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þ |
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Large Accelerated Filer þ | Accelerated Filer o |
Non-Accelerated Filer
o
(Do not check if a smaller reporting company) |
Smaller Reporting Company o |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
REVENUES AND NON-OPERATING INCOME
|
||||||||||||||||
Sales (excluding excise taxes) and other operating revenues
|
$ | 7,864 | $ | 7,270 | $ | 24,855 | $ | 20,936 | ||||||||
Equity in
income (loss) of HOVENSA L.L.C.
|
(83 | ) | (49 | ) | (174 | ) | (165 | ) | ||||||||
Other, net
|
1,172 | 163 | 1,242 | 240 | ||||||||||||
|
||||||||||||||||
Total revenues and non-operating income
|
8,953 | 7,384 | 25,923 | 21,011 | ||||||||||||
|
||||||||||||||||
COSTS AND EXPENSES
|
||||||||||||||||
Cost of products sold (excluding items shown separately below)
|
5,330 | 5,069 | 17,186 | 14,956 | ||||||||||||
Production expenses
|
475 | 460 | 1,392 | 1,313 | ||||||||||||
Marketing expenses
|
232 | 240 | 730 | 742 | ||||||||||||
Exploration expenses, including dry holes and lease impairment
|
225 | 167 | 548 | 672 | ||||||||||||
Other operating expenses
|
39 | 43 | 171 | 134 | ||||||||||||
General and administrative expenses
|
151 | 148 | 465 | 444 | ||||||||||||
Interest expense
|
94 | 97 | 261 | 269 | ||||||||||||
Depreciation, depletion and amortization
|
584 | 626 | 1,684 | 1,616 | ||||||||||||
Asset impairments
|
532 | — | 532 | 54 | ||||||||||||
|
||||||||||||||||
Total costs and expenses
|
7,662 | 6,850 | 22,969 | 20,200 | ||||||||||||
|
||||||||||||||||
INCOME BEFORE INCOME TAXES
|
1,291 | 534 | 2,954 | 811 | ||||||||||||
Provision for income taxes
|
200 | 182 | 899 | 374 | ||||||||||||
|
||||||||||||||||
NET INCOME
|
1,091 | 352 | 2,055 | 437 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests
|
(63 | ) | 11 | (12 | ) | 55 | ||||||||||
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO HESS CORPORATION
|
$ | 1,154 | $ | 341 | $ | 2,067 | $ | 382 | ||||||||
|
||||||||||||||||
NET INCOME PER SHARE ATTRIBUTABLE TO HESS CORPORATION
|
||||||||||||||||
BASIC
|
$ | 3.54 | $ | 1.05 | $ | 6.36 | $ | 1.18 | ||||||||
DILUTED
|
3.52 | 1.05 | 6.31 | 1.17 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (DILUTED)
|
327.6 | 326.0 | 327.3 | 325.8 | ||||||||||||
COMMON STOCK DIVIDENDS PER SHARE
|
$ | .10 | $ | .10 | $ | .30 | $ | .30 |
1
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS
|
||||||||
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 2,353 | $ | 1,362 | ||||
Accounts receivable
|
3,939 | 3,924 | ||||||
Inventories
|
1,682 | 1,438 | ||||||
Other current assets
|
865 | 1,263 | ||||||
|
||||||||
Total current assets
|
8,839 | 7,987 | ||||||
|
||||||||
INVESTMENTS IN AFFILIATES
|
||||||||
HOVENSA L.L.C.
|
508 | 681 | ||||||
Other
|
267 | 232 | ||||||
|
||||||||
Total investments in affiliates
|
775 | 913 | ||||||
|
||||||||
PROPERTY, PLANT AND EQUIPMENT
|
||||||||
Total — at cost
|
33,042 | 29,871 | ||||||
Less reserves for depreciation, depletion, amortization and lease impairment
|
13,958 | 13,244 | ||||||
|
||||||||
Property, plant and equipment — net
|
19,084 | 16,627 | ||||||
|
||||||||
GOODWILL
|
2,045 | 1,225 | ||||||
DEFERRED INCOME TAXES
|
2,470 | 2,409 | ||||||
OTHER ASSETS
|
272 | 304 | ||||||
|
||||||||
TOTAL ASSETS
|
$ | 33,485 | $ | 29,465 | ||||
|
||||||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 4,071 | $ | 4,223 | ||||
Accrued liabilities
|
1,916 | 1,954 | ||||||
Taxes payable
|
537 | 525 | ||||||
Short term debt and current maturities of long-term debt
|
43 | 148 | ||||||
|
||||||||
Total current liabilities
|
6,567 | 6,850 | ||||||
|
||||||||
LONG-TERM DEBT
|
5,541 | 4,319 | ||||||
DEFERRED INCOME TAXES
|
3,059 | 2,222 | ||||||
ASSET RETIREMENT OBLIGATIONS
|
1,336 | 1,234 | ||||||
OTHER LIABILITIES AND DEFERRED CREDITS
|
1,154 | 1,312 | ||||||
|
||||||||
Total liabilities
|
17,657 | 15,937 | ||||||
|
||||||||
EQUITY
|
||||||||
Hess Corporation Stockholders’ Equity
|
||||||||
Common stock, par value $1.00
Authorized — 600,000 shares Issued — 328,497 shares at September 30, 2010; 327,229 shares at December 31, 2009 |
328 | 327 | ||||||
Capital in excess of par value
|
2,550 | 2,481 | ||||||
Retained earnings
|
14,229 | 12,251 | ||||||
Accumulated other comprehensive income (loss)
|
(1,377 | ) | (1,675 | ) | ||||
|
||||||||
Total Hess Corporation stockholders’ equity
|
15,730 | 13,384 | ||||||
Noncontrolling interests
|
98 | 144 | ||||||
|
||||||||
Total equity
|
15,828 | 13,528 | ||||||
|
||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 33,485 | $ | 29,465 | ||||
|
2
Nine Months Ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 2,055 | $ | 437 | ||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation, depletion and amortization
|
1,684 | 1,616 | ||||||
Asset impairments
|
532 | 54 | ||||||
Exploratory dry hole costs and lease impairment
|
308 | 406 | ||||||
Provision (benefit) for deferred income taxes
|
(242 | ) | (324 | ) | ||||
Equity in
(income) loss of HOVENSA L.L.C.
