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New York, New York....October 25, 2000...Amerada Hess Corporation
reported operating earnings of $257 million for the third quarter
of 2000 compared with earnings of $52 million for the third quarter
of 1999. Operating earnings in the first nine months of 2000 were
$683 million compared with earnings of $131 million in the first
nine months of 1999.
The after-tax results by major operating activity for the three and
nine month periods ended September 30, 2000 and 1999 were as follows
(in millions, except per share amounts):
|
Three Months Ended September 30 (Unaudited) |
Nine Months Ended September 30 (Unaudited) | ||||||
| 2000 | 1999 | 2000 | 1999 | ||||
| Exploration and Production | $238 | $71 | $634 | $149 | |||
| Refining, Marketing and Shipping | 62 | 22 | 174 | 94 | |||
| Corporate | (10) | (11) | (32) | (26) | |||
| Interest Expense | (33) | (30) | (93) | (86) | |||
| Operating Earnings | 257 | 52 | 683 | 131 | |||
| Gains on Asset Sales | - - | 106 | - - | 176 | |||
| Net Income | $257 | $158 | $683 | $307 | |||
| Net Income Per Share (Diluted) | $2.86 | $1.75 | $7.57 | $3.40 | |||
The Corporation's average worldwide crude oil selling price in
the third quarter of 2000 was approximately $26.00 per barrel, an
increase of $6.00 from the third quarter of 1999. The
Corporation's oil and gas production, on a barrel-of-oil
equivalent basis, was 367,000 barrels per day in the third quarter
of 2000, an increase of 10% over the third quarter of 1999.
Increased refining, marketing and shipping results in the third
quarter of 2000, compared with the third quarter of 1999, reflect
improved refining margins and higher earnings from retail operations.
Sales and other operating revenues amounted to $2,833 million in
the third quarter of 2000 compared with $1,802 million in the
third quarter of 1999. The increase principally reflects
significantly higher crude oil and refined product selling prices.
Capital expenditures in the third quarter of 2000 were $205
million of which $170 million related to exploration and
production activities. Capital expenditures in the third quarter
of 1999 amounted to $197 million including $177 million for
exploration and production.
Consolidated
Financial Information (Unaudited)
(in millions, except per share amounts)
|
Three Months Ended September 30 |
Nine Months Ended September 30 | ||||
| 2000 | 1999 | 2000 | 1999 | ||
| Sales and other operating revenues | $2,833 | $1,802 | $8,308 | $4,770 | |
| Net income | $257 | $158(a) | $683 | $307(a) | |
| Net income per share (diluted) | $2.86 | $1.75(a) | $7.57 | $3.40(a) | |
| Weighted average number of shares | 89.8 | 90.5 | 90.2 | 90.2 | |
| (a)Includes gains on asset sales of $106 million ($1.17 per share) and $176 million ($1.95 per share) in the third quarter and first nine months of 1999, respectively. | |||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Financial Data
(unaudited - in millions)
| Line | INCOME STATEMENT |
Third Quarter 2000 |
Third Quarter 1999 |
Second Quarter 2000 | ||||||
| No. | REVENUES | |||||||||
| 1 | Sales and other operating revenues | $2,833 | $1,802 | $2,644 | ||||||
| Non-operating income | ||||||||||
| 2 | Gains on asset sales | - - | 165 | - - | ||||||
