Hess Corporation (NYSE:HES) today reported net income of $1,008 million for the quarter ended September 30, 2014. Adjusted net income, which excludes items affecting comparability, was $377 million or $1.24 per common share, compared with $405 million or $1.18 per share in the year-ago quarter. Lower realized crude oil selling prices and higher depreciation expense in the third quarter of 2014 were the primary drivers for the decrease in adjusted net income. However, adjusted net income per share in the third quarter of 2014 increased over the third quarter of last year due to an 11 percent decrease in the weighted average number of diluted shares outstanding primarily as a result of the Corporation’s stock repurchase program.

After-tax net income (loss) by major operating activity was as follows:

 
      Three Months Ended   Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2014   2013 2014   2013
(In millions, except per share amounts)

Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ 441 $ 455 $ 2,006 $ 3,274
Corporate and Interest (80) (88) (260) (325)
Downstream Businesses   647   53   579   178
Net income attributable to Hess Corporation $ 1,008 $ 420 $ 2,325 $ 3,127
 
Net income per share (diluted) $ 3.31 $ 1.23 $ 7.44 $ 9.11
 
 

Adjusted Net Income (Loss)

Exploration and Production $ 412 $ 458 $ 1,409 $ 1,756
Corporate and Interest (78) (83) (241) (308)
Downstream Businesses   43   30   87   146
Adjusted net income attributable to Hess Corporation $ 377 $ 405 $ 1,255 $ 1,594
 
Adjusted net income per share (diluted) $ 1.24 $ 1.18 $ 4.01 $ 4.64
 
Weighted average number of shares (diluted)   305.0   343.3   312.7   343.3
 
Note: See page 6 for a table of items affecting comparability of earnings between periods.
 

“We are delivering strong performance and executing our plan,” Chief Executive Officer John Hess said. “With our focused, balanced portfolio and strong balance sheet, we are well positioned in the current price environment to drive cash generative growth and sustainable returns for our shareholders.”

Exploration and Production:

Exploration and Production earnings were $441 million in the third quarter of 2014, compared with $455 million in the third quarter of 2013. Adjusted net income was $412 million in the third quarter of 2014 and $458 million in the third quarter of 2013.

Oil and gas production of 318,000 boepd was up 3 percent from the third quarter a year-ago. Production from the Llano Field in the Gulf of Mexico was up 16,000 boepd due to maintenance in the third quarter of 2013 and first production from the Llano #4 well in the fourth quarter of 2013. Higher production in the Bakken shale play contributed 15,000 boepd versus the year-ago quarter and ongoing development of Utica wet gas acreage increased production by an additional 10,000 boepd. The North Malay Basin Early Production System, which commenced production in October 2013 contributed 7,000 boepd in the quarter. Asset sales reduced third quarter 2014 production by 30,000 boepd while scheduled maintenance at the Valhall Field, offshore Norway reduced production by 12,000 boepd. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was down 8 percent from $104.95 per barrel in the year-ago quarter to $96.36 per barrel in the third quarter of 2014. The average worldwide natural gas selling price was $5.59 per mcf in the third quarter of 2014, down from $6.52 per mcf in the third quarter a year-ago.

Excluding production from assets sold and Libya, pro forma production was 314,000 boepd in the third quarter of 2014, an increase of 17 percent from 269,000 boepd in the third quarter of 2013. The Corporation expects pro forma production to average near the top end of the range of 305,000 boepd and 315,000 boepd for the full year of 2014 driven by continued growth in the Bakken, higher production from the Valhall Field and the start-up of the Tubular Bells Field in the Gulf of Mexico.

Operational Highlights for the Third Quarter of 2014:

   Bakken (Onshore U.S.): Production from the Bakken increased 21 percent from the prior year quarter to 86,000 boepd due to continued development activities and the completion of the Tioga    gas plant expansion project. Hess brought 59 gross operated wells on production in the quarter, bringing the year-to-date total to 142 wells. Drilling and completion costs per operated well    averaged $7.2 million in the third quarter of 2014, a reduction of 8 percent from the third quarter of 2013.

   Tubular Bells (Offshore U.S.): The offshore hook-up and final commissioning activities progressed in the third quarter and we expect first production to commence within the next week. Net    production is expected to ramp up through the remainder of 2014 to 25,000 boepd.