|
174 | 165 | ||||||
Gains on asset sales
|
(1,208 | ) | — | |||||
Stock compensation expense
|
84 | 99 | ||||||
Changes in operating assets and liabilities and other
|
(335 | ) | (678 | ) | ||||
|
||||||||
Net cash provided by operating activities
|
3,052 | 1,775 | ||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Capital expenditures
|
(3,151 | ) | (1,993 | ) | ||||
Proceeds from asset sales
|
183 | — | ||||||
Other, net
|
(25 | ) | 26 | |||||
|
||||||||
Net cash used in investing activities
|
(2,993 | ) | (1,967 | ) | ||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net repayments of debt with maturities of 90 days or less
|
— | (850 | ) | |||||
Debt with maturities of greater than 90 days
|
||||||||
Borrowings
|
1,261 | 1,247 | ||||||
Repayments
|
(168 | ) | (38 | ) | ||||
Cash dividends paid
|
(131 | ) | (131 | ) | ||||
Other, net
|
(30 | ) | 13 | |||||
|
||||||||
Net cash provided by financing activities
|
932 | 241 | ||||||
|
||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
991 | 49 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
1,362 | 908 | ||||||
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 2,353 | $ | 957 | ||||
|
3
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Crude oil and other charge stocks
|
$ | 360 | $ | 424 | ||||
Refined products and natural gas
|
1,710 | 1,429 | ||||||
Less: LIFO adjustment
|
(826 | ) | (815 | ) | ||||
|
||||||||
|
1,244 | 1,038 | ||||||
Merchandise, materials and supplies
|
438 | 400 | ||||||
|
||||||||
Total inventories
|
$ | 1,682 | $ | 1,438 | ||||
|
4
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Summarized balance sheet
|
||||||||
Cash and
short-term investments
|
$ | 13 | $ | 78 | ||||
Other current assets
|
679 | 580 | ||||||
Net fixed assets
|
2,011 | 2,080 | ||||||
Other assets
|
27 | 33 | ||||||
Current liabilities
|
(1,003 | ) | (953 | ) | ||||
Long-term debt
|
(616 | ) | (356 | ) | ||||
Deferred liabilities and credits
|
(127 | ) | (137 | ) | ||||
|
||||||||
Members’ equity
|
$ | 984 | $ | 1,325 | ||||
|
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Summarized income statement
|
||||||||||||||||
Total revenues
|
$ | 3,276 | $ | 2,644 | $ | 9,188 | $ | 7,307 | ||||||||
Cost and expenses
|
(3,439 | ) | (2,741 | ) | (9,531 | ) | (7,632 | ) | ||||||||
|
||||||||||||||||
Net income (loss)
|
$ | (163 | ) | $ | (97 | ) | $ | (343 | ) | $ | (325 | ) | ||||
|
||||||||||||||||
Hess Corporation’s share, before income taxes
|
$ | (83 | ) | $ | (49 | ) | $ | (174 | ) | $ | (165 | ) | ||||
|
Exchange | Acquisition | Total | ||||||||||
Property, plant and equipment
|
$ | 2,090 | $ | 578 | $ | 2,668 | ||||||
Goodwill
|
667 | 225 | 892 | |||||||||
Current assets
|
97 | 5 | 102 | |||||||||
|
||||||||||||
Total assets acquired
|
2,854 | 808 | 3,662 | |||||||||
|
||||||||||||
Current liabilities
|
(147 | ) | (22 | ) | (169 | ) | ||||||
Deferred tax liabilities
|
(667 | ) | (225 | ) | (892 | ) | ||||||
Asset retirement obligations
|
(188 | ) | (54 | ) | (242 | ) | ||||||
|
||||||||||||
Net assets acquired
|
$ | 1,852 | $ | 507 | $ | 2,359 | ||||||
|
5
6
Balance at January 1
|
$ | 1,437 | ||
Additions to capitalized exploratory well costs pending the
determination of proved reserves
|
524 | |||
Reclassifications to wells, facilities, and equipment based on the
determination of proved reserves
|
(93 | ) | ||
Capitalized exploratory well costs charged to expense
|
(28 | ) | ||
|
||||
Balance at end of period
|
$ | 1,840 | ||
|
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Pre-tax foreign currency gains (losses)
|
$ | 5 | $ | 1 | $ | (10 | ) | $ | 32 | |||||||
|
7
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Service cost
|
$ | 12 | $ | 9 | $ | 36 | $ | 29 | ||||||||
Interest cost
|
22 | 19 | 66 | 59 | ||||||||||||
Expected return on plan assets
|
(21 | ) | (12 | ) | (63 | ) | (42 | ) | ||||||||
Amortization of net loss
|
12 | 17 | 36 | 45 | ||||||||||||
|
||||||||||||||||
Pension expense
|
$ | 25 | $ | 33 | $ | 75 | $ | 91 | ||||||||
|
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Commodity Contracts