| 3 | Equity in income of HOVENSA L.L.C. | 24 | 7 | 41 | ||||||
| 4 | Other | 30 | 3 | 29 | ||||||
| 5 | Total revenues | 2,887 | 1,977 | 2,714 | ||||||
| COSTS AND EXPENSES | ||||||||||
| 6 | Cost of products sold | 1,768 | 1,073 | 1,717 | ||||||
| 7 | Production expenses | 139 | 111 | 129 | ||||||
| 8 | Marketing expenses | 157 | 108 | 122 | ||||||
| 9 | Other operating expenses | 60 | 52 | 51 | ||||||
| 10 | Exploration expenses, including dry holes and lease impairment | 65 | 45 | 90 | ||||||
| 11 | General and administrative expenses | 50 | 70 | 51 | ||||||
| 12 | Interest expense | 42 | 39 | 39 | ||||||
| 13 | Depreciation, depletion and amortization | 176 | 159 | 167 | ||||||
| 14 | Total costs and expenses | 2,457 | 1,657 | 2,366 | ||||||
| 15 | Income before income taxes | 430 | 320 | 348 | ||||||
| 16 | Provision for income taxes | 173 | 162 | 146 | ||||||
| 17 | NET INCOME | $257 | $158 | $202 | ||||||
| SEGMENTS ANALYSIS | ||||||||||
| 18 | Exploration and production | $238 | $71 | $178 | ||||||
| 19 | Refining, marketing and shipping | 62 | 22 | 64 | ||||||
| 20 | Corporate | (10) | (11) | (10) | ||||||
| 21 | Interest expense | (33) | (30) | (30) | ||||||
| 22 | Operating earnings | 257 | 52 | 202 | ||||||
| 23 | Gains on asset sales | - - | 106 | - - | ||||||
| 24 | Net Income | $257 | $158 | $202 | ||||||
| 25 | CASH FLOW FROM OPERATIONS (*) | $530 | $246 | $437 | ||||||
| CAPITAL EXPENDITURES | ||||||||||
| 26 | Exploration and production | $170 | $177 | $194 | ||||||
| 27 | Refining, marketing and shipping | 35 | 20 | 49 | ||||||
| 28 | Total capital expenditures | $205 | $197 | $243 | ||||||
| AT END OF PERIOD | ||||||||||
| 29 | Total debt | $1,999 | $2,401 | $2,114 | ||||||
| 30 | Stockholders' equity | $3,543 | $2,927 | $3,408 | ||||||
| (*) 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)
|
Nine Months Ended September 30 | ||||||||
| Line | INCOME STATEMENT | 2000 | 1999 | |||||
| No. | REVENUES | |||||||
| 1 | Sales and other operating revenues | $8,308 | $4,770 | |||||
| Non-operating income | ||||||||
| 2 | Gains on asset sales | - - | 273 | |||||
| 3 | Equity in income of HOVENSA L.L.C. | 76 | 24 | |||||
| 4 | Other | 87 | 95 | |||||
| 5 | Total revenues | 8,471 | 5,162 | |||||
| COSTS AND EXPENSES | ||||||||
| 6 | Cost of products sold | 5,361 | 2,935 | |||||
| 7 | Production expenses | 401 | 327 | |||||
| 8 | Marketing expenses | 385 | 288 | |||||
| 9 | Other operating expenses | 168 | 168 | |||||
| 10 | Exploration expenses, including dry holes and lease impairment | 217 | 186 | |||||
| 11 | General and administrative expenses | 152 | 184 | |||||
| 12 | Interest expense | 119 | 116 | |||||
| 13 | Depreciation, depletion and amortization | 516 | 434 | |||||
| 14 | Total costs and expenses | 7,319 | 4,638 | |||||
| 15 | Income before income taxes | 1,152 | 524 | |||||
| 16 | Provision for income taxes | 469 | 217 | |||||
| 17 | NET INCOME | $683 | $307 | |||||
| 18 | CASH FLOW FROM OPERATIONS (*) | $1,422 | $564 | |||||
| CAPITAL EXPENDITURES | ||||||||
| 19 | Exploration and production | $492 | $560 | |||||
| 20 | Refining, marketing and shipping | 118 | 57 | |||||
| 21 | Total capital expenditures | $610 | $617 | |||||
| (*) 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 |
Third Quarter 2000 |
Third Quarter 1999 |
