Hess Reports Estimated Results for the Third Quarter of 2015
Third Quarter Highlights:
-
Adjusted net loss was $291 million or $1.03 per share compared
to net income of $377 million or $1.24 per share in the prior-year
quarter; lower realized selling prices reduced third quarter 2015
adjusted net income by approximately $745 million, after-tax
-
Net loss was $279 million compared to net income of $1,008
million in the third quarter of 2014
-
Oil and gas production increased to 380,000 barrels of oil
equivalent per day (boepd) compared to 318,000 boepd in the third
quarter of 2014
-
Oil and gas production in the Bakken was 113,000 boepd, up from
86,000 boepd in the year-ago quarter
-
Completed sale of 50% interest in Bakken Midstream, resulting in
$3 billion of cash proceeds
-
E&P capital and exploratory expenditures totaled $849 million in
the third quarter, down from $1,371 million in the prior-year quarter
Preliminary 2016 Guidance:
-
E&P capital and exploratory expenditures are expected to be $2.9
billion to $3.1 billion, down approximately 27 percent from 2015
forecasted E&P capital and exploratory expenditures of $4.1 billion
-
Oil and gas production is forecast to be in the range of 330,000
to 350,000 boepd compared to projected production of 370,000 to
375,000 boepd in 2015, and 360,000 boepd in the fourth quarter of 2015
Hess Corporation (NYSE:HES) today reported an adjusted net loss, which
excludes items affecting comparability, of $291 million or $1.03 per
common share, for the third quarter of 2015 compared with adjusted net
income of $377 million or $1.24 per share in the third quarter of 2014.
Lower realized selling prices reduced adjusted net income by
approximately $745 million after-tax compared with the prior-year
quarter. Third quarter 2015 results benefitted from higher production
and lower cash operating costs but were partially offset by higher
depreciation, depletion, and amortization expense. On an unadjusted
basis, the Corporation reported a net loss of $279 million for the third
quarter of 2015 and net income of $1,008 million in the prior-year
quarter, which included after-tax gains from asset sales totaling $635
million.
“During the third quarter we delivered strong operating performance
while maintaining a robust financial and liquidity position, with
further significant spending reductions underway,” Chief Executive
Officer John Hess said. “We are well positioned in the current low price
environment and are taking a disciplined approach to preserve our
financial strength, competitively advantaged capabilities and long term
growth options.”
After-tax income (loss) by major operating activity was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
(In millions, except per share amounts)
|
|
Net Income (Loss) Attributable to Hess
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production
|
|
|
|
|
|
|
$
|
(188
|
)
|
|
$
|
433
|
|
|
$
|
(1,004
|
)
|
|
$
|
2,003
|
|
Bakken Midstream
|
|
|
|
|
|
|
|
16
|
|
|
|
8
|
|
|
|
75
|
|
|
|
2
|
|
Corporate, Interest and Other
|
|
|
|
|
|
|
|
(94
|
)
|
|
|
(82
|
)
|
|
|
(266
|
)
|
|
|
(308
|
)
|
Net income (loss) from continuing operations
|
|
|
|
|
|
|
|
(266
|
)
|
|
|
359
|
|
|
|
(1,195
|
)
|
|
|
1,697
|
|
Discontinued operations
|
|
|
|
|
|
|
|
(13
|
)
|
|
|
649
|
|
|
|
(40
|
)
|
|
|
628
|
|
Net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
$
|
(279
|
)
|
|
$
|
1,008
|
|
|
$
|
(1,235
|
)
|
|
$
|
2,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share (diluted)
|
|
|
|
|
|
|
$
|
(0.98
|
)
|
|
$
|
3.31
|
|
|
$
|
(4.35
|
)
|
|
$
|
7.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss) Attributable to
Hess Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production
|
|
|
|
|
|
|
$
|
(221
|
)
|
|
$
|
404
|
|
|
$
|
(538
|
)
|
|
$
|
1,406
|
|
Bakken Midstream
|
|
|
|
|
|
|
|
16
|
|
|
|
8
|
|
|
|
75
|
|
|
|
2
|
|
Corporate, Interest and Other
|
|
|
|
|
|
|
|
(86
|
)
|
|
|
(80
|
)
|
|
|
(254
|
)
|
|
|
(237
|
)
|
Adjusted net income (loss) from continuing operations
|
|
|
|
|
|
|
|
(291
|
)
|
|
|
332
|
|
|
|
(717
|
)
|
|
|
1,171
|
|
Discontinued operations
|
|
|
|
|
|
|
|
—
|
|
|
|
45
|
|
|
|
—
|
|
|
|
84
|
|
Adjusted net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
$
|
(291
|
)
|
|
$
|
377
|
|
|
$
|
(717
|
)
|
|
$
|
1,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per share (diluted)
|
|
|
|
|
|
|
$
|
(1.03
|
)
|
|
$
|
1.24
|
|
|
$
|
(2.53
|
)
|
|
$
|
4.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares (diluted)
|
|
|
|
|
|
|
|
283.5
|
|
|
|
305.0
|
|
|
|
283.8
|
|
|
|
312.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production:
The Exploration and Production adjusted net loss in the third
quarter of 2015 was $221 million compared with adjusted net income of
$404 million in the third quarter of 2014. On an unadjusted basis,
Exploration and Production activities had a net loss of $188 million in
the third quarter of 2015, compared with net income of $433 million in
the third quarter of 2014.