|
||||||||
Crude oil and refined products (millions of barrels)
|
36 | 34 | ||||||
Natural gas (millions of mcf)
|
2,182 | 1,876 | ||||||
Electricity (millions of megawatt hours)
|
238 | 166 |
8
9
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Commodity contracts, primarily crude oil
(millions of barrels)
|
40 | 54 | ||||||
Foreign exchange (millions of U.S. dollars)
|
1,001 | 872 | ||||||
Interest rate swaps (millions of U.S. dollars)
|
310 | — |
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Commodity
|
$ | — | $ | 1 | $ | (7 | ) | $ | 8 | |||||||
Foreign exchange
|
48 | (24 | ) | (4 | ) | 83 | ||||||||||
|
||||||||||||||||
Total
|
$ | 48 | $ | (23 | ) | $ | (11 | ) | $ | 91 | ||||||
|
10
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Commodity Contracts
|
||||||||
Crude oil and refined products (millions of barrels)
|
3,370 | 2,251 | ||||||
Natural gas (millions of mcf)
|
5,715 | 6,927 | ||||||
Electricity (millions of megawatt hours)
|
47 | 6 | ||||||
Other Contracts (millions of U.S. dollars)
|
||||||||
Interest rate
|
260 | 495 | ||||||
Foreign exchange
|
428 | 335 |
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Commodity
|
$ | (118 | ) | $ | 49 | $ | 26 | $ | 149 | |||||||
Foreign exchange
|
2 | (11 | ) | 8 | 19 | |||||||||||
Interest rate and other
|
12 | (3 | ) | (5 | ) | 12 | ||||||||||
|
||||||||||||||||
Total
|
$ | (104 | ) | $ | 35 | $ | 29 | $ | 180 | |||||||
|
11
Collateral and | ||||||||||||||||||||
counterparty | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | netting | Balance | ||||||||||||||||
September 30, 2010
|
||||||||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Derivative contracts
|
||||||||||||||||||||
Commodity
|
$ | 203 | $ | 1,119 | $ | 724 | $ | (40 | ) | $ | 2,006 | |||||||||
Foreign exchange
|
— | 13 | — | — | 13 | |||||||||||||||
Other
|
— | 16 | 1 | — | 17 | |||||||||||||||
Collateral and counterparty netting
|
(106 | ) | (160 | ) | (22 | ) | (187 | ) | (475 | ) | ||||||||||
|
||||||||||||||||||||
Total derivative contracts
|
97 | 988 | 703 | (227 | ) | 1,561 | ||||||||||||||
Other assets measured at
fair value on a recurring basis
|
26 | — | 1 | (1 | ) | 26 | ||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 123 | $ | 988 | $ | 704 | $ | (228 | ) | $ | 1,587 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Derivative contracts
|
||||||||||||||||||||
Commodity
|
$ | (393 | ) | $ | (2,466 | ) | $ | (422 | ) | $ | 43 | $ | (3,238 | ) | ||||||
Foreign exchange
|
— | (6 | ) | — | — | (6 | ) | |||||||||||||
Other
|
— | (7 | ) | — | — | (7 | ) | |||||||||||||
Collateral and counterparty netting
|
106 | 160 | 22 | 5 | 293 | |||||||||||||||
|
||||||||||||||||||||
Total derivative contracts
|
(287 | ) | (2,319 | ) | (400 | ) | 48 | (2,958 | ) | |||||||||||
Other liabilities measured at
fair value on a recurring basis
|
— | (7 | ) | — | 1 | (6 | ) | |||||||||||||
|
||||||||||||||||||||
Total liabilities
|
$ | (287 | ) | $ | (2,326 | ) | $ | (400 | ) | $ | 49 | $ | (2,964 | ) | ||||||
|
12
Collateral and | ||||||||||||||||||||
counterparty | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | netting | Balance | ||||||||||||||||
December 31, 2009
|
||||||||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Derivative contracts
|
||||||||||||||||||||
Commodity
|
$ | 46 | $ | 1,137 | $ | 119 | $ | (40 | ) | $ | 1,262 | |||||||||
Other
|
— | 3 | — | — | 3 | |||||||||||||||
Collateral and counterparty
netting
|
— | (1 | ) | — | (326 | ) | (327 | ) | ||||||||||||
|
||||||||||||||||||||
Total derivative contracts
|
46 | 1,139 | 119 | (366 | ) | 938 | ||||||||||||||
Other assets measured at fair value
on a recurring basis
|
37 | 21 | 5 | — | 63 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 83 | $ | 1,160 | $ | 124 | $ | (366 | ) | $ | 1,001 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Derivative contracts
|
||||||||||||||||||||
Commodity
|
$ | (151 | ) | $ | (2,880 | ) | $ | (36 | ) | $ | 40 | $ | (3,027 | ) | ||||||
Foreign exchange
|
— | (23 | ) | — | — | (23 | ) | |||||||||||||