Second Quarter 2000 | ||||||
| No. | NET PRODUCTION PER DAY | |||||||||
| Crude oil - barrels | ||||||||||
| 1 | United States | 56 | 57 | 55 | ||||||
| 2 | United Kingdom | 123 | 111 | 112 | ||||||
| 3 | Norway | 23 | 26 | 27 | ||||||
| 4 | Denmark | 26 | 7 | 19 | ||||||
| 5 | Gabon | 7 | 10 | 7 | ||||||
| 6 | Indonesia and Azerbaijan | 8 | 4 | 7 | ||||||
| 7 | Total | 243 | 215 | 227 | ||||||
| Natural gas liquids- barrels | ||||||||||
| 8 | United States | 13 | 12 | 12 | ||||||
| 9 | United Kingdom | 6 | 4 | 7 | ||||||
| 10 | Norway | 1 | 2 | 2 | ||||||
| 11 | Thailand | 1 | 1 | 1 | ||||||
| 12 | Total | 21 | 19 | 22 | ||||||
| Natural gas - mcf | ||||||||||
| 13 | United States | 282 | 346 | 298 | ||||||
| 14 | United Kingdom | 239 | 219 | 299 | ||||||
| 15 | Norway | 21 | 31 | 24 | ||||||
| 16 | Denmark | 45 | - - | 25 | ||||||
| 17 | Indonesia and Thailand | 29 | 12 | 33 | ||||||
| 18 | Total | 616 | 608 | 679 | ||||||
| 19 | Barrels of oil equivalent | 367 | 335 | 362 | ||||||
| AVERAGE SELLING PRICE | ||||||||||
| Crude oil - per barrel | ||||||||||
| 20 | United States | $24.40 | $18.93 | $24.46 | ||||||
| 21 | Foreign | 26.55 | 20.47 | 24.09 | ||||||
| Natural gas liquids - per barrel | ||||||||||
| 22 | United States | $23.81 | $14.42 | $18.69 | ||||||
| 23 | Foreign | 24.54 | 16.44 | 20.64 | ||||||
| Natural gas - per mcf | ||||||||||
| 24 | United States | $3.98 | $2.39 | $3.37 | ||||||
| 25 | Foreign | 2.16 | 1.60 | 2.10 | ||||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||||
| 26 | Refined products sold | 314 | 310 | 352 | ||||||
| 27 | Refinery runs (net) | 203 | 198 | 223 | ||||||
Amerada Hess Corporation and Consolidated Subsidiaries
Supplemental Operating Data
(in thousands, except for average selling prices)
|
Nine Months Ended September 30 | ||||||||
| Line | OPERATING DATA | 2000 | 1999 | |||||
| No. | NET PRODUCTION PER DAY | |||||||
| Crude oil - barrels | ||||||||
| 1 | United States | 54 | 53 | |||||
| 2 | United Kingdom | 116 | 108 | |||||
| 3 | Norway | 24 | 25 | |||||
| 4 | Denmark | 25 | 2 | |||||
| 5 | Gabon | 8 | 11 | |||||
| 6 | Indonesia and Azerbaijan | 7 | 4 | |||||
| 7 | Total | 234 | 203 | |||||
| Natural gas liquids- barrels | ||||||||
| 8 | United States | 13 | 9 | |||||
| 9 | United Kingdom | 6 | 6 | |||||
| 10 | Norway | 2 | 1 | |||||
| 11 | Thailand | 1 | - - | |||||
| 12 | Total | 22 | 16 | |||||
| Natural gas - mcf | ||||||||
| 13 | United States | 292 | 338 | |||||
| 14 | United Kingdom | 294 | 242 | |||||
| 15 | Norway | 23 | 31 | |||||
| 16 | Denmark | 35 | - - | |||||
| 17 | Indonesia and Thailand | 33 | 6 | |||||
| 18 | Total | 677 | 617 | |||||
| 19 | Barrels of oil equivalent | 369 | 322 | |||||
| AVERAGE SELLING PRICE | ||||||||
| Crude oil - per barrel | ||||||||
| 20 | United States | $23.84 | $15.10 | |||||
| 21 | Foreign | 25.72 | 15.64 | |||||
| Natural gas liquids - per barrel | ||||||||
| 22 | United States | $21.22 | $11.76 | |||||
| 23 | Foreign | 22.50 | 12.02 | |||||
| Natural gas - per mcf | ||||||||
| 24 | United States | $3.26 | $2.07 | |||||
| 25 | Foreign | 2.12 | 1.79 | |||||
| MARKETING AND REFINING - BARRELS PER DAY | ||||||||
| 26 | Refined products sold | 356 | 340 | |||||
| 27 | Refinery runs (net) | 209 | 214 | |||||
Contact: Amerada Hess Corporation- C.T. Tursi (212) 536-8593