Hess reports estimated results for the second quarter of 2011
New york--(business wire)--hess corporation (nyse: hes) reported net income of $607 million for the second quarter of 2011 up from $375 million for the second quarter of 2010. the after-tax income (loss) by major operating activity was as follows: note: see the following page for a table of items affecting the comparability of earnings between periods. exploration and production earnings were $747 million in the second quarter of 2011 up from $488 million in the second quarter of 2010. the corporation’s average worldwide crude oil selling price, including the effect of hedging, was $97.20 per barrel, up from $64.81 per barrel in the second quarter of 2010. the average worldwide natural gas selling price was $5.93 per mcf in the second quarter of 2011 compared with $5.57 per mcf in the same quarter a year ago. the corporation’s second quarter oil and gas production was 372,000 barrels of oil equivalent per day, compared with 415,000 barrels of oil equivalent per day in the second quarter a year ago, due to lower production from africa, primarily reflecting the suspension of production in libya due to civil unrest, and the sale of certain natural gas producing assets in the united kingdom north sea in february 2011. marketing and refining generated a loss of $39 million in the second quarter of 2011 compared with a loss of $19 million in the same period in 2010. refining operations incurred a loss of $44 million in the second quarter of 2011 compared with a loss of $31 million in the second quarter a year ago. marketing earnings were $28 million, up from $17 million in the second quarter of 2010. trading activities generated a loss of $23 million in the second quarter of 2011 compared with a loss of $5 million in the second quarter of last year. the following table reflects the total after-tax income (expense) of items affecting the comparability of earnings between periods: three months endedjune 30, (unaudited) 2011 2010 2011 2010 $ - $ - $ 310 $ - net cash provided by operating activities was $1,689 million in the second quarter of 2011, up from $981 million in the same quarter of 2010. capital and exploratory expenditures were $1,490 million, of which $1,469 million related to exploration and production operations. capital and exploratory expenditures for the second quarter of 2010 were $963 million, of which $930 million related to exploration and production operations. at june 30, 2011, cash and cash equivalents totaled $2,194 million up from $1,608 million at december 31, 2010. total debt was $5,541 million at june 30, 2011 and $5,583 million at december 31, 2010. the corporation’s debt to capitalization ratio at june 30, 2011 improved to 22.7 percent compared with 24.9 percent at the end of 2010. 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 subsidiariessupplemental financial data (unaudited)(in millions of dollars) income statement exploration expenses, including dry holes and lease impairment supplemental income statement information cash flow information capital and exploratory expenditures hess corporation and consolidated subsidiariessupplemental financial data (unaudited)(in millions of dollars) 2011 2010 income statement $ $ exploration expenses, including dry holes and lease impairment supplemental income statement information cash flow information capital and exploratory expenditures hess corporation and consolidated subsidiariessupplemental financial data (unaudited)(in millions of dollars) balance sheet information hess corporation and consolidated subsidiariesexploration and production earnings (unaudited)(in millions of dollars) 1,840 exploration expenses, including dry holes and lease impairment exploration expenses, including dry holes and lease impairment exploration expenses, including dry holes and lease impairment 112 hess corporation and consolidated subsidiariesexploration and production earnings (unaudited)(in millions of dollars) 3,707 5,311 exploration expenses, including dry holes and lease impairment exploration expenses, including dry holes and lease impairment hess corporation and consolidated subsidiariesexploration and production supplemental operating data (unaudited) operating data net production per day (in thousands) average selling price hess corporation and consolidated subsidiariesexploration and production supplemental operating data (unaudited) operating data net production per day (in thousands) average selling price hess corporation and consolidated subsidiariesmarketing and refining supplemental financial and operating data (unaudited) financial information (in millions of dollars) marketing and refining results summary of marketing and refining results operating data (barrels and gallons in thousands) refined product sales (barrels per day) refinery throughput (barrels per day) refinery utilization refinery capacity 350 (a) 58 70 retail marketing (a) hovensa’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011. (b) includes company operated, wilco-hess, dealer and branded retailer. (c) company operated only. hess corporation and consolidated subsidiariesmarketing and refining supplemental financial and operating data (unaudited) financial information (in millions of dollars) marketing and refining results summary of marketing and refining results operating data (barrels and gallons in thousands) refined product sales (barrels per day) refinery throughput (barrels per day) refinery utilization refinery capacity 350 (a) 58 70 retail marketing (a) hovensa’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011. (b) includes company operated, wilco-hess, dealer and branded retailer. (c) company operated only.