Other
|
— | (8 | ) | — | — | (8 | ) | |||||||||||||
Collateral and counterparty
netting
|
— | 1 | — | 280 | 281 | |||||||||||||||
|
||||||||||||||||||||
Total derivative contracts
|
(151 | ) | (2,910 | ) | (36 | ) | 320 | (2,777 | ) | |||||||||||
Other liabilities measured at
fair value on a recurring basis
|
— | (66 | ) | (4 | ) | — | (70 | ) | ||||||||||||
|
||||||||||||||||||||
Total liabilities
|
$ | (151 | ) | $ | (2,976 | ) | $ | (40 | ) | $ | 320 | $ | (2,847 | ) | ||||||
|
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Balance at beginning of period
|
$ | 41 | $ | (215 | ) | $ | 84 | $ | 149 | |||||||
Unrealized gains (losses)
|
||||||||||||||||
Included in earnings
|
105 | (61 | ) | 163 | 93 | |||||||||||
Included in other comprehensive income
|
(18 | ) | 31 | 62 | (187 | ) | ||||||||||
Purchases, sales or other settlements
during the period
|
(51 | ) | (12 | ) | (9 | ) | (226 | ) | ||||||||
Transfers into Level 3
|
215 | 4 | 57 | 1 | ||||||||||||
Transfers out of Level 3
|
12 | (1 | ) | (53 | ) | (84 | ) | |||||||||
|
||||||||||||||||
Balance at end of period
|
$ | 304 | $ | (254 | ) | $ | 304 | $ | (254 | ) | ||||||
|
13
Accounts | Accounts | |||||||
Receivable | Payable | |||||||
September 30, 2010
|
||||||||
|
||||||||
Derivative contracts designated as hedging instruments
|
||||||||
Commodity
|
$ | 460 | $ | (822 | ) | |||
Other
|
13 | (1 | ) | |||||
|
||||||||
Total derivative contracts designated as hedging
instruments
|
473 | (823 | ) | |||||
|
||||||||
|
||||||||
Derivative contracts not designated as hedging instruments
|
||||||||
Commodity
|
10,946 | (11,816 | ) | |||||
Foreign exchange
|
20 | (13 | ) | |||||
Other
|
22 | (24 | ) | |||||
|
||||||||
Total derivative contracts not designated as
hedging instruments
|
10,988 | (11,853 | ) | |||||
|
||||||||
|
||||||||
Gross fair value of derivative contracts
|
11,461 | (12,676 | ) | |||||
Master netting arrangements
|
(9,713 | ) | 9,713 | |||||
Cash collateral (received) posted
|
(187 | ) | 5 | |||||
|
||||||||
Net fair value of derivative contracts
|
$ | 1,561 | $ | (2,958 | ) | |||
|
||||||||
|
||||||||
December 31, 2009
|
||||||||
|
||||||||
Derivative contracts designated as hedging instruments
|
||||||||
Commodity
|
$ | 748 | $ | (1,166 | ) | |||
|
||||||||
|
||||||||
Derivative contracts not designated as hedging instruments
|
||||||||
Commodity
|
9,145 | (10,493 | ) | |||||
Foreign exchange
|
3 | (26 | ) | |||||
Other
|
12 | (14 | ) | |||||
|
||||||||
Total derivative contracts not designated as
hedging instruments
|
9,160 | (10,533 | ) | |||||
|
||||||||
|
||||||||
Gross fair value of derivative contracts
|
9,908 | (11,699 | ) | |||||
Master netting arrangements
|
(8,653 | ) | 8,653 | |||||
Cash collateral (received) posted
|
(317 | ) | 269 | |||||
|
||||||||
Net fair value of derivative contracts
|
$ | 938 | $ | (2,777 | ) | |||
|
14
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Common shares – basic
|
325,452 | 324,066 | 325,166 | 323,796 | ||||||||||||
Effect of dilutive securities
|
||||||||||||||||
Restrictive common stock
|
1,369 | 1,213 | 1,354 | 1,163 | ||||||||||||
Stock options
|
813 | 759 | 822 | 846 | ||||||||||||
|
||||||||||||||||
Common shares – diluted
|
327,634 | 326,038 | 327,342 | 325,805 | ||||||||||||
|
15
Hess | Non- | |||||||||||
Stockholders’ | controlling | |||||||||||
Equity | Interests | Total Equity | ||||||||||
Balance January 1, 2010
|
$ | 13,384 | $ | 144 | $ | 13,528 | ||||||
|
||||||||||||
Net income
|
2,067 | (12 | ) | 2,055 | ||||||||
Deferred
gains (losses) on cash flow hedges, after-tax
|
||||||||||||
Effect of hedge losses recognized in income
|
508 | — | 508 | |||||||||
Net change in fair value of cash flow hedges
|
(226 | ) | — | (226 | ) | |||||||
Change in
post retirement plan liabilities, after-tax
|
24 | — | 24 | |||||||||
Change in foreign currency translation adjustment and other
|
(8 | ) | 2 | (6 | ) | |||||||
|
||||||||||||
Comprehensive income (loss)
|
2,365 | (10 | ) | 2,355 | ||||||||
|
||||||||||||
Activity related to restricted common stock awards, net