   Utica (Onshore U.S.): On the Corporation’s joint venture acreage, ten wells were drilled in the third quarter of 2014. Production increased to approximately 11,000 boepd for the quarter.

   Valhall (Offshore Norway): Net production averaged 25,000 boepd during the third quarter, compared with 37,000 boepd in the year-ago quarter, reflecting scheduled maintenance downtime    in the third quarter of 2014.

   North Malay Basin (Offshore Malaysia): Production averaged 7,000 boepd in the third quarter of 2014 from the Early Production System. Progress continued on the full field development    project.

   Ghana (Offshore): The Corporation completed drilling of the Almond 2 well, the last of a three well appraisal program, in the third quarter of 2014.

   Libya: Civil unrest continues in Libya, however during the third quarter, the operator recommenced production at a reduced rate and the Corporation sold one cargo of crude oil. Hess net    production from Libya averaged 4,000 boepd for the third quarter of 2014 and 11,000 boepd in the year-ago quarter.

Capital and Exploratory Expenditures:

Capital and exploratory expenditures in the third quarter of 2014 were $1,418 million, down from $1,503 million in the prior year quarter.

Hess Midstream Partners LP:

On September 24, 2014 the Corporation’s wholly owned subsidiary, Hess Midstream Partners LP, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests. The offering is expected to occur in 2015.

Asset Sales:

In September 2014, the Corporation completed the sale of its retail marketing business for cash proceeds of $2.8 billion and its interest in an exploration asset in the United Kingdom North Sea for $53 million. In October, the Corporation signed an agreement to sell its interest in HETCO, its energy trading joint venture.

Liquidity:

Net cash provided by operating activities was $1,338 million in the third quarter of 2014, compared with $1,254 million in the same quarter of 2013. At September 30, 2014, cash and cash equivalents totaled $4,120 million, compared with $1,814 million at December 31, 2013, primarily reflecting the collection of proceeds from the sale of the retail business. Total debt was $5,996 million at September 30, 2014 compared with $5,798 million at December 31, 2013. The Corporation’s debt to capitalization ratio at September 30, 2014 was 19.7 percent, and 19.0 percent at the end of 2013.

Returning Capital to Shareholders:

In the third quarter of 2014, the Corporation repurchased 9.2 million shares of common stock at a cost of $903 million. Since initiation of the buyback program in August 2013, total shares repurchased through September 30, 2014 amounted to 49.4 million at a total cost of approximately $4.2 billion for an average cost per share of $85.14.

Dividends paid to shareholders amounted to $232 million in the first nine months of 2014 and $154 million in the first nine months of 2013.

Downstream Businesses:

The downstream businesses reported income of $647 million in the third quarter of 2014, compared with income of $53 million in the same period in 2013. Adjusted net income was $43 million in the third quarter of 2014, up from $30 million in the third quarter of 2013 reflecting higher retail earnings and improved energy trading results. The Corporation’s divested downstream businesses, including the retail marketing business, are reported as discontinued operations in the consolidated income statements on pages 9 and 10. The energy trading joint venture will be classified as discontinued operations beginning in the fourth quarter of 2014.

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)
2014     2013 2014     2013
(In millions)
Exploration and Production $ 29 $ (3) $ 597 $ 1,518
Corporate and Interest (2) (5) (19) (17)
Downstream Businesses   604   23   492   32
Total items affecting comparability of
earnings between periods $ 631 $ 15 $ 1,070 $ 1,533
 

   Exploration and Production: Third quarter 2014 Exploration and Production results included an after-tax gain of $33 million from the sale of the Corporation’s interest in the Cambo Field in the United Kingdom North Sea. This gain was partially offset by severance and other charges totaling $4 million after-tax.

   Corporate and Interest: Third quarter 2014 results included after-tax charges of $2 million for severance and other charges.

   Downstream Businesses: Third quarter 2014 results included an after-tax gain of $602 million related to the sale of the Corporation’s retail business. In addition, the Corporation realized an after-tax gain of $114 million on the liquidation of last-in, first-out (LIFO) inventories, which was largely offset by impairment and other charges associated with the continued divestiture of the downstream businesses.