The Corporation’s average worldwide crude oil selling price,
including the effect of hedging, was down 53 percent to $45.66 per
barrel in the third quarter of 2015 from $96.78 per barrel in the third
quarter of 2014. The average worldwide natural gas liquids selling price
was $7.17 per barrel, down from $29.62 per barrel in the year-ago
quarter while the average worldwide natural gas selling price was
$4.02 per mcf in the third quarter of 2015 compared with $5.59 per mcf
in the third quarter a year-ago.
Oil and gas production was 380,000 boepd, up 19 percent from
318,000 boepd in the third quarter of 2014. Assets contributing to the
volume growth were the Bakken shale play (27,000 boepd), the Utica shale
play (17,000 boepd), the Gulf of Mexico (13,000 boepd) and Norway
(10,000 boepd). Due to continued strong performance during 2015, the
Corporation is increasing its 2015 production guidance to 370,000 to
375,000 boepd, which is up from previous full year guidance of 360,000
to 370,000 boepd. For the fourth quarter of 2015, the Corporation
forecasts production to be approximately 360,000 boepd with the Bakken
projected to contribute between 100,000 boepd to 105,000 boepd.
Operational Highlights for the Third Quarter of 2015:
Bakken (Onshore U.S.): Net
production from the Bakken increased approximately 31 percent to
113,000 boepd from the prior-year quarter due to continued drilling
activities. The Corporation brought 48 gross operated wells on
production in the third quarter of 2015 bringing the year-to-date total
to 185 wells. Drilling and completion costs per operated well averaged
$5.3 million in the third quarter of 2015, down 26 percent from the
year-ago quarter. During the quarter, the Corporation operated 7 rigs.
Utica (Onshore U.S.): On the
Corporation’s joint venture acreage, 5 wells were drilled and net
production averaged 28,000 boepd in the third quarter of 2015 compared
with 11,000 boepd in the prior-year quarter. The Corporation completed
the sale of an additional 13,000 dry gas exploration acres for a sale
price of approximately $120 million, including a note in the amount of
$37 million.
Gulf of Mexico (Offshore U.S.):
Net production from the Gulf of Mexico was 83,000 boepd compared to
70,000 boepd in the prior-year quarter, with higher volumes from Tubular
Bells, which totaled 19,000 boepd in the third quarter of 2015, being
primarily offset by lower production from the Llano Field. At the
Hess-operated Stampede development project, drilling is expected to
begin in early 2016.
Guyana (Offshore): On the
Stabroek Block (Hess 30 percent), the operator announced a significant
oil discovery at the Liza #1 well in the second quarter of 2015. The
operator is currently in the process of acquiring 17,000 square
kilometers of 3D seismic and continues to evaluate the resource
potential of the block.
Bakken Midstream:
The Corporation’s Bakken Midstream segment had net income of $16
million in the third quarter of 2015 compared to $8 million in the
prior-year quarter primarily due to higher throughput. In July 2015, the
Corporation completed the sale of a 50 percent interest in its Bakken
Midstream for cash consideration of $2.7 billion. In connection with
this transaction, in July 2015, the Bakken Midstream joint venture
incurred $600 million of debt with proceeds distributed equally to both
Hess and its partner, resulting in total after-tax cash proceeds net to
Hess of approximately $3.0 billion. Following the completion of this
sale, the Corporation continues to fully consolidate the operating
results, assets and liabilities of the Bakken Midstream segment in its
consolidated financial statements, with its partner’s share being
reflected as a noncontrolling interest.
Capital and Exploratory Expenditures:
Exploration and Production capital and exploratory expenditures
were $849 million in the third quarter of 2015 down from $1,371 million
in the prior-year quarter driven by lower activities primarily in the
United States (Bakken, Utica, and Tubular Bells), Norway and Equatorial
Guinea, partly offset by continued development of the North Malay Basin
project. Full year 2015 E&P capital and exploratory expenditures are
forecast to be approximately $4.1 billion.
Bakken Midstream capital expenditures were $88 million in the third
quarter of 2015 and $47 million in the year-ago quarter.
Liquidity:
Cash provided by operating activities before changes in working
capital was $489 million in the third quarter of 2015, compared with
$1,508 million in the third quarter of 2014. At September 30, 2015, cash
and cash equivalents, excluding Bakken Midstream, were $3,004 million
compared with $2,444 million at December 31, 2014. Total debt, excluding
Bakken Midstream, was $5,952 million at September 30, 2015 compared with
$5,987 million at December 31, 2014. The Corporation’s debt to
capitalization ratio, excluding Bakken Midstream, at September 30, 2015
was 22.7 percent. The debt to capitalization ratio at December 31, 2014
was 21.2 percent.
Preliminary 2016 Guidance:
The Corporation will finalize its 2016 budget by the end of this
year. We currently project Exploration and Production 2016 capital and
exploratory expenditures will be in a range of $2.9 billion to $3.1
billion, an approximate 27 percent decrease from the forecasted 2015
amount. As a result of the expected lower capital spend levels in 2016,
we forecast production will decrease to a range of 330,000 boepd to
350,000 boepd. Bakken production is projected to be 95,000 boepd to
105,000 boepd in 2016. The Corporation expects to operate 4 rigs in the
Bakken in 2016 compared to an average of 8.5 rigs in 2015.