|
44 | — | 44 | |||||||||
Employee stock options, including income tax benefits
|
54 | — | 54 | |||||||||
Cash dividends declared
|
(98 | ) | — | (98 | ) | |||||||
Noncontrolling interests, net
|
(19 | ) | (36 | ) | (55 | ) | ||||||
|
||||||||||||
Balance September 30, 2010
|
$ | 15,730 | $ | 98 | $ | 15,828 | ||||||
|
||||||||||||
|
||||||||||||
Balance January 1, 2009
|
$ | 12,307 | $ | 84 | $ | 12,391 | ||||||
|
||||||||||||
Net income
|
382 | 55 | 437 | |||||||||
Deferred
gains (losses) on cash flow hedges, after-tax
|
||||||||||||
Effect of hedge losses recognized in income
|
701 | — | 701 | |||||||||
Net change in fair value of cash flow hedges
|
(656 | ) | — | (656 | ) | |||||||
Change in
post retirement plan liabilities, after-tax
|
27 | — | 27 | |||||||||
Change in foreign currency translation adjustment and
other
|
109 | (4 | ) | 105 | ||||||||
|
||||||||||||
Comprehensive income (loss)
|
563 | 51 | 614 | |||||||||
|
||||||||||||
Activity related to restricted common stock awards, net
|
46 | — | 46 | |||||||||
Employee stock options, including income tax benefits
|
56 | — | 56 | |||||||||
Cash dividends declared
|
(98 | ) | — | (98 | ) | |||||||
Noncontrolling interests, net
|
— | (2 | ) | (2 | ) | |||||||
|
||||||||||||
Balance September 30, 2009
|
$ | 12,874 | $ | 133 | $ | 13,007 | ||||||
|
16
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Operating revenues
|
||||||||||||||||
Exploration and Production
|
$ | 2,368 | $ | 1,858 | $ | 6,761 | $ | 4,885 | ||||||||
Marketing and Refining
|
5,535 | 5,435 | 18,205 | 16,128 | ||||||||||||
Less: Transfers between affiliates
|
(39 | ) | (23 | ) | (111 | ) | (77 | ) | ||||||||
|
||||||||||||||||
Total(*)
|
$ | 7,864 | $ | 7,270 | $ | 24,855 | $ | 20,936 | ||||||||
|
Net income (loss) attributable to Hess Corporation
|
||||||||||||||||
Exploration and Production
|
$ | 1,277 | $ | 397 | $ | 2,316 | $ | 548 | ||||||||
Marketing and Refining
|
(38 | ) | 38 | 30 | 110 | |||||||||||
Corporate, including interest
|
(85 | ) | (94 | ) | (279 | ) | (276 | ) | ||||||||
|
||||||||||||||||
Total
|
$ | 1,154 | $ | 341 | $ | 2,067 | $ | 382 | ||||||||
|
(*) |
Operating revenues exclude excise and similar taxes of approximately $565
million and $525 million in the third quarter of 2010 and 2009, respectively,
and $1,650 million and $1,525 million during the first nine months of 2010 and
2009, respectively.
|
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Exploration and Production
|
$ | 25,280 | $ | 21,810 | ||||
Marketing and Refining
|
6,258 | 6,388 | ||||||
Corporate
|
1,947 | 1,267 | ||||||
|
||||||||
Total
|
$ | 33,485 | $ | 29,465 | ||||
|
17
• |
In September 2010, the Corporation completed the exchange of its interests in
Gabon and the Clair Field in the United Kingdom for a 28.1% interest in the Valhall
Field and a 25.0% interest in the Hod Field, both in Norway. This transaction was
accounted for as a business combination and was recorded at fair value resulting in
a gain on sale of $1,150 million ($1,072 million after income taxes).
|
||
• |
In September 2010, the Corporation also acquired for $507 million in cash a
7.85% interest in the Valhall Field and 12.5% interest in the Hod Field. After
completion of these acquisitions, the Corporation’s interests in the Valhall and
Hod fields totalled 64.05% and 62.50%, respectively.
|
||
• |
During the three months ended September 30, 2010, the Corporation recorded an
impairment charge of $532 million before income taxes ($334 million after income
taxes) to reduce the carrying value of property plant and equipment relating to its
55% interest in the West Mediterranean Block 1 concession (West Med Block), located
offshore Egypt.
|
||
• |
In September 2010, the Corporation agreed to acquire an additional 20% interest
in the Tubular Bells oil and gas field in the Gulf of Mexico for $40 million. Following regulatory approval, the Corporation will have a
40% working interest and become the operator.
|
18
• |
In July 2010, the Corporation agreed to acquire American Oil & Gas Inc.
