Hess reports estimated results for the second quarter of 2012
New york--(business wire)--hess corporation (nyse: hes) reported net income of $549 million for the second quarter of 2012, compared with $607 million for the second quarter of 2011. the after-tax income (loss) by major operating activity was as follows: note: see the following page for a table of items affecting comparability of earnings between periods. exploration and production earnings were $644 million in the second quarter of 2012, compared with $747 million in the second quarter of 2011. the corporation’s average worldwide crude oil selling price, including the effect of hedging, was $86.86 per barrel, down from $97.20 per barrel in the same quarter a year ago. the average worldwide natural gas selling price of $5.94 per mcf in the second quarter of 2012 was comparable with the same quarter a year ago. second quarter oil and gas production was 429,000 barrels of oil equivalent per day, up from 372,000 barrels of oil equivalent per day in the second quarter of 2011, primarily reflecting an increase in production from the bakken oil shale play and the resumption of operations in libya. marketing and refining generated earnings of $8 million in the second quarter of 2012, compared with a loss of $39 million in the same period in 2011. marketing earnings were $18 million in the second quarter of 2012 and $28 million in the second quarter of 2011. refining operations generated income of $8 million in the second quarter of 2012, compared with a loss of $44 million in the second quarter a year ago. trading activities generated a loss of $18 million in the second quarter of 2012 and a loss of $23 million in the second quarter of last year. the following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods: $ results for the second quarter of 2012 included an after-tax charge of $36 million for certain exploration properties in the eagle ford shale in the united states that are expected to be divested in an asset exchange with a joint venture partner. net cash provided by operating activities was $1,240 million in the second quarter of 2012, compared with $1,689 million in the same quarter of 2011. capital and exploratory expenditures were $2,078 million, of which $2,036 million related to exploration and production operations. capital and exploratory expenditures for the second quarter of 2011 were $1,490 million, of which $1,469 million related to exploration and production operations. at june 30, 2012, cash and cash equivalents totaled $409 million, compared with $351 million at december 31, 2011. total debt was $7,845 million at june 30, 2012 and $6,057 million at december 31, 2011. the corporation’s debt to capitalization ratio at june 30, 2012 was 28.2 percent, compared with 24.6 percent at the end of 2011. hess corporation will review second 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, with headquarters in new york, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. 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. hess corporation and consolidated subsidiaries supplemental financial data (unaudited) (in millions of dollars) income statement supplemental income statement information cash flow information capital and exploratory expenditures hess corporation and consolidated subsidiaries supplemental financial data (unaudited) (in millions of dollars) income statement supplemental income statement information cash flow information capital and exploratory expenditures balance sheet information hess corporation and consolidated subsidiaries exploration and production earnings (unaudited) (in millions of dollars) (a) the after-tax losses from crude oil hedging activities were $3 million in the second quarter of 2012 and $26 million in the first quarter of 2012. (b) the after-tax losses from crude oil hedging activities were $86 million in the second quarter of 2012, $81 million in the second quarter of 2011 and $125 million in the first quarter of 2012. operating data net production per day (in thousands) average selling price operating data net production per day (in thousands) average selling price financial information (in millions of dollars) marketing and refining results summary of marketing and refining results operating data sales volumes retail marketing port reading financial information (in millions of dollars) marketing and refining results summary of marketing and refining results operating data sales volumes retail marketing port reading
