Hess Corporation Valuation Report, July 2010 - Strategic and Operational Analysis


#28874

122pages

GlobalData

$ 3500

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Hess Corporation (Hess) is an integrated energy company engaged in Exploration & Production (E&P) and Marketing & Refining businesses globally. The company primarily focuses on the development of its E&P business to drive its future growth and support its overall oil and gas portfolio. However, in the last couple of years, Hess has disposed large portion of its mature E&P assets in Gulf of Mexico (GOM) and North Sea region in order to support its exploration program mainly in Australia, Brazil, Ghana, Libya, and Egypt. Apart from its exploration assets, the company has been strengthening the development on its producing assets including the Joint Development Area project in Thailand-Malaysia, Okume Complex and Ceiba fields in Equatorial Guinea, Ujung Pangkah field in Indonesia, Shenzi field in deepwater GOM and North Dakota Bakken shale. It has been anticipating additional production from its Shenzi field, Phase 2 development of Ujung Pangkah and Bakken shale assets in the coming years. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 7

2 Hess Corporation, Company Overview 10

3 Hess Corporation, Watchlist for 2010 13

4 Hess Corporation, Investment Summary 14
4.1 Hess Has Been Exploring Unconventional Oil and Natural Gas Resources to Map Long Term Growth 14
4.1.1 North Dakota Bakken Play 14
4.2 Hess Upcoming E&P Projects Will Provide Substantial Upside to Its Oil and Gas Portfolio 16
4.2.1 Australian Exploration Activities 17
4.2.2 Libya Area 54 18
4.2.3 Brazil Santos Basin 18
4.2.4 Ghana Tano Cape Three Points 18
4.2.5 Indonesia Deepwater Semai V Block 19
4.2.6 US Gulf of Mexico Pony Prospect 19
4.3 Hess Utilizing Internal Cash Flow and Other Financing Sources to Support Its 2010 Capex Plan 19

5 Hess Corporation, SWOT Analysis 22
5.1 Strength 22
5.1.1 Diversified portfolio of assets across continents 22
5.1.2 Expertise in offshore technology 22
5.2 Weaknesses 22
5.2.1 Declining Production 22
5.2.2 Volatile Free Cash Flow 22
5.3 Opportunities 22
5.3.1 Capitalize on ventures in Asia and Africa 22
5.3.2 Divestment of Its Mature Assets 23
5.3.3 Unconventional Resources Potential 23
5.4 Threats 23
5.4.1 Emerging and undeveloped markets fraught with risks 23

6 Hess Corporation, Goals and Strategies 24
6.1 E&P Segment is Targeting 3% Annual Growth; Upcoming Assets in Focus 24
6.2 Hess Plans to Build Refinery Assets to Nurture Its Overall Oil and Gas Portfolio 24
6.3 Significant Exploration Assets in Queue; Timely Execution and Smooth Capital Funding Required 24

7 Hess Corporation, Production Overview 26
7.1 Production Profile 26
7.2 The US 27
7.3 Europe 27
7.4 Africa 27
7.5 Asia Pacific 28

8 Hess Corporation, Development Overview 31
8.1 The US 32
8.2 Europe 32
8.3 Asia 32
8.4 Africa 33

9 Hess Corporation, Exploration and M&A Highlights 34
9.1 The US and Europe 34
9.2 Africa, Asia & Others 34
9.3 Reserve Additions and Associated Costs 34
9.4 M&A Activity 36

10 Hess Corporation, Downstream Updates 38
10.1 Refining Facilities Undergoing Turnaround 38
10.2 Low M&R capital spending 38
10.3 Other updates 39

11 Hess Corporation, Outlook 40

12 Hess Corporation, Forecast Production and Financial Statements 41
12.1 Income Statement (20072014E) 42
12.2 Balance Sheet (20072014E) 43
12.3 Cash Flow Statement (20072014E) 44
12.4 Financial Ratios 45

13 Hess Corporation, Valuation 47
13.1 Net Asset Value 47
13.2 Valuation Horizon 50

14 Hess Corporation, Peer Comparision 51
14.1 Share Price Performance 51
14.2 Operational and Financial Performance 52
14.3 Key Financial and Operational Ratio 54

15 Hess Corporation, Key Risks 57
15.1 Volatile Commodity Price 57
15.2 Reserve Replacement 57
15.3 Competition with peers 57
15.4 Hedging and legal risks 57

16 Hess Corporation, Detailed Financial & Operational Metrics 58
16.1 Hess Corporation, Quarterly Results of Oil & Gas Operations per BOE Produced 58
16.1.1 Results of Oil & Gas Operations per BOE Produced, Q4, 2008Q4, 2009 58
16.1.2 Results of Oil & Gas Operations per BOE Growth Rates, Q4, 2008Q4, 2009 59
16.2 Hess Corporation, Quarterly E&P Costs Trends 59
16.2.1 Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
16.3 Hess Corporation, Quarterly Production Trends 