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Hess Corp. has a market cap of $16.52 billion; its shares were traded at around $48.04 with a P/E ratio of 9 and P/S ratio of 0.4. The dividend yield of Hess Corp. stocks is 0.8%. Hess Corp. had an annual average earning growth of 7.2% over the past 10 years.
Highlight of Business Operations:Realized losses from E&P hedging activities reduced Sales and other operating revenues by $141 million in the second quarter and $385 million for the six months ended June 30, 2012 ($89 million and $240 million after-taxes, respectively) and $128 million and $256 million in the second quarter and first half of 2011, respectively ($81 million and $162 million after-taxes, respectively). At June 30, 2012, the after-tax deferred losses in Accumulated other comprehensive income (loss) related to Brent crude oil hedges were $42 million, which will be reclassified into earnings during the remainder of 2012 as the hedged crude oil sales are recognized in earnings.
Marketing: Marketing operations, which consist principally of energy marketing, retail gasoline stations (most of which have convenience stores), terminals and supply operations, generated earnings of $18 million and $40 million in the second quarter and first six months of 2012, respectively, compared with $28 million and $96 million in the corresponding periods of 2011. The reduction in year-to-date earnings for 2012 compared with 2011, was principally due to lower energy marketing
Refining: Following the shutdown of the HOVENSA refinery in St. Croix, U.S. Virgin Islands in the first quarter of 2012, the Corporation’s refining operations now consist of the Port Reading refining facility, which has a refining capacity of 70,000 barrels per day. Port Reading generated earnings of $8 million in the second quarter of 2012 and $5 million in the second quarter of 2011 reflecting improved margins. Earnings were $2 million in the first six months of 2012 and $7 million in the first six months of 2011. During the first quarter of 2012, the Port Reading refining facility was shut down for 15 days due to unplanned maintenance. As a result of fully accruing the Corporation’s estimated funding commitments for HOVENSA’s refinery shutdown at December 31, 2011, no incremental equity loss was recorded in the first six months of 2012. The Corporation’s equity share of HOVENSA’s losses was $49 million for the second quarter of 2011 and $97 million for the first six months of 2011.
Operating Activities: Net cash provided by operating activities, including changes in operating assets and liabilities, amounted to $2,228 million in the first six months of 2012 compared with $2,824 million in the first six months of 2011, reflecting lower operating earnings and a period over period increase in the use of cash from changes in operating assets and liabilities of $562 million. In the first quarter of 2012, the Corporation fully funded its accrued liability to HOVENSA of $487 million, which represents its estimated funding commitment for costs to shut down HOVENSA’s refinery.
The information that follows represents 100% of the trading partnership and the Corporation’s proprietary trading accounts. Derivative trading transactions are marked-to-market and unrealized gains or losses are recognized currently in earnings. Gains or losses from sales of physical products are recorded at the time of sale. Net realized gains and losses for the three and six months ending June 30, 2012 amounted to gains of $338 million and $169 million, respectively, compared to a loss of $111 million and a gain of $59 million for the corresponding periods in 2011.
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