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Announces Regular Quarterly Dividend on Common Stock
NEW YORK, December 4, 2002 -- The Board of Directors of Amerada
Hess Corporation (NYSE:AHC) today declared a regular quarterly
dividend of 30 cents per share payable on the Common Stock of
the Corporation on January 3, 2003 to holders of record at the
close of business on December 16, 2002. Announces Oil Discovery Offshore Equatorial Guinea NEW YORK, November 26, 2002 -- Amerada Hess Corporation (NYSE:AHC) announced today that the G-13 wildcat well drilled in Block G, offshore Equatorial Guinea in the Rio Muni Basin, has made a new oil discovery. The well drilled in the southern part of the block, 10 miles south of Ceiba Field, encountered 251 feet of net oil pay over a 963 foot interval. Wireline sampling recovered 34 to 37 degree API oil and indicated good reservoir characteristics. The water depth at the well location was 3,284 feet, and the total depth of the well was 13,737 feet. After further technical review and evaluation, Amerada Hess plans to drill an appraisal well in 2003 that also will explore deeper objectives. Brian Maxted, Senior Vice President of Global Exploration, said that, "this well in the southern toe thrust is an important discovery in a previously undrilled area of Block G that may be a significant new oil fairway. We will appraise this discovery in 2003 after drilling exploration wells on several other prospects in Block G and adjacent Block F." Amerada Hess has an 85% working interest in and is the operator of Block G and Block F. Amerada Hess' partner in the blocks is Energy Africa Ltd. of South Africa, which has the remaining 15% working interest. The government of Equatorial Guinea has a carried 5% interest in Ceiba Field production and will have a carried 5% participating interest in any production from this discovery in southern Block G. About
Amerada Hess Corporation Reports Results for the Third Quarter of 2002
NEW YORK, October
24, 2002 -- Amerada Hess Corporation (NYSE:AHC) reported operating
earnings, excluding special items, of $121 million ($1.36 per share)
for the third quarter of 2002 compared with earnings of $167 million
($1.86 per share) for the third quarter of 2001. There was a net
loss of $136 million ($1.54 per share) in the third quarter of 2002,
including a charge for asset impairment and other special items.
Net income was $153 million ($1.72 per share) in the first nine
months of 2002.
The Corporation's oil and gas production, on a barrel-of-oil
equivalent basis, was 441,000 barrels per day in the third quarter
of 2002, an increase of 2% over the third quarter of 2001. In
the third quarter of 2002, the Corporation's average worldwide
crude oil selling price, including the effect of hedging, was
$26.24 per barrel, an increase of $1.93 from the third quarter
of 2001. The Corporation's average United States natural gas selling
price, including the effect of hedging, was $3.40 per Mcf in the
third quarter of 2002, approximately the same as in the third
quarter of 2001.
Refining and marketing results were lower in the first nine
months of 2002 compared with 2001, principally reflecting decreased
refining margins and lower earnings from retail operations.
In the third quarter of 2002, the Corporation recorded an impairment
charge of $256 million to reduce the carrying value of certain
producing fields in the Gulf of Mexico. The non-cash charge principally
reflects reduced oil and gas reserve estimates. In addition, the
Corporation recorded a net gain from sales of six United States
flag tankers for a gain of $67 million, partially offset by a
loss on the sale of several small United States oil and gas producing
properties. A United Kingdom income tax charge was also recorded
for the effect on deferred tax liabilities of the 10% supplementary
tax on oil and gas profits enacted in the third quarter.
Sales and other operating revenues in the third quarter of 2002
amounted to $2,818 million compared with $2,888 million in the
third quarter of 2001. Capital expenditures in the third quarter
of 2002 amounted to $345 million, of which $323 million related
to exploration and production activities. Capital expenditures
in the third quarter of 2001 amounted to $3,233 million, including
$2,720 million for the acquisition of Triton Energy Limited.
Schedules Earnings Release Conference Call
NEW YORK, October
16, 2002 -- Amerada Hess Corporation (NYSE:AHC) announced today
that it will hold a conference call on Thursday, October 24 at 12:00
p.m. Eastern Daylight Time to discuss its third quarter 2002 earnings
release. To phone into the conference call, parties in the United
States should dial 1-800-967-7140 any time after 11:45 a.m. Eastern
Daylight Time. Outside the United States, parties should dial 1-719-457-2629.