Discontinued Operations:
Losses from discontinued operations, which primarily related to
pension settlement charges, amounted to $13 million in the third quarter
of 2015. Net income of $671 million in the prior-year quarter included
an after-tax gain of $602 million resulting from the sale of the retail
business. The Corporation completed the sale of its energy trading
partnership (HETCO) in the first quarter of 2015. Financial results for
the third quarter of 2014 have been recast to report HETCO as
discontinued operations in the consolidated income statement on page 8.
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense)
of items affecting comparability of earnings between periods:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(In millions)
|
|
Exploration and Production
|
|
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
(466
|
)
|
|
$
|
597
|
|
Bakken Midstream
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Corporate, Interest and Other
|
|
|
|
(8
|
)
|
|
|
(2
|
)
|
|
|
(12
|
)
|
|
|
(71
|
)
|
Discontinued operations
|
|
|
|
(13
|
)
|
|
|
604
|
|
|
|
(40
|
)
|
|
|
544
|
|
Total items affecting comparability of earnings between periods
|
|
|
$
|
12
|
|
|
$
|
631
|
|
|
$
|
(518
|
)
|
|
$
|
1,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production third quarter results include an
after-tax gain of $31 million ($49 million pre-tax) from the sale of dry
gas acreage in the Utica shale play and a tax benefit of $50 million
associated with an international investment incentive. Exploration and
Production results also include an after-tax charge of $26 million ($41
million pre-tax) for undeveloped leasehold impairment, $17 million ($27
million pre-tax) associated with exit costs in Kurdistan and other
charges of $5 million ($6 million pre-tax). Corporate, Interest and
Other third quarter results include an after-tax charge of $8 million
($10 million pre-tax) related to the Hovensa LLC bankruptcy.
Reconciliation of U.S. GAAP to Non-GAAP measures:
The following table reconciles reported net income (loss) attributable
to Hess Corporation and adjusted net income (loss):
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
(In millions)
|
Net income (loss) attributable to Hess Corporation
|
|
$
|
(279
|
)
|
|
$
|
1,008
|
|
|
$
|
(1,235
|
)
|
|
$
|
2,325
|
Less: Total items affecting comparability of earnings between periods
|
|
|
12
|
|
|
|
631
|
|
|
|
(518
|
)
|
|
|
1,070
|
Adjusted net income (loss) attributable to Hess Corporation
|
|
$
|
(291
|
)
|
|
$
|
377
|
|
|
$
|
(717
|
)
|
|
$
|
1,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The reconciliations of net cash flow provided by operating activities
before working capital changes to net cash provided by (used in)
operating activities are detailed on pages 8 and 9.
Hess Corporation will review third quarter financial and operating
results and other matters on a webcast at 10 a.m. today. For details
about the event, refer to the Investor Relations section of our website
at www.hess.com.
Hess Corporation is a leading global independent energy
company engaged in the exploration and production of crude oil and
natural gas. More information on Hess Corporation is available at www.hess.com.
Forward-looking Statements
Certain statements in this release may constitute "forward-looking
statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended. Forward-looking
statements are subject to known and unknown risks and uncertainties and
other factors which may cause actual results to differ materially from
those expressed or implied by such statements, including, without
limitation, uncertainties inherent in the measurement and interpretation
of geological, geophysical and other technical data. Estimates and
projections contained in this release are based on the Company’s current
understanding and assessment based on reasonable assumptions. Actual
results may differ materially from these estimates and projections due
to certain risk factors discussed in the Corporation’s periodic filings
with the Securities and Exchange Commission and other factors.
Non-GAAP financial measure
The Corporation has used non-GAAP financial measures in this earnings
release. “Adjusted net income (loss)” presented in this release is
defined as reported net income (loss) attributable to Hess Corporation
excluding items identified as affecting comparability of earnings
between periods. “Cash provided by operating activities before working
capital change” is defined as Cash provided by operating activities
excluding changes in working capital. We believe that investors’
understanding of our performance is enhanced by disclosing these
measures. These measures are not, and should not be viewed as, a
substitute for U.S. GAAP net income (loss) or cash provided by operating
activities. A reconciliation of reported net income (loss) attributable
to Hess Corporation (U.S. GAAP) to adjusted net income (loss) as well as
a reconciliation of cash provided by operating activities (U.S. GAAP) to
cash provided by operating activities before working capital change are
provided in the release.
