		Marketing expenses			542	387
9		Other operating expenses			234	217
10		Exploration expenses, including dry holes and lease impairment			289	261
11		General and administrative expenses			224	232
12		Interest expense			162	158
13		Depreciation, depletion and amortization			714	649
14		Impairment of assets and operating leases			- -	128
15				Total costs and expenses	10,605	6,759

16		Income before income taxes			1,672	702
17		Provision for income taxes			649	264
18	NET INCOME				$1,023	$438

19	*CASH FLOW FROM OPERATIONS ()**				$1,956	$1,116

	CAPITAL EXPENDITURES
20		Exploration and production			$783	$727
21		Refining, marketing and shipping			155	70
22				Total capital expenditures	$938	$797

	(*) 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)

Line	OPERATING DATA				Fourth Quarter 2000 (A)	Fourth Quarter 1999 (B)	Third Quarter 2000 (C)
No.	NET PRODUCTION PER DAY
		Crude oil - barrels
1			United States		54	61	56
2			United Kingdom		128	124	123
3			Norway		27	25	23
4			Denmark		25	23	26
5			Gabon		6	9	7
6			Indonesia		5	4	5
7			Azerbaijan		4	2	3
8			Algeria		8	- -	- -
9				Total	257	248	243

		Natural gas liquids- barrels
10			United States		10	12	13
11			United Kingdom		6	6	6
12			Norway		1	2	1
13			Thailand		1	2	1
14				Total	18	22	21

		Natural gas - mcf
15			United States		277	338	282
16			United Kingdom		306	306	239
17			Norway		26	30	21
18			Denmark		45	11	45
19			Indonesia and Thailand		33	34	29
20				Total	687	719	616

21		Barrels of oil equivalent			390	390	367

	AVERAGE SELLING PRICE
		Crude oil - per barrel
22			United States		$24.35	$20.89	$24.40
23			Foreign		24.99	24.04	26.55

		Natural gas liquids - per barrel
24			United States		$26.38	$17.29	$23.81
25			Foreign		26.43	19.63	24.54

		Natural gas - per mcf
26			United States		$5.27	$2.34	$3.98
27			Foreign		2.44	1.85	2.16

	MARKETING AND REFINING - BARRELS PER DAY
28		Refined products sold			396	355	314
29		Refinery runs (net)			217	194	203

Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)

					Year
Line	OPERATING DATA				2000 (A)	1999 (B)
No.	NET PRODUCTION PER DAY
		Crude oil - barrels
1			United States		55	55
2			United Kingdom		119	112
3			Norway		25	25
4			Denmark		25	7
5			Gabon		7	10
6			Indonesia		4	3
7			Azerbaijan		3	2
8			Algeria		2	- -
9				Total	240	214

		Natural gas liquids- barrels
10			United States		12	10
11			United Kingdom		6	5
12			Norway		2	2
13			Thailand		1	1
14				Total	21	18

		Natural gas - mcf
15			United States		288	338
16			United Kingdom		297	258
17			Norway		24	31
18			Denmark		37	3
19			Indonesia and Thailand		33	13
20				Total	679	643

21		Barrels of oil equivalent			374	339

	AVERAGE SELLING PRICE
		Crude oil - per barrel
22			United States		$23.97	$16.71
23			Foreign		25.53	18.07

		Natural gas liquids - per barrel
24			United States		$22.30	$13.59
25			Foreign		23.41	14.29

		Natural gas - per mcf
26			United States		$3.74	$2.14
27			Foreign		2.20	1.79

	MARKETING AND REFINING - BARRELS PER DAY
28		Refined products sold			366	344
29		Refinery runs (net)			211	209

Contact: Amerada Hess Corporation- C.T. Tursi (212) 536-8593

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