USA: Hess’ 4Q 2010 Income Dives

Hess Corporation  reported net income of $58 million for the fourth quarter of 2010 compared with net income of $358 million for the fourth quarter of 2009.

Fourth Quarter Highlights:

• Net income was $58 million compared with $358 million in the fourth quarter 2009

• Items affecting comparability include an after-tax charge of $289 million relating to the impairment of HESS’ equity investment in HOVENSA L.L.C.

• Capital and exploratory expenditures, including acquisitions, were $2,464 million, compared with $992 million in the fourth quarter 2009

• Oil and gas production was 420,000 barrels per day, an increase from 415,000 in the fourth quarter 2009

• Year end total proved reserves were 1,537 million barrels; reserve replacement for 2010 was 176 percent

Source:Hess, January 26, 2011;

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