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
|
Third
|
|
|
|
|
Third
|
|
|
|
|
Second
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
|
Quarter
|
|
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and Non-operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
|
|
|
|
$
|
1,671
|
|
|
|
|
$
|
2,678
|
|
|
|
|
$
|
1,953
|
|
Gains on asset sales, net
|
|
|
|
|
|
|
|
50
|
|
|
|
|
|
31
|
|
|
|
|
|
—
|
|
Other, net
|
|
|
|
|
|
|
|
(32
|
)
|
|
|
|
|
27
|
|
|
|
|
|
(18
|
)
|
Total revenues and non-operating income
|
|
|
|
|
|
|
|
1,689
|
|
|
|
|
|
2,736
|
|
|
|
|
|
1,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)
|
|
|
|
|
|
|
|
356
|
|
|
|
|
|
423
|
|
|
|
|
|
356
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
508
|
|
|
|
|
|
511
|
|
|
|
|
|
503
|
|
Production and severance taxes
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
69
|
|
|
|
|
|
45
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
|
|
|
|
144
|
|
|
|
|
|
90
|
|
|
|
|
|
90
|
|
General and administrative expenses
|
|
|
|
|
|
|
|
119
|
|
|
|
|
|
139
|
|
|
|
|
|
151
|
|
Interest expense
|
|
|
|
|
|
|
|
84
|
|
|
|
|
|
75
|
|
|
|
|
|
86
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
988
|
|
|
|
|
|
838
|
|
|
|
|
|
1,028
|
|
Impairment
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
385
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
2,228
|
|
|
|
|
|
2,145
|
|
|
|
|
|
2,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
|
|
|
|
(539
|
)
|
|
|
|
|
591
|
|
|
|
|
|
(709
|
)
|
Provision (benefit) for income taxes
|
|
|
|
|
|
|
|
(300
|
)
|
|
|
|
|
232
|
|
|
|
|
|
(156
|
)
|
Income (loss) from continuing operations
|
|
|
|
|
|
|
|
(239
|
)
|
|
|
|
|
359
|
|
|
|
|
|
(553
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
|
|
|
|
|
|
(13
|
)
|
|
|
|
|
671
|
|
|
|
|
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
(252
|
)
|
|
|
|
|
1,030
|
|
|
|
|
|
(567
|
)
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
27
|
|
|
|
|
|
22
|
|
|
|
|
|
—
|
|
Net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
$
|
(279
|
)
|
|
|
|
$
|
1,008
|
|
|
|
|
$
|
(567
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Discontinued Operations" on page 6 for basis
of presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities before working capital
changes
|
|
|
|
|
|
|
$
|
489
|
|
|
|
|
$
|
1,508
|
|
|
|
|
$
|
711
|
|
Changes in working capital
|
|
|
|
|
|
|
|
(207
|
)
|
|
|
|
|
(186
|
)
|
|
|
|
|
(71
|
)
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
282
|
|
|
|
|
|
1,322
|
|
|
|
|
|
640
|
|
Net cash provided by (used in) investing activities
|
|
|
|
|
|
|
|
(956
|
)
|
|
|
|
|
1,585
|
|
|
|
|
|
(1,115
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
|
|
2,756
|
|
|
|
|
|
(992
|
)
|
|
|
|
|
(100
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
$
|
2,082
|
|
|
|
|
$
|
1,915
|
|
|
|
|
$
|
(575
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and Non-operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,162
|
|
|
$
|
8,180
|
|
Gains on asset sales, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
820
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38
|
)
|
|
|
(89
|
)
|
Total revenues and non-operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,174
|
|
|
|
8,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
990
|
|
|
|
1,208
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,517
|
|
|
|
1,551
|
|
Production and severance taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110
|
|
|
|
209
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
503
|
|
|
|
669
|
|
General and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
417
|
|
|
|
424
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
255
|
|
|
|
241
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,972
|
|
|
|
2,349
|
|
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
385
|
|
|
|
—
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,149
|
|
|
|
6,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,975
|
)
|
|
|
2,260
|
|
Provision (benefit) for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(807
|
)
|
|
|
563
|
|
Income (loss) from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,168
|
)
|
|
|
1,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40
|
)
|
|
|
684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,208
|
)
|
|
|
2,381
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
56
|
|
Net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,235
|
)
|
|
$
|
2,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Discontinued Operations" on page 6 for basis
of presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities before working capital
changes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,670
|
|
|
$
|
4,228
|
|
Changes in working capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(312
|
)
|
|
|
(845
|
)
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,358
|
|
|
|
3,383
|
|
Net cash provided by (used in) investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,297
|
)
|
|
|
1,563
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,508
|
|
|
|
(2,640
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
569
|
|
|
$
|
2,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2015
|
|
|
2014
|
|
Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
3,013
|
|
|
$
|
2,444
|
|
Other current assets
|
|
2,584
|
|
|
|
4,243
|
|
Property, plant and equipment – net
|
|
26,883
|
|
|
|
27,517
|
|
Other long-term assets
|
|
3,976
|
|
|
|
4,374
|
|
Total assets
|
$
|
36,456
|
|
|
$
|
38,578
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
$
|
78
|
|
|
$
|
68
|
|
Other current liabilities
|
|
2,546
|
|
|
|
4,783
|
|
Long-term debt
|
|
6,474
|
|
|
|
5,919
|
|
Other long-term liabilities
|
|
4,995
|
|
|
|
5,488
|
|
Total equity excluding other comprehensive income (loss) and
noncontrolling interests
|
|
22,913
|
|
|
|
23,615
|
|
Accumulated other comprehensive income (loss)
|
|
(1,582
|
)
|
|
|
