PRESS RELEASE - Amerada Hess reports operating earnings of $257 million for the third quarter
$683 Million for Nine Months
Thursday, October 26 2000 - 02:00 AM WIB
Amerada Hess Corporation reported operating earnings of $257 million for the third quarter of 2000 compared with earnings of $52 million for the third quarter of 1999.
Operating earnings in the first nine months of 2000 were $683 million compared with earnings of $131 million in the first nine months of 1999.
The after-tax results by major operating activity for the three and nine month periods ended september 30, 2000 and 1999 were as follows (in millions, except per share amounts):
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
(UNAUDITED) (UNAUDITED)
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2000 1999 2000 1999
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EXPLORATION AND
PRODUCTION $ 238 $ 71 $ 634 $ 149
REFINING, MARKETING
AND SHIPPING 62 22 174 94
CORPORATE (10) (11) (32) (26)
INTEREST EXPENSE (33) (30) (93) (86)
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OPERATING EARNINGS 257 52 683 131
GAINS ON ASSET SALES -- 106 -- 176
----- ----- ----- -----
NET INCOME $ 257 $ 158 $ 683 $ 307
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NET INCOME PER
SHARE (DILUTED) $2.86 $1.75 $7.57 $3.40
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The corporation's average worldwide crude oil selling price in the third quarter of 2000 was approximately $26.00 per barrel, an increase of $6.00 from the third quarter of 1999. The corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 367,000 barrels per day in the third quarter of 2000, an increase of 10% over the third quarter of 1999.
Increased refining, marketing and shipping results in the third quarter of 2000, compared with the third quarter of 1999, reflect improved refining margins and higher earnings from retail operations.
Sales and other operating revenues amounted to $2,833 million in the third quarter of 2000 compared with $1,802 million in the third quarter of 1999. The increase principally reflects significantly higher crude oil and refined product selling prices.
Capital expenditures in the third quarter of 2000 were $205 million of which $170 million related to exploration and production activities. Capital expenditures in the third quarter of 1999 amounted to $197 million including $177 million for exploration and production. (*)