This conference call will also be available by webcast at http://www.hess.com
(audio only). Forward looking and material information may be discussed
during the conference call.
A replay of the conference call will be available from October
24, 2002 through October 31, 2002 by dialing 1-888-203-1112 and
entering the pass code 701105. Outside the United States, parties
should dial 1-719-457-0820 and enter the pass code 701105.
Sterling Investment Completes Acquisition of U.S. Flag Tanker Operations
WESTPORT, Conn.,
September 17, 2002--Sterling Investment Partners, L.P., a private
equity group, today announced that it has completed the acquisition
of the U.S. flag tanker operations of Amerada Hess Corporation (NYSE:AHC)
through a newly formed company, United States Shipping LLC ("US
Shipping").
The acquisition includes six sister vessels, their management
and employees, and ancillary assets. The aggregate purchase price
for the acquisition is slightly under $200 million. The acquisition
is being led by Sterling with the senior debt arranged by CIBC
World Markets. Co-investors include the management of US Shipping
and certain limited partners of Sterling including: an investment
affiliate of Aetna Life Insurance Company, PPM America Capital
Partners, Landmark Partners and Massachusetts Mutual Life Insurance
Company.
The vessels acquired by US Shipping primarily transport refined
petroleum products between U.S. ports for major oil companies.
This transportation is integral to the operating infrastructure
of major oil companies and to the logistics of moving refined
petroleum and other products from domestic refineries to other
U.S. ports. The vessels represent some of the largest product
tankers in the Jones Act trade, which was established by the U.S.
Federal Government in 1920 to monitor and protect coastal trade
between U.S. ports.
Paul Gridley will serve as the Chairman and CEO of US Shipping.
Mr. Gridley was formerly president of Marine Transport Lines,
which he acquired (together with other partners) in a going private
transaction in 1989 with the assistance of two of Sterling's partners.
Mr. Gridley and his former partners were successful in building
this company into the largest U.S. flag tanker owner/operator
before selling the company in two stages in 1998 and 2001.
Mr. Gridley said, "We are very excited about this opportunity.
The vessels have been maintained to the highest standards by Hess
and were built with superior design features that have resulted
in a tremendous operating and safety performance record. We particularly
value the strong support from existing customers, especially BP,
which currently charters three of the six vessels. US Shipping
will maintain its strategic relationship with Hess which will
give Hess continued access to high quality transportation and
logistics services. We are also pleased by our financial partnership
with Sterling Investment Partners and its co-investors."
Joseph Gehegan who currently heads up the operations for Hess
and will be President and COO of US Shipping, commented, "We are
pleased that we will retain the key members of the management
team that have successfully operated the vessels for Hess. We
will continue to operate this first-class maritime fleet as we
always have to provide the highest level of customer service."
M. William Macey, Jr., a Managing Partner of Sterling Investment
Partners, commented, "The high quality management team that is
joining US Shipping from Hess has a long history with these vessels
and a great reputation in the industry. We are looking forward
to working with management in operating some of the finest assets
in the Jones Act trade and intend to support US Shipping in building
the business."
Sterling Investment Partners, L.P. actively seeks to make equity
investments in middle-market companies with revenues between $50-$500
million and positive cash flow. Sterling invests in buyouts and
provides capital for ownership transitions, growth and financial
restructurings. Since it's founding in 1991, Sterling has completed
investments, strategic or add-on acquisitions and liquidity events
with an aggregate transaction value of over $2.6 billion.