(1,410
|
)
|
Noncontrolling interests
|
|
1,032
|
|
|
|
115
|
|
Total liabilities and equity
|
$
|
36,456
|
|
|
$
|
38,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hess
|
|
|
|
Bakken Midstream
|
|
|
|
Hess Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,952
|
|
|
|
$
|
600
|
|
|
|
$
|
6,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
E&P Capital and Exploratory Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
295
|
|
|
$
|
525
|
|
|
$
|
331
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70
|
|
|
|
191
|
|
|
|
110
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365
|
|
|
|
716
|
|
|
|
441
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
199
|
|
|
|
205
|
|
|
|
188
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
564
|
|
|
|
921
|
|
|
|
629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
|
|
111
|
|
|
|
82
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
125
|
|
|
|
58
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
214
|
|
|
|
214
|
|
|
|
237
|
E&P Capital and Exploratory Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
849
|
|
|
$
|
1,371
|
|
|
$
|
1,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exploration expenses charged to income included above
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79
|
|
|
$
|
56
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken Midstream Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
88
|
|
|
$
|
47
|
|
|
$
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
E&P Capital and Exploratory Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,060
|
|
|
$
|
1,290
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
260
|
|
|
|
546
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,320
|
|
|
|
1,836
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
666
|
|
|
|
524
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,986
|
|
|
|
2,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
255
|
|
|
|
418
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159
|
|
|
|
344
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
699
|
|
|
|
608
|
E&P Capital and Exploratory Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,099
|
|
|
$
|
3,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exploration expenses charged to income included above
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
184
|
|
|
$
|
188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken Midstream Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
193
|
|
|
$
|
168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
Third Quarter 2015
|
|
|
|
|
United States
|
|
|
International
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
$
|
1,022
|
|
|
$
|
649
|
|
|
$
|
1,671
|
|
Gains on asset sales, net
|
|
|
|
50
|
|
|
|
—
|
|
|
|
50
|
|
Other, net
|
|
|
|
(4
|
)
|
|
|
(19
|
)
|
|
|
(23
|
)
|
Total revenues and non-operating income
|
|
|
|
1,068
|
|
|
|
630
|
|
|
|
1,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)(c)
|
|
|
|
350
|
|
|
|
36
|
|
|
|
386
|
|
Operating costs and expenses
|
|
|
|
193
|
|
|
|
250
|
|
|
|
443
|
|
Production and severance taxes
|
|
|
|
28
|
|
|
|
1
|
|
|
|
29
|
|
Bakken Midstream tariffs
|
|
|
|
117
|
|
|
|
—
|
|
|
|
117
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
87
|
|
|
|
57
|
|
|
|
144
|
|
General and administrative expenses
|
|
|
|
47
|
|
|
|
13
|
|
|
|
60
|
|
Depreciation, depletion and amortization
|
|
|
|
622
|
|
|
|
341
|
|
|
|
963
|
|
Total costs and expenses
|
|
|
|
1,444
|
|
|
|
698
|
|
|
|
2,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
(376
|
)
|
|
|
(68
|
)
|
|
|
(444
|
)
|
Provision (benefit) for income taxes
|
|
|
|
(129
|
)
|
|
|
(127
|
)
|
|
|
(256
|
)
|
Net income (loss) attributable to Hess Corporation
|
|
|
$
|
(247
|
)
|
(a)
|
$
|
59
|
|
(b)
|
$
|
(188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2014
|
|
|
|
|
United States
|
|
|
International
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
$
|
1,629
|
|
|
$
|
1,049
|
|
|
$
|
2,678
|
|
Gains on asset sales, net
|
|
|
|
2
|
|
|
|
35
|
|
|
|
37
|
|
Other, net
|
|
|
|
(7
|
)
|
|
|
28
|
|
|
|
21
|
|
Total revenues and non-operating income
|
|
|
|
1,624
|
|
|
|
1,112
|
|
|
|
2,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)(c)
|
|
|
|
427
|
|
|
|
20
|
|
|
|
447
|
|
Operating costs and expenses
|
|
|
|
185
|
|
|
|
272
|
|
|
|
457
|
|
Production and severance taxes
|
|
|
|
62
|
|
|
|
7
|
|
|
|
69
|
|
Bakken Midstream tariffs
|
|
|
|
65
|
|
|
|
—
|
|
|
|
65
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
34
|
|
|
|
56
|
|
|
|
90
|
|
General and administrative expenses
|
|
|
|
63
|
|
|
|
19
|
|
|
|
82
|
|
Depreciation, depletion and amortization
|
|
|
|
455
|
|
|
|
360
|
|
|
|
815
|
|
Total costs and expenses
|
|
|
|
1,291
|
|
|
|
734
|
|
|
|
2,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
333
|
|
|
|
378
|
|
|
|
711
|
|
Provision (benefit) for income taxes
|
|
|
|
125
|
|
|
|
153
|
|
|
|
278
|
|
Net income (loss) attributable to Hess Corporation
|
|
|
$
|
208
|
|
(a)
|
$
|
225
|
|
(b)
|
$
|
433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
The after-tax realized results from crude oil hedging activities
amounted to a gain of $13 million in the third quarter of 2015 and a
gain of $4 million in the third quarter of 2014. Unrealized changes
in crude oil hedging contracts which are included in Other operating
revenues, amounted to a loss of $5 million in the third quarter of
2015 and gain of $5 million in the third quarter of 2014.
|
(b)
|
|
The after-tax realized results from crude oil hedging activities
amounted to a gain of $19 million in the third quarter of 2015 and
a gain of $13 million in the third quarter of 2014. Unrealized
changes in crude oil hedging contracts, which are included in
Other operating revenues, amounted to a loss of $0.3 million in
the third quarter of 2015 and amounted to a gain of $1 million in
the third quarter of 2014.
|
(c)
|
|
Includes amounts from the Bakken Midstream.
