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;