(American Oil & Gas) through the issuance of approximately 8.6 million shares of
the Corporation’s stock in order to increase its acreage position in the Bakken oil
play in North Dakota by approximately 85,000 net acres. The transaction, which has
been approved by the Boards of Directors of both companies, is subject to certain
closing conditions, including the approval of American Oil & Gas shareholders, and
is expected to be completed in the fourth quarter of 2010.
|
19
20
21
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Exploration and Production
|
$ | 1,277 | $ | 397 | $ | 2,316 | $ | 548 | ||||||||
Marketing and Refining
|
(38 | ) | 38 | 30 | 110 | |||||||||||
Corporate
|
(26 | ) | (33 | ) | (116 | ) | (108 | ) | ||||||||
Interest expense
|
(59 | ) | (61 | ) | (163 | ) | (168 | ) | ||||||||
|
||||||||||||||||
Net income attributable to Hess Corporation
|
$ | 1,154 | $ | 341 | $ | 2,067 | $ | 382 | ||||||||
|
||||||||||||||||
Net income per share (diluted)
|
$ | 3.52 | $ | 1.05 | $ | 6.31 | $ | 1.17 | ||||||||
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Exploration and Production
|
$ | 725 | $ | 89 | $ | 783 | $ | 45 | ||||||||
Marketing and Refining
|
— | 12 | — | 12 | ||||||||||||
Corporate
|
— | — | (7 | ) | (16 | ) | ||||||||||
|
||||||||||||||||
Total
|
$ | 725 | $ | 101 | $ | 776 | $ | 41 | ||||||||
|
22
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Sales and other operating revenues(*)
|
$ | 2,279 | $ | 1,792 | $ | 6,452 | $ | 4,622 | ||||||||
Non-operating income
|
1,157 | 145 | 1,225 | 210 | ||||||||||||
|
||||||||||||||||
Total revenues and non-operating income
|
3,436 | 1,937 | 7,677 | 4,832 | ||||||||||||
|
||||||||||||||||
Cost and expenses
|
||||||||||||||||
Production expenses, including related taxes
|
474 | 460 | 1,392 | 1,313 | ||||||||||||
Exploration expenses, including dry holes
and lease impairment
|
225 | 167 | 548 | 672 | ||||||||||||
General, administrative and other expenses
|
70 | 65 | 201 | 182 | ||||||||||||
Depreciation, depletion and amortization
|
560 | 602 | 1,613 | 1,551 | ||||||||||||
Asset impairments
|
532 | — | 532 | 54 | ||||||||||||
|
||||||||||||||||
Total costs and expenses
|
1,861 | 1,294 | 4,286 | 3,772 | ||||||||||||
|
||||||||||||||||
Results of operations before income taxes
|
1,575 | 643 | 3,391 | 1,060 | ||||||||||||
Provision for income taxes
|
298 | 246 | 1,075 | 512 | ||||||||||||
|
||||||||||||||||
Results of operations attributable to
Hess Corporation
|
$ | 1,277 | $ | 397 | $ | 2,316 | $ | 548 | ||||||||
|
(*) |
Amounts differ from E&P operating revenues in Note 11, “Segment Information”
primarily due to the exclusion of sales of hydrocarbons purchased from unrelated
third parties.
|
23
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Average selling prices
|
||||||||||||||||
Crude oil — per barrel (including hedging)
|
||||||||||||||||
United States
|
$ | 71.92 | $ | 63.79 | $ | 73.05 | $ | 56.02 | ||||||||
Europe
|
57.28 | 47.34 | 56.29 | 42.80 | ||||||||||||
Africa
|
64.78 | 54.97 | 63.67 | 44.98 | ||||||||||||
Asia and other
|
75.95 | 67.49 | 75.97 | 56.63 | ||||||||||||
Worldwide
|
64.81 | 56.07 | 64.44 | 47.09 | ||||||||||||
|
||||||||||||||||
Crude oil — per barrel (excluding hedging)
|
||||||||||||||||
United States
|
$ | 71.92 | $ | 63.79 | $ | 73.05 | $ | 56.02 | ||||||||
Europe
|
57.28 | 47.34 | 56.29 | 42.80 | ||||||||||||
Africa
|
75.70 | 67.27 | 76.19 | 56.59 | ||||||||||||
Asia and other
|
75.95 | 67.49 | 75.97 | 56.63 | ||||||||||||
Worldwide
|
69.47 | 61.42 | 69.56 | 52.35 | ||||||||||||
|
||||||||||||||||
Natural gas liquids — per barrel
|
||||||||||||||||
United States
|
$ | 43.20 | $ | 36.05 | $ | 46.49 | $ | 32.38 | ||||||||
Europe
|
57.69 | 43.53 | 57.28 | 37.86 | ||||||||||||
Asia and other
|
53.60 | 44.74 | 60.15 | 38.49 | ||||||||||||
Worldwide
|
46.10 | 37.27 | 48.84 | 33.90 | ||||||||||||
|
||||||||||||||||
Natural gas — per mcf
|
||||||||||||||||
United States
|
$ | 3.56 | $ | 2.65 | $ | 3.91 | $ | 3.19 | ||||||||
Europe
|
6.50 | 4.38 | 5.67 | 5.25 | ||||||||||||
Asia and other
|
6.18 | 5.12 | 6.21 | 4.88 | ||||||||||||
Worldwide
|
5.73 | 4.60 | 5.74 | 4.74 |
24
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Crude oil (barrels per day)
|
||||||||||||||||
United States
|
78 | 73 | 74 | 54 | ||||||||||||
Europe
|