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
Second Quarter 2015
|
|
|
|
|
United States
|
|
|
International
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
$
|
1,259
|
|
|
$
|
694
|
|
|
$
|
1,953
|
|
Other, net
|
|
|
|
(13
|
)
|
|
|
(4
|
)
|
|
|
(17
|
)
|
Total revenues and non-operating income
|
|
|
|
1,246
|
|
|
|
690
|
|
|
|
1,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)(c)
|
|
|
|
382
|
|
|
|
4
|
|
|
|
386
|
|
Operating costs and expenses
|
|
|
|
181
|
|
|
|
254
|
|
|
|
435
|
|
Production and severance taxes
|
|
|
|
44
|
|
|
|
1
|
|
|
|
45
|
|
Bakken Midstream tariffs
|
|
|
|
116
|
|
|
|
—
|
|
|
|
116
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
48
|
|
|
|
42
|
|
|
|
90
|
|
General and administrative expenses
|
|
|
|
79
|
|
|
|
18
|
|
|
|
97
|
|
Depreciation, depletion and amortization
|
|
|
|
609
|
|
|
|
395
|
|
|
|
1,004
|
|
Goodwill impairment expense
|
|
|
|
385
|
|
|
|
—
|
|
|
|
385
|
|
Total costs and expenses
|
|
|
|
1,844
|
|
|
|
714
|
|
|
|
2,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
(598
|
)
|
|
|
(24
|
)
|
|
|
(622
|
)
|
Provision (benefit) for income taxes
|
|
|
|
(69
|
)
|
|
|
(51
|
)
|
|
|
(120
|
)
|
Net income (loss) attributable to Hess Corporation
|
|
|
$
|
(529
|
)
|
(a)
|
$
|
27
|
|
(b)
|
$
|
(502
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
The after-tax realized results from crude oil hedging activities
amounted to a loss of $1 million in the second quarter of 2015.
Unrealized changes in crude oil hedging contracts, which are
included in Other operating revenues, amounted to a gain of $3
million in the second quarter of 2015.
|
(b)
|
|
The after-tax realized results from crude oil hedging activities
amounted to a loss of $8 million in the second quarter of 2015.
Unrealized changes in crude oil hedging contracts, which are
included in Other operating revenues, amounted to a loss of $16
million after-tax.
|
(c)
|
|
Includes amounts from the Bakken Midstream.
|
|
|
|
|
|
|
Nine Months 2015
|
|
|
|
|
United States
|
|
|
International
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
$
|
3,218
|
|
|
$
|
1,944
|
|
|
$
|
5,162
|
|
Gains on asset sales, net
|
|
|
|
50
|
|
|
|
—
|
|
|
|
50
|
|
Other, net
|
|
|
|
(24
|
)
|
|
|
(5
|
)
|
|
|
(29
|
)
|
Total revenues and non-operating income
|
|
|
|
3,244
|
|
|
|
1,939
|
|
|
|
5,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)(c)
|
|
|
|
1,076
|
|
|
|
2
|
|
|
|
1,078
|
|
Operating costs and expenses
|
|
|
|
587
|
|
|
|
734
|
|
|
|
1,321
|
|
Production and severance taxes
|
|
|
|
106
|
|
|
|
4
|
|
|
|
110
|
|
Bakken Midstream tariffs
|
|
|
|
335
|
|
|
|
—
|
|
|
|
335
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
171
|
|
|
|
332
|
|
|
|
503
|
|
General and administrative expenses
|
|
|
|
202
|
|
|
|
41
|
|
|
|
243
|
|
Depreciation, depletion and amortization
|
|
|
|
1,759
|
|
|
|
1,140
|
|
|
|
2,899
|
|
Goodwill impairment expense
|
|
|
|
385
|
|
|
|
—
|
|
|
|
385
|
|
Total costs and expenses
|
|
|
|
4,621
|
|
|
|
2,253
|
|
|
|
6,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
(1,377
|
)
|
|
|
(314
|
)
|
|
|
(1,691
|
)
|
Provision (benefit) for income taxes
|
|
|
|
(340
|
)
|
|
|
(347
|
)
|
|
|
(687
|
)
|
Net income (loss) attributable to Hess Corporation
|
|
|
$
|
(1,037
|
)
|
(a)
|
$
|
33
|
|
(b)
|
$
|
(1,004
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2014
|
|
|
|
|
United States
|
|
|
International
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues
|
|
|
$
|
4,827
|
|
|
$
|
3,353
|
|
|
$
|
8,180
|
|
Gains on asset sales, net
|
|
|
|
64
|
|
|
|
749
|
|
|
|
813
|
|
Other, net
|
|
|
|
(21
|
)
|
|
|
8
|
|
|
|
(13
|
)
|
Total revenues and non-operating income
|
|
|
|
4,870
|
|
|
|
4,110
|
|
|
|
8,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold (excluding items shown separately below)(c)
|
|
|
|
1,253
|
|
|
|
31
|
|
|
|
1,284
|
|
Operating costs and expenses
|
|
|
|
556
|
|
|
|
837
|
|
|
|
1,393
|
|
Production and severance taxes
|
|
|
|
187
|
|
|
|
22
|
|
|
|
209
|
|
Bakken Midstream tariffs
|
|
|
|
142
|
|
|
|
—
|
|
|
|
142
|
|
Exploration expenses, including dry holes and lease impairment
|
|
|
|
289
|
|
|
|
380
|
|
|
|
669
|
|
General and administrative expenses
|
|
|
|
187
|
|
|
|
50
|
|
|
|
237
|
|
Depreciation, depletion and amortization
|
|
|
|
1,219
|
|
|
|
1,070
|
|
|
|
2,289
|
|
Total costs and expenses
|
|
|
|
3,833
|
|
|
|
2,390
|
|
|
|
6,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
1,037
|
|
|
|
1,720
|
|
|
|
2,757
|
|
Provision for income taxes
|
|
|
|
403
|
|
|
|
351
|
|
|
|
754
|
|
Net income (loss) attributable to Hess Corporation
|
|
|
$
|
634
|
|
(a)
|
$
|
1,369
|
|
(b)
|
$
|
2,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
The after-tax realized gains from crude oil hedging activities
amounted to $12 million in the first nine months of 2015 and a gain
of $2 million in the first nine months of 2014. Unrealized changes
in crude oil hedging contracts, which are included in Other
operating revenues, amounted to a loss of $2 million after-tax in
the first nine months of 2015 and a gain of $3 million after-tax in
the first nine months of 2014.
