Replies to post #594 on The Rising Influence of Rising Affluence

[DewDiligence]

HES Monetizes ‘Non-Core’ North Sea Assets for $423M

http://finance.yahoo.com/news/Hess-Reaches-Agreement-for-bw-827181730.html?x=0&.v=1

›Thursday April 1, 2010, 8:00 am EDT

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced that it had reached agreement with Scottish & Southern Energy to sell its interests in a package of natural gas production and transportation assets in the United Kingdom North Sea for $423 million in cash. The sale is expected to close in the third quarter of 2010.

On completion of the sale, Scottish & Southern will assume ownership of Hess’ interests in the Everest and Lomond natural gas fields and the Central Area Transmission System in the central North Sea, together with the Bacton Corridor and Easington Catchment Area natural gas fields located in the Southern North Sea. The transaction is subject to the usual UK government and partner consents.

Greg Hill, President, Worldwide Exploration & Production said, “This sale is part of our company’s ongoing portfolio management and optimization. Our strategy is to grow our reserves on a profitable and sustainable basis. The sale of these non-operated, mature fields will help us focus our resources on delivering that strategy.”‹

[DewDiligence]

Higher Oil, Gas Prices Lift 3Q10 HES Results

[3Q10 production was 413K boe/d vs 415K in 2Q10 and 420K in 3Q09; the slight decrease was primarily due to the GoM moratorium and was also affected by the exchange of North Sea assets with Shell and Total in early 2010 (#msg-48538701, #msg-51550309). Despite the GoM moratorium, HES is exceeding its own 2010 full-year forecast of 400-410K boe/d given in Jan 2010 (#msg-46105934).]

http://finance.yahoo.com/news/Hess-profit-up-on-higher-oil-apf-1498498801.html?x=0&.v=1

›October 27, 2010, 11:31 am EDT

NEW YORK (AP) -- Hess Corp. said Wednesday that its profit more than tripled in the third quarter as oil and natural gas prices rose.

For the three months ended Sept. 30, the company earned $1.15 billion, or $3.52 per share. That compared with an income of $341 million, or $1.05 per share in the year ago period.

Quarterly revenue was $8.95 billion, up from $7.38 billion the same time last year.

Analysts surveyed by Thomson Reuters, who do not include one-time gains and charges, on average expected a profit of $1.04 per share on revenue of $8.73 billion.

The company said its quarterly results included an after-tax gain of $1.07 billion related to an asset exchange and a charge of $347 million related to an asset impairment.

Oil production in the quarter slipped slightly to 413,000 barrels per day, compared with 420,000 barrels per day in the year-ago period. However, the average selling price for crude oil rose to $64.81 per barrel, compared with $56.07 per barrel a year ago. The prices include the effect of hedging. The average selling price of natural gas rose to $5.73 per thousand cubic feet, up from $4.60 per thousand cubic feet a year ago.

Marketing and generating costs were unchanged from a year ago at $38 million. Trading activities resulted in a $28 million loss, compared with an income of $6 million a year ago.‹