Announces the Exchange of Its 25% Shareholding In Premier PLC for Assets NEW YORK, September 16, 2002 -- Amerada Hess Corporation (NYSE:AHC) announced today that it has entered into an agreement with Premier Oil PLC (LSE: PMO) to exchange its 25% shareholding interest in Premier for a portion of Premier's interest in a producing field in Indonesia. The proposed transaction will involve the transfer by Premier to Amerada Hess of a 23% stake in Natuna Sea Block A in Indonesia, in exchange for the cancellation of Amerada Hess's 25% shareholding in Premier. Petroliam Nasional Berhad ("Petronas"), with whom Amerada Hess entered into a strategic investment in Premier in 1999, is also exiting its 25% stake in Premier. Completion of the transactions is conditional upon shareholder, court and other approvals. Information
on Natuna Block A Information
on Amerada Hess Corporation Schedules Earnings Release Conference Call NEW YORK, July 24, 2002 -- Amerada Hess Corporation (NYSE:AHC) reported operating earnings, excluding special items, of $171 million for the second quarter of 2002 compared with earnings of $357 million for the second quarter of 2001. In the first half of 2002, operating earnings were $283 million compared with earnings of $694 million in the first half of 2001. Including special items, net income amounted to $149 million and $289 million in the second quarter and first half of 2002, respectively. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 469,000 barrels per day in the second quarter of 2002, an increase of 10% over the second quarter of 2001. In the second quarter of 2002, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was approximately $24.70 per barrel, a decrease of $2.40 per barrel from the second quarter of 2001. The Corporation's average United States natural gas selling price, including the effect of hedging, was $3.52 per Mcf in the second quarter of 2002, a decrease of approximately $1.10 per Mcf from the second quarter of 2001. Refining and marketing results were lower in the second quarter of 2002 compared with the second quarter of 2001, principally reflecting decreased refining margins. The second quarter charge for reductions in asset values relates to intangible assets in the energy marketing business. The severance accrual results from cost reduction initiatives in refining and marketing. Sales and other operating revenues in the second quarter of 2002 amounted to $2,796 million compared with $3,461 million in the second quarter of 2001. Capital expenditures in the second quarter of 2002 amounted to $425 million, of which $358 million related to exploration and production activities. Capital expenditures in the second quarter of 2001 amounted to $1,136 million, including $1,048 million for exploration and production. Schedules Earnings Release Conference Call NEW YORK, July 8, 2002 -- Amerada Hess Corporation (NYSE:AHC) announced today that it will hold a conference call on Wednesday, July 24 at 1:00 p.m. Eastern Daylight Time to discuss its second quarter 2002 earnings release. To phone into the conference call, parties in the United States should dial 1-800-810-0924 any time after 12:45 p.m. Eastern Daylight Time. Outside the United States, parties should dial 1-913-981-4900. Forward looking and other material information may be discussed during the conference call. A replay of the conference call will be available from July 24, 2002 through July 31, 2002 by dialing 1-888-203-1112 and entering the pass code 792404. Outside the United States, parties should dial 1-719-457-0820 and enter the pass code 792404. Announces Regular Quarterly Dividend On Common Stock NEW YORK, June 5, 2002 -- The Board of Directors of Amerada Hess Corporation (NYSE:AHC) today declared a regular quarterly dividend of 30 cents per share payable on the Common Stock of the Corporation on June 28, 2002 to holders of record at the close of business on June 17, 2002. Announces Its Analyst Meeting Webcast and Conference Call NEW YORK, May 10, 2002 -- The Amerada Hess Corporation's (NYSE:AHC) Investor Meeting, will be broadcast live over the Internet on May 16, 2002 at 9:00 AM Eastern and will be available by conference call. What: Investor Meeting When: May 16, 2002 at 9:00 AM Eastern Where: http://www.hess.com
OR How: Live over
the Internet -- Simply log on to the web at the address above Archive: A
replay of the conference will be available May 16th through Company Contact: Mr. Carl T. Tursi, Vice President, Investor Relations, 212-536-8593, Ctursi@hess.com About Amerada