|
(b)
|
|
The after-tax realized gain from crude oil hedging activities
amounted to $12 million in the first nine months of 2015 and a gain
of $13 million in the first nine months of 2014. Unrealized changes
in crude oil hedging contracts, which are included in Other
operating revenues, amounted to a loss of $6 million after-tax in
the first nine months of 2015 and gain of $4 million after-tax in
the first nine months of 2014.
|
(c)
|
|
Includes amounts from the Bakken Midstream.
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Production Per Day (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82
|
|
|
|
63
|
|
|
|
85
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
11
|
|
|
|
11
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92
|
|
|
|
74
|
|
|
|
96
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60
|
|
|
|
51
|
|
|
|
61
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152
|
|
|
|
125
|
|
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
31
|
|
|
|
39
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
53
|
|
|
|
48
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
2
|
|
|
|
2
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244
|
|
|
|
211
|
|
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
15
|
|
|
|
22
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
8
|
|
|
|
12
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
23
|
|
|
|
34
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
6
|
|
|
|
6
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
29
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
30
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
|
46
|
|
|
|
71
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
|
52
|
|
|
|
95
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190
|
|
|
|
98
|
|
|
|
166
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
76
|
|
|
|
98
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
283
|
|
|
|
174
|
|
|
|
264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
|
|
29
|
|
|
|
41
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
246
|
|
|
|
259
|
|
|
|
312
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
574
|
|
|
|
462
|
|
|
|
617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
380
|
|
|
|
318
|
|
|
|
391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Production Per Day (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82
|
|
|
|
61
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
10
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
71
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57
|
|
|
|
52
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150
|
|
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
35
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
51
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
3
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240
|
|
|
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
9
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
5
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
14
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
6
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
1
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakken
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
|
36
|
Other Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
43
|
Total Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165
|
|
|
|
79
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85
|
|
|
|
79
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
|
158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
|
33
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
297
|
|
|
|
316
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
588
|
|
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
377
|
|
|
|
318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
Sales Volumes Per Day (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
245
|
|
|
|
214
|
|
|
|
250
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
30
|
|
|
|
42
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
574
|
|
|
|
462
|
|
|
|
617
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
381
|
|
|
|
321
|
|
|
|
395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Volumes (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,592
|
|
|
|
19,719
|
|
|
|
22,729
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,701
|
|
|
|
2,772
|
|
|
|
3,848
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,784
|
|
|
|
42,511
|
|
|
|
56,179
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,090
|
|
|
|
29,576
|
|
|
|
35,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
Sales Volumes Per Day (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
238
|
|
|
|
|
211
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
|
21
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
588
|
|
|
|
|
507
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
375
|
|
|
|
|
317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Volumes (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,028
|
|
|
|
|
57,662
|
Natural gas liquids - barrels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,668
|
|
|
|
|
5,836
|
Natural gas - mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160,604
|
|
|
|
|
138,530
|
Barrels of oil equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,463
|
|
|
|
|
86,586
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Selling Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - per barrel (including hedging)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40.43
|
|
|
$
|
87.29
|
|
|
$
|
50.33
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42.70
|
|
|
|
97.50
|
|
|
|
57.82
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41.33
|
|
|
|
91.47
|
|
|
|
53.25
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53.49
|
|
|
|
110.06
|
|
|
|
60.88
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.98
|
|
|
|
101.21
|
|
|
|
59.70
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
59.37
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45.66
|
|
|
|
96.78
|
|
|
|
55.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - per barrel (excluding hedging)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
37.91
|
|
|
$
|
87.29
|
|
|
$
|
50.54
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42.70
|
|
|
|
96.25
|
|
|
|
57.82
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39.81
|
|
|
|
90.95
|
|
|
|
53.38
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.12
|
|
|
|
106.40
|
|
|
|
62.39
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.60
|
|
|
|
99.21
|
|
|
|
61.00
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
59.37
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43.43
|
|
|
|
95.41
|
|
|
|
56.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas liquids - per barrel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5.45
|
|
|
$
|
28.20
|
|
|
$
|
9.47
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.56
|
|
|
|
31.45
|
|
|
|
15.82
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.69
|
|
|
|
28.84
|
|
|
|
10.46
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.44
|
|
|
|
49.37
|
|
|
|
27.53
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.17
|
|
|
|
29.62
|
|
|
|
11.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas - per mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.70
|
|
|
$
|
2.25
|
|
|
$
|
1.81
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.37
|
|
|
|
3.64
|
|
|
|
2.13
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.92
|
|
|
|
2.85
|
|
|
|
1.93
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.43
|
|
|
|
9.63
|
|
|
|
7.35
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.98
|
|
|
|
6.97
|
|
|
|
6.27
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.02
|
|
|
|
5.59
|
|
|
|
4.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION
AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Selling Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - per barrel (including hedging)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43.38
|
|
|
$