Reconciliation of U.S. GAAP to Non-GAAP measures:

The following table reconciles reported net income attributable to Hess Corporation and adjusted net income:

 
    Three Months Ended     Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2014   2013 2014   2013
(In millions)
Net income attributable to Hess Corporation $ 1,008 $ 420 $ 2,325 $ 3,127
Less: Total items affecting comparability of earnings
between periods   631   15   1,070   1,533
Adjusted net income attributable to Hess Corporation $ 377 $ 405 $ 1,255 $ 1,594
 

The following table reconciles reported net cash provided by operating activities to cash flows from operations before changes in working capital:

 
                                    Three Months Ended     Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2014     2013 2014     2013
(In millions)
Net cash provided by operating activities $ 1,338 $ 1,254 $ 3,407 $ 3,320
Add back: Increases in working capital   170   143   821   1,070
Cash flows from operations, before
working capital changes $ 1,508 $ 1,397 $ 4,228 $ 4,390
 

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 atwww.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 measures

The Corporation has used two non-GAAP financial measures in this earnings release. “Adjusted net income” presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Cash flows from operations, excluding working capital changes” is defined as net cash provided by operating activities before adjustments for 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 or cash flow. Reconciliations of both reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income and net cash provided by operating activities (U.S. GAAP) to cash flows from operations excluding working capital changes, are provided in the release.

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

 
      Third     Third     Second
Quarter Quarter Quarter
2014 2013 2014

Income Statement

Revenues and Non-operating Income
Sales and other operating revenues $ 2,745 $ 2,720 $ 2,846
Gains (losses) on asset sales 31 (5) 779
Other, net   26   (1)   (25)
 
Total revenues and non-operating income   2,802   2,714   3,600
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 447 375 444
Operating costs and expenses 487 475 522
Production and severance taxes 69 84 78
Marketing expenses 34 27 25
Exploration expenses, including dry holes and lease impairment 90 154 460
General and administrative expenses 139 152 143
Interest expense 75 86 85
Depreciation, depletion and amortization   837   681   787
 
Total costs and expenses   2,178   2,034   2,544
 
Income from continuing operations before income taxes 624 680 1,056
Provision for income taxes   237   324   89
 
Income from continuing operations 387 356 967
Income (loss) from discontinued operations   643   62   (37)
 
Net income 1,030 418 930
Less: Net income (loss) attributable to noncontrolling interests   22   (2)   (1)
Net income attributable to Hess Corporation $ 1,008 $ 420 $ 931
 
See "Downstream Businesses" on page 5 for basis of presentation.
 

Cash Flow Information

Net cash provided by operating activities (*) $ 1,338 $ 1,254 $ 911
Net cash provided by (used in) investing activities 1,569 (1,487) 232
Net cash provided by (used in) financing activities   (992)   (171)   (226)
Net increase (decrease) in cash and cash equivalents $ 1,915 $ (404) $ 917
 

(*) Includes changes in working capital.

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

     
  Nine Months
2014     2013

Income Statement

Revenues and Non-operating Income
Sales and other operating revenues $ 8,363 $ 9,257
Gains (losses) on asset sales 820 1,794
Other, net   (89)   (56)
 
Total revenues and non-operating income   9,094   10,995
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 1,284 1,392
Operating costs and expenses 1,475 1,570
Production and severance taxes 209 311
Marketing expenses 99 87
Exploration expenses, including dry holes and lease impairment 669 573
General and administrative expenses 424 469
Interest expense 241 309
Depreciation, depletion and amortization   2,349   1,974
 
Total costs and expenses   6,750   6,685
 
Income from continuing operations before income taxes 2,344 4,310
Provision for income taxes   575   1,192
 
Income from continuing operations 1,769 3,118
Income (loss) from discontinued operations   612   189
 
Net income 2,381 3,307
Less: Net income attributable to noncontrolling interests   56   180
Net income attributable to Hess Corporation $ 2,325 $ 3,127
 
See "Downstream Businesses" on page 5 for basis of presentation.
 

Cash Flow Information

Net cash provided by operating activities (*) $ 3,407 $ 3,320
Net cash provided by (used in) investing activities 1,539 (812)
Net cash provided by (used in) financing activities   (2,640)   (2,829)
Net increase (decrease) in cash and cash equivalents $ 2,306 $ (321)
 

(*) Includes changes in working capital.