Hess Corporation (Minimum Requirements to listen to broadcast: The Windows Media Player software, downloadable free from http://www.microsoft.com/windows/windowsmedia/EN/default.asp and at least a 28.8Kbps connection to the Internet. If you experience problems listening to the broadcast, send an email to isproducers@prnewswire.com ). Reports Results For The First Quarter of 2002 NEW YORK, April 24, 2002 -- Amerada Hess Corporation (NYSE:AHC) reported net income, including gains on asset sales, of $141 million for the first quarter of 2002 compared with income of $337 million for the first quarter of 2001. Excluding asset sales, operating earnings amounted to $113 million in the first quarter of 2002. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 460,000 barrels per day in the first quarter of 2002, an increase of 14% over the first quarter of 2001. In the first quarter of 2002, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was approximately $23.40 per barrel, a decrease of $1.90 per barrel from the first quarter of 2001. The Corporation's average United States natural gas selling price, including the effect of hedging, was $3.43 per Mcf in the first quarter of 2002, a decrease of approximately $2.00 per Mcf from the first quarter of 2001. Refining and marketing results were lower in the first quarter of 2002 compared with the first quarter of 2001, principally reflecting lower refining margins, warmer weather in the northeastern United States and decreased trading results. The net gain from asset sales in the first quarter of 2002 includes the sale of the Corporation's energy marketing business in the United Kingdom and the disposition of several small United Kingdom oil and gas fields. Sales and other operating revenues in the first quarter of 2002 amounted to $3,021 million compared with $4,182 million in the first quarter of 2001. Capital expenditures in the first quarter of 2002 amounted to $452 million of which $434 million related to exploration and production activities. Capital expenditures in the first quarter of 2001 amounted to $331 million including $318 million for exploration and production. Schedules Earnings Release Conference Call NEW YORK, April 5, 2002 -- Amerada Hess Corporation (NYSE:AHC) announced today that it will hold a conference call on Wednesday, April 24 at 1:00 p.m. Eastern Daylight Time to discuss its first quarter 2002 earnings release. To phone into the conference call, parties in the United States should dial 1-800-289-0437 any time after 12:45 p.m. Eastern Daylight Time. Outside the United States, parties should dial 1-913-981-5508. Forward looking and other material information may be discussed during the conference call. A replay of the conference call will be available from April 24, 2002 through May 1, 2002 by dialing 1-888-203-1112 and entering the pass code 680897. Outside the United States, parties should dial 1-719-457-0820 and enter the pass code 680897. Announces Regular Quarterly Dividend on Common Stock NEW YORK, March 6, 2002 -- The Board of Directors of Amerada Hess Corporation (NYSE:AHC) today declared a regular quarterly dividend of 30 cents per share payable on the Common Stock of the Corporation on March 29, 2002 to holders of record at the close of business on March 18, 2002. Reports Results for the Fourth Quarter 2001 NEW YORK, January 23, 2002 -- Amerada Hess Corporation (NYSE:AHC) reported operating earnings, excluding special items, of $85 million for the fourth quarter of 2001 compared with earnings of $304 million for the fourth quarter of 2000. For the full year, operating earnings were $945 million compared with earnings of $987 million in 2000. Net income amounted to $54 million in the fourth quarter of 2001 and $914 million for the year. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 468,000 barrels per day in the fourth quarter of 2001, an increase of 20% over 2000. Full year 2001 production averaged 433,000 barrels per day, an increase of 16% over last year. The Corporation's average worldwide crude oil selling price in the fourth quarter of 2001 was approximately $21.00 per barrel, a decrease of $3.80 per barrel from the fourth quarter of 2000. The average crude oil selling price for the full year of 2001 was approximately $24.25 per barrel, a decrease of $.90 per barrel from 2000. The Corporation's average United States natural gas selling price was $2.87 per Mcf in the fourth quarter of 2001, a decrease of $2.40 from the fourth quarter of 2000. The Corporation's average United States natural gas selling price was $3.99 per Mcf for the year 2001, an increase of $.25 per Mcf from 2000. Exploration and production earnings in the fourth quarter and year of 2001 reflect higher exploration expenses than in the corresponding periods of 2000. Refining and marketing results were lower in the fourth quarter of 2001 compared with the fourth quarter of 2000, principally reflecting lower refining margins, partially offset by improved earnings from retail operations. In the fourth quarter of 2001, the Corporation recorded a charge for estimated losses due to the bankruptcy of certain subsidiaries of Enron Corporation. In addition, the Corporation recorded a charge for severance expenses resulting from cost reduction initiatives. Sales and other operating revenues in the fourth quarter of 2001 amounted to $2,881 million compared with $3,685 million in the fourth quarter of 2000. Sales and other operating revenues were $13,413 million for the year 2001 compared with $11,993 million in 2000. Capital expenditures for the year 2001 were $5,221 million, including $2,720 million for the purchase of Triton Energy Limited. Capital expenditures for the year 2000 were $938 million. About Amerada Hess Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
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