|
90.14
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.75
|
|
|
|
99.11
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45.43
|
|
|
|
93.92
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55.87
|
|
|
|
110.09
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54.99
|
|
|
|
105.68
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56.85
|
|
|
|
104.66
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49.14
|
|
|
|
99.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil - per barrel (excluding hedging)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42.61
|
|
|
$
|
90.14
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.75
|
|
|
|
98.92
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44.95
|
|
|
|
93.84
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55.01
|
|
|
|
109.01
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54.26
|
|
|
|
104.86
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56.85
|
|
|
|
104.66
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.55
|
|
|
|
99.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas liquids - per barrel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9.47
|
|
|
$
|
33.62
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.60
|
|
|
|
32.63
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.32
|
|
|
|
33.31
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.50
|
|
|
|
56.98
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.84
|
|
|
|
34.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas - per mcf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Onshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.78
|
|
|
$
|
3.57
|
Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.26
|
|
|
|
4.01
|
Total United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.95
|
|
|
|
3.80
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.18
|
|
|
|
10.60
|
Asia and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.07
|
|
|
|
7.13
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.40
|
|
|
|
6.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is summary of the Corporation’s commodity hedging program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brent
|
|
|
West Texas Intermediate
|
Q4 2015 Hedging program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily production - barrels of oil per day (bopd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
20,000
|
Ceiling price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$80
|
|
|
$80
|
Floor price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$60
|
|
|
$60
|
Program finishing date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES BAKKEN
MIDSTREAM EARNINGS (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues and non-operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
148
|
|
|
$
|
89
|
|
|
$
|
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
|
54
|
|
|
|
68
|
General and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
3
|
|
|
|
3
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
19
|
|
|
|
22
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
—
|
|
|
|
1
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
|
|
76
|
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53
|
|
|
|
13
|
|
|
|
51
|
Provision (benefit) for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
5
|
|
|
|
19
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43
|
|
|
|
8
|
|
|
|
32
|
Less: Net income attributable to noncontrolling interests*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
—
|
|
|
|
—
|
Net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16
|
|
|
$
|
8
|
|
|
$
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - On July 1, 2015, the Corporation completed the sale of a 50 percent
interest in its Bakken Midstream segment. Our partner’s 50 percent share
of net income is presented as a noncontrolling interest charge in the
Bakken Midstream income statements effective from the third quarter of
2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
|
|
|
Third
|
|
|
Second
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
Bakken Midstream - Operating Volumes (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tioga gas plant - mcf of natural gas per day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210
|
|
|
139
|
|
|
202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput - bopd (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
|
62
|
|
|
82
|
Tioga rail terminal crude loading - bopd (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47
|
|
|
39
|
|
|
51
|
Rail services - bopd (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
|
34
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipelines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil gathering - bopd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
28
|
|
|
35
|
Gas gathering - mcf of natural gas per day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
226
|
|
|
167
|
|
|
227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Volume of crude oil received at the Ramburg Truck Facility for
transportation to the Tioga Rail Terminal or third party pipelines.
|
(b)
|
|
Volume of crude oil loaded to Hess Midstream and third party rail
cars at the Tioga Rail Terminal.
|
(c)
|
|
Volume of crude oil transported by Hess Midstream rail cars from
the Tioga Rail Terminal and third party terminals.
|
|
|
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES BAKKEN
MIDSTREAM EARNINGS (UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues and non-operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
423
|
|
|
$
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
196
|
|
|
|
158
|
General and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
7
|
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
|
|
|
|
48
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
1
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276
|
|
|
|
214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147
|
|
|
|
4
|
Provision (benefit) for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
|
|
2
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102
|
|
|
|
2
|
Less: Net income attributable to noncontrolling interests*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
—
|
Net income (loss) attributable to Hess Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
75
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - On July 1, 2015, the Corporation completed the sale of a 50 percent
interest in its Bakken Midstream segment. Our partner’s 50 percent share
of net income is presented as a noncontrolling interest charge in the
Bakken Midstream income statements effective from the third quarter of
2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Bakken Midstream - Operating Volumes (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tioga gas plant - mcf of natural gas per day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197
|
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput - bopd (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78
|
|
|
57
|
Tioga rail terminal crude loading - bopd (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
37
|
Rail services - bopd (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipelines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil gathering - bopd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
|
24
|
Gas gathering - mcf of natural gas per day
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
219
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Volume of crude oil received at the Ramburg Truck Facility for
transportation to the Tioga Rail Terminal or third party pipelines.
|
(b)
|
|
Volume of crude oil loaded to Hess Midstream and third party rail
cars at the Tioga Rail Terminal.
|
(c)
|
|
Volume of crude oil transported by Hess Midstream rail cars from
the Tioga Rail Terminal and third party terminals.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028005361/en/ Copyright Business Wire 2015
Source: Business Wire
(October 28, 2015 - 7:30 AM EDT)
News by QuoteMedia
www.quotemedia.com
|