82 | 83 | 83 | 82 | ||||||||||||
Africa
|
117 | 124 | 117 | 125 | ||||||||||||
Asia and other
|
13 | 17 | 14 | 16 | ||||||||||||
|
||||||||||||||||
Total
|
290 | 297 | 288 | 277 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Natural gas liquids (barrels per day)
|
||||||||||||||||
United States
|
15 | 12 | 13 | 10 | ||||||||||||
Europe
|
3 | 2 | 3 | 3 | ||||||||||||
Asia and other
|
— | — | 1 | 1 | ||||||||||||
|
||||||||||||||||
Total
|
18 | 14 | 17 | 14 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Natural gas (mcf per day)
|
||||||||||||||||
United States
|
120 | 105 | 107 | 92 | ||||||||||||
Europe
|
104 | 120 | 133 | 153 | ||||||||||||
Asia and other
|
406 | 429 | 432 | 442 | ||||||||||||
|
||||||||||||||||
Total
|
630 | 654 | 672 | 687 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Barrels of oil equivalent per day(*)
|
413 | 420 | 417 | 406 | ||||||||||||
|
(*) |
Reflects natural gas reserves converted on the basis of relative energy
content (six mcf equals one barrel). Barrel of oil equivalence does not
necessarily result in price equivalence as the equivalent price of natural gas
on a barrel of oil equivalent basis has been substantially lower than the
corresponding price for crude oil over the recent past. See the average selling
prices in the table on page 24.
|
25
26
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Pre-tax
|
$ | 5 | $ | 1 | $ | (11 | ) | $ | 33 | |||||||
After- tax
|
(5 | ) | 4 | (11 | ) | (1 | ) |
27
Refinery utilization | ||||||||||||||||||||
Refinery | Three Months Ended | Nine Months Ended | ||||||||||||||||||
capacity | September 30, | September 30, | ||||||||||||||||||
(thousands of | ||||||||||||||||||||
barrels per day) | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||
HOVENSA
|
||||||||||||||||||||
Crude
|
500 | 81.6 | % | 76.9 | % | 78.4 | % | 82.4 | % | |||||||||||
Fluid catalytic cracker
|
150 | 76.1 | % | 82.9 | % | 69.5 | % | 75.2 | % | |||||||||||
Coker
|
58 | 73.0 | % | 78.9 | % | 80.0 | % | 83.6 | % | |||||||||||
Port Reading
|
70 | 87.7 | % | 92.2 | % | 75.4 | % | 91.1 | % |
28
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Refined Product sales (thousands of barrels per day)
|
||||||||||||||||
Gasoline
|
253 | 253 | 247 | 234 | ||||||||||||
Distillates
|
96 | 113 | 112 | 129 | ||||||||||||
Residuals
|
56 | 51 | 66 | 67 | ||||||||||||
Other
|
41 | 26 | 40 | 36 | ||||||||||||
|
||||||||||||||||
Total refined product sales
|
446 | 443 | 465 | 466 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Natural gas (thousands of mcf per day)
|
1,700 | 1,800 | 1,900 | 2,100 | ||||||||||||
Electricity (megawatts round the clock)
|
4,500 | 5,200 | 4,300 | 4,400 |
29
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Corporate expenses (excluding items
affecting comparability)
|
$ | (49 | ) | $ | (52 | ) | $ | (177 | ) | $ | (144 | ) | ||||
Income tax benefits
|
23 | 19 | 68 | 52 | ||||||||||||
|
||||||||||||||||
Net corporate expenses
|
(26 | ) | (33 | ) | (109 | ) | (92 | ) | ||||||||
Items affecting comparability between periods,
after-tax
|
— | — | (7 | ) | (16 | ) | ||||||||||
|
||||||||||||||||
Net corporate expenses, after-tax
|
$ | (26 | ) | $ | (33 | ) | $ | (116 | ) | $ | (108 | ) | ||||
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Total interest incurred
|
$ | (95 | ) | $ | (98 | ) | $ | (264 | ) | $ | (273 | ) | ||||
Less: capitalized interest
|
1 | 1 | 3 | 4 | ||||||||||||
|
||||||||||||||||
Interest expense before income taxes
|
(94 | ) | (97 | ) | (261 | ) | (269 | ) | ||||||||
Less: income tax
|
35 | 36 | 98 | 101 | ||||||||||||
|
||||||||||||||||
After-tax interest expense
|
$ | (59 | ) | $ | (61 | ) | $ | (163 | ) | $ | (168 | ) | ||||
|
30
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Cash and cash equivalents
|
$ | 2,353 | $ | 1,362 | ||||
Short-term
debt and current maturities of long-term debt
|
43 | 148 | ||||||
Total debt
|
5,584 | 4,467 | ||||||
Total equity
|
15,828 | 13,528 | ||||||
Debt to capitalization ratio(*)
|
26.1 | % | 24.8 | % |
(*) | Total debt as a percentage of the sum of total debt plus total equity. |
Nine Months Ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
Net cash provided by (used in):
|
||||||||
Operating activities
|
$ | 3,052 | $ | 1,775 | ||||
Investing activities
|
(2,993 | ) | (1,967 | ) | ||||