 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

 
      September 30,   December 31,
2014 2013

Balance Sheet Information

 
Cash and cash equivalents $ 4,120 $ 1,814
Other current assets 4,745 6,785
Investments 145 687
Property, plant and equipment – net 27,667 28,771
Other long-term assets   4,298   4,697
Total assets $ 40,975 $ 42,754
 
Short-term debt and current maturities of long-term debt $ 67 $ 378
Other current liabilities 4,948 6,180
Long-term debt 5,929 5,420
Other long-term liabilities 5,666 5,992
Total equity excluding other comprehensive income (loss) 24,852 25,122
Accumulated other comprehensive income (loss)   (487)   (338)
Total liabilities and equity $ 40,975 $ 42,754
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

 
      Third     Third     Second
Quarter Quarter Quarter
2014 2013 2014

Capital and Exploratory Expenditures

Exploration and Production
United States
Bakken $ 579 $ 579 $ 429
Other Onshore   184   173   190
Total Onshore 763 752 619
Offshore   205   208   157
Total United States   968   960   776
 
Europe 111 159 162
Africa 125 106 119
Asia and other   214   278   199
 
Total Capital and Exploratory Expenditures $ 1,418 $ 1,503 $ 1,256
 
Total exploration expenses charged to income included above $ 56 $ 96 $ 54
 
 
 
Nine Months
2014 2013

Capital and Exploratory Expenditures

Exploration and Production
United States
Bakken $ 1,459 $ 1,660
Other Onshore   545   565
Total Onshore 2,004 2,225
Offshore   524   653
Total United States   2,528   2,878
 
Europe 418 550
Africa 344 498
Asia and other   608   782
 
Total Capital and Exploratory Expenditures $ 3,898 $ 4,708
 
Total exploration expenses charged to income included above $ 188 $ 319
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)

 
      Third Quarter 2014
United States  

 International 

  Total
         
Sales and other operating revenues $ 1,629 $ 1,049 $ 2,678
Gains (losses) on asset sales 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) 427 20 447
Operating costs and expenses 215 272 487
Production and severance taxes 62 7 69
Exploration expenses, including dry holes and lease impairment 34 56 90
General and administrative expenses 66 19 85
Depreciation, depletion and amortization   474   360             834
 
Total costs and expenses   1,278   734             2,012
 
Results of operations before income taxes 346 378 724
Provision for income taxes   130   153             283
 
Net income 216 225 441
Less: Net income attributable to noncontrolling interests   -   -             -
 
Net income attributable to Hess Corporation $ 216 (a) $ 225 (b)   $         441
 
Third Quarter 2013
United States

 International 

Total
 
Sales and other operating revenues $ 1,472 $ 1,234 $ 2,706
Gains (losses) on asset sales (1) (7) (8)
Other, net   (1)   (2)             (3)
 
Total revenues and non-operating income   1,470   1,225             2,695
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 398 (24) 374
Operating costs and expenses 191 284 475
Production and severance taxes 64 20 84
Exploration expenses, including dry holes and lease impairment 71 83 154
General and administrative expenses 58 38 96
Depreciation, depletion and amortization   346   330             676
 
Total costs and expenses   1,128   731             1,859
 
Results of operations before income taxes 342 494 836
Provision for income taxes   134   247             381
 
Net income 208 247 455
Less: Net income attributable to noncontrolling interests   -   -             -
 
Net income attributable to Hess Corporation $ 208 (a) $ 247 (b)   $         455
(a)   The results of crude oil hedging activities were after-tax realized gains of $4 million in the third quarter of 2014, and gains of $0.3 million in the third quarter of 2013.
(b) The results of crude oil hedging activities were after-tax realized gains of $13 million in the third quarter of 2014, and gains of $0.5 million in the third quarter of 2013.
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)

 
      Second Quarter 2014
United States  

 International 

  Total
         
Sales and other operating revenues $ 1,653 $ 1,176 $ 2,829
Gains (losses) on asset sales 62 704 766
Other, net   (12)   (16)             (28)
 
Total revenues and non-operating income   1,703   1,864             3,567
 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 412 32 444
Operating costs and expenses 214 308 522
Production and severance taxes 67 11 78
Exploration expenses, including dry holes and lease impairment 208 252 460
General and administrative expenses 70 9 79
Depreciation, depletion and amortization   433   349             782
 
Total costs and expenses   1,404   961             2,365
 
Results of operations before income taxes 299 903 1,202
Provision for income taxes   118   27             145
 
Net income 181 876 1,057
Less: Net income attributable to noncontrolling interests   -   -             -
 
Net income attributable to Hess Corporation $ 181 (a) $ 876 (b)   $         1,057
 

(a)

  The after-tax realized losses from crude oil hedging activities were $2 million in the second quarter of 2014.