Financing activities
|
932 | 241 | ||||||
|
||||||||
Net increase in cash and cash equivalents
|
$ | 991 | $ | 49 | ||||
|
Nine Months Ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
Exploration and Production
|
$ | 3,079 | $ | 1,910 | ||||
Marketing, Refining and Corporate
|
72 | 83 | ||||||
|
||||||||
Total
|
$ | 3,151 | $ | 1,993 | ||||
|
31
Expiration | Letters of | Remaining | ||||||||||||||||||||
Date | Capacity | Borrowings | Credit Issued | Total Used | Capacity | |||||||||||||||||
Revolving credit facility
|
May 2012(a) | $ | 3,000 | $ | — | $ | — | $ | — | $ | 3,000 | |||||||||||
Asset backed credit facility
|
July 2011(b) | 476 | — | 400 | 400 | 76 | ||||||||||||||||
Committed lines
|
Various(c) | 2,625 | — | 1,335 | 1,335 | 1,290 | ||||||||||||||||
Uncommitted lines
|
Various(c) | 805 | — | 805 | 805 | — | ||||||||||||||||
|
||||||||||||||||||||||
Total
|
$ | 6,906 | $ | — | $ | 2,540 | $ | 2,540 | $ | 4,366 | ||||||||||||
|
(a) | $75 million expires in May 2011. | |
(b) | Total capacity of $1.0 billion subject to the amount of eligible receivables posted as collateral. | |
(c) | Committed and uncommitted lines have expiration dates primarily through 2013. |
32
33
2010 | 2009 | |||||||
Fair value of contracts outstanding at January 1
|
$ | 110 | $ | 864 | ||||
Change in fair value of contracts outstanding
at the beginning of the year and still
outstanding at September 30
|
(71 | ) | 48 | |||||
Reversal of fair value for contracts closed
during the period
|
(154 | ) | (386 | ) | ||||
Fair value of contracts entered into
during the period and still outstanding
|
280 | (241 | ) | |||||
|
||||||||
Fair value of contracts outstanding at September 30
|
$ | 165 | $ | 285 | ||||
|
34
Instruments Maturing | ||||||||||||||||||||
2013 | ||||||||||||||||||||
and | ||||||||||||||||||||
Source of Fair Value | Total | 2010 | 2011 | 2012 | beyond | |||||||||||||||
Level 1
|
$ | (180 | ) | $ | (89 | ) | $ | (90 | ) | $ | (5 | ) | $ | 4 | ||||||
Level 2
|
90 | 170 | (146 | ) | 57 | 9 | ||||||||||||||
Level 3
|
255 | (31 | ) | 236 | (55 | ) | 105 | |||||||||||||
|
||||||||||||||||||||
Total
|
$ | 165 | $ | 50 | $ | — | $ | (3 | ) | $ | 118 | |||||||||
|
Investment grade determined by outside sources
|
$ | 197 | ||
Investment grade determined internally(*)
|
162 | |||
Less than investment grade
|
44 | |||
|
||||
Fair value of net receivables outstanding at end of period
|
$ | 403 | ||
|
(*) | Based on information provided by counterparties and other available sources. |
35
36
a. | Exhibits |
31(1)
|
Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule
15d-14(a) (17 CFR 240.15d-14(a))
|
|
|
||
31(2)
|
Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule
15d-14(a) (17 CFR 240.15d-14(a))
|
|
|
||
32(1)
|
Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule
15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the
United States Code (18 U.S.C. 1350)
|
|
|
||
32(2)
|
Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule
15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the
United States Code (18 U.S.C. 1350)
|
|
|
||
101(INS)
|
XBRL Instance Document | |
|
||
101(SCH)
|
XBRL Schema Document | |
|
||
101(CAL)
|
XBRL Calculation Linkbase Document | |
|
||
101(LAB)
|
XBRL Label Linkbase Document | |
|
||
101(PRE)
|
XBRL Presentation Linkbase Document | |
|
||
101(DEF)
|
XBRL Definition Linkbase Document |
b. Reports on Form 8-K |
During the quarter ended September 30, 2010, Registrant filed two reports on Form 8-K:
|
(i) |
Filing dated July 28, 2010 reporting under Items 2.02 and 9.01 a news
release dated July 28, 2010 reporting results for the second quarter of 2010.
|
||
(ii) |
Filing dated August 12, 2010 reporting under Item 8.01 the completion of
the sale of $1,250,000 of aggregate principal amount of 5.60% notes due
2041 and reporting under Item 9.01 exhibits related thereto.
|
37
HESS CORPORATION
(REGISTRANT) |
||||
By | /s/ John B. Hess | |||
JOHN B. HESS | ||||
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER |
||||
By | /s/ John P. Rielly | |||
JOHN P. RIELLY | ||||
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER |
||||
38
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
Customers
Customer name | Ticker |
---|---|
Adams Resources & Energy, Inc. | AE |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|