(b)

The after-tax realized losses from crude oil hedging activities were $2 million in the second quarter of 2014.
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)

 
      Nine Months 2014
United States  

 International 

  Total
         
Sales and other operating revenues $ 4,827 $ 3,353 $ 8,180
Gains (losses) on asset sales 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) 1,253 31 1,284
Operating costs and expenses 638 837 1,475
Production and severance taxes 187 22 209
Exploration expenses, including dry holes and lease impairment 289 380 669
General and administrative expenses 194 50 244
Depreciation, depletion and amortization   1,267   1,070             2,337
 
Total costs and expenses   3,828   2,390             6,218
 
Results of operations before income taxes 1,042 1,720 2,762
Provision for income taxes   405   351             756
 
Net income 637 1,369 2,006
Less: Net income attributable to noncontrolling interests   -   -             -
 
Net income attributable to Hess Corporation $ 637 (a) $ 1,369 (b)   $         2,006
 
Nine Months 2013
United States

 International 

Total
 
Sales and other operating revenues $ 4,680 $ 4,503 $ 9,183
Gains (losses) on asset sales (18) 1,809 1,791
Other, net   (11)   (45)             (56)
 
Total revenues and non-operating income   4,651  

6,267

           

10,918

 
Costs and Expenses
Cost of products sold (excluding items shown separately below) 1,346 45 1,391
Operating costs and expenses 582 988 1,570
Production and severance taxes 176 135 311
Exploration expenses, including dry holes and lease impairment 242 331 573
General and administrative expenses 146 122 268
Depreciation, depletion and amortization   1,046   915             1,961
 
Total costs and expenses   3,538   2,536             6,074
 
Results of operations before income taxes 1,113 3,731 4,844
Provision for income taxes   450   944             1,394
 
Net income 663 2,787 3,450
Less: Net income attributable to noncontrolling interests   -   176             176
 
Net income attributable to Hess Corporation $ 663 (a) $ 2,611 (b)   $         3,274
 
(a)   The results of crude oil hedging activities were after-tax realized gains of $2 million in the first nine months of 2014, and gains of $9 million in the first nine months of 2013.
(b) The results of crude oil hedging activities were after-tax realized gains of $13 million in the first nine months of 2014, and gains of $14 million in the first nine months of 2013.
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
    Third     Third     Second
Quarter Quarter Quarter

   2014  

2013 2014

Operating Data

      

Net Production Per Day (in thousands)

Crude oil - barrels
United States
Bakken 63 57 64
Other Onshore   11   9   9
Total Onshore 74 66 73
Offshore   51   37   54
Total United States   125   103   127
 
Europe 31 38 36
Africa 53 57 51
Asia   2   9   2
Total   211   207   216
 
Natural gas liquids - barrels
United States
Bakken 15 7 8
Other Onshore   8   4   5
Total Onshore 23 11 13
Offshore   6   4   7
Total United States   29   15   20
 
Europe 1 1 1
Asia   -   1   -
Total   30   17   21
 
Natural gas - mcf
United States
Bakken 46 44 48
Other Onshore   52   24   50
Total Onshore 98 68 98
Offshore   76   42   83
Total United States   174   110   181
 
Europe 29 29 35
Asia and other   259   380   275
Total   462   519   491
 
Barrels of oil equivalent   318   310   319
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
      Nine Months
2014   2013

Operating Data

    

Net Production Per Day (in thousands)

Crude oil - barrels
United States
Bakken 61 54
Other Onshore   10   11
Total Onshore 71 65
Offshore   52   44
Total United States   123   109
 
Europe 35 46
Africa 51 69
Asia   3   11
Total   212   235
 
Natural gas liquids - barrels
United States
Bakken 9 6
Other Onshore   5   4
Total Onshore 14 10
Offshore   6   6
Total United States   20   16
 
Europe 1 1
Asia   -   1
Total   21   18
 
Natural gas - mcf
United States
Bakken 36 39
Other Onshore   43   26
Total Onshore 79 65
Offshore   79   63
Total United States   158   128
 
Europe 33 19
Asia and other   316   418
Total   507   565
 
Barrels of oil equivalent   318   347
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
      Third     Third     Second
Quarter Quarter Quarter

    2014   

2013 2014
     

Sales Volumes Per Day (in thousands)

Crude oil - barrels 214 194 222
Natural gas liquids - barrels 30 17 21
Natural gas - mcf   462   515   491
Barrels of oil equivalent   321   296   325
 

Sales Volumes (in thousands)

Crude oil - barrels 19,719 17,857 20,193
Natural gas liquids - barrels 2,772 1,519 1,942
Natural gas - mcf   42,511   47,406   44,662
Barrels of oil equivalent   29,576   27,277   29,578
 
 
Nine Months
2014 2013
 

Sales Volumes Per Day (in thousands)

Crude oil - barrels 211 234
Natural gas liquids - barrels 21 17
Natural gas - mcf   507   564
Barrels of oil equivalent   317   345
 

Sales Volumes (in thousands)

Crude oil - barrels 57,662 63,804
Natural gas liquids - barrels 5,836 4,759
Natural gas - mcf   138,530   154,037
Barrels of oil equivalent   86,586   94,236
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
      Third     Third     Second
Quarter Quarter Quarter
2014 2013 2014

Operating Data

Average Selling Prices

Crude oil - per barrel (including hedging)
United States
Onshore $ 86.07 $ 96.01 $ 92.44
Offshore 97.50 106.66 100.42
Total United States 90.74 99.80 95.82
 
Europe 110.06 113.18 111.03
Africa 101.21 110.71 108.83
Asia - 104.27 106.33
Worldwide 96.36 104.95 101.70
 
Crude oil - per barrel (excluding hedging)
United States
Onshore $ 86.07 $ 95.98 $ 92.44
Offshore 96.25 106.56 101.09
Total United States 90.23 99.75 96.10
 
Europe 106.40 112.51 111.39
Africa 99.21 110.95 109.10
Asia - 104.27 106.33
Worldwide 94.99 104.88 101.99
 
Natural gas liquids - per barrel
United States
Onshore $ 28.20 $ 44.59 $ 36.99
Offshore 31.45 32.14 32.21
Total United States 28.84 41.03 35.39
 
Europe 49.37 58.67 55.77
Asia - 70.05 -
Worldwide 29.62 43.67 36.59
 
Natural gas - per mcf
United States
Onshore $ 2.25 $ 2.91 $ 4.36
Offshore 3.64 2.56 4.01
Total United States 2.85 2.78 4.22
 
Europe 9.63 12.13 10.51
Asia and other 6.97 7.19 7.24
Worldwide 5.59 6.52 6.35
 
 

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

 
      Nine Months
2014     2013

Operating Data

Average Selling Prices

Crude oil - per barrel (including hedging)
United States
Onshore $ 88.86 $ 91.87
Offshore 99.11 106.99
Total United States 93.18 97.97
 
Europe 110.09 79.60
Africa 105.68 108.57
Asia 104.66 107.77
Worldwide 99.09 98.55
 
Crude oil - per barrel (excluding hedging)
United States
Onshore $ 88.86 $ 91.64
Offshore 98.92 106.18
Total United States 93.10 97.51
 
Europe 109.01 79.01
Africa 104.86 107.81
Asia 104.66 107.77
Worldwide 98.67 97.99
 
Natural gas liquids - per barrel
United States
Onshore $ 33.62 $ 42.35
Offshore 32.63 28.84
Total United States 33.31 37.50
 
Europe 56.98 57.02
Asia - 71.70
Worldwide 34.76 39.46
 
Natural gas - per mcf
United States
Onshore $ 3.57 $ 2.99
Offshore 4.01 2.79
Total United States 3.80 2.89
 
Europe 10.60 10.62
Asia and other 7.13 7.46
Worldwide 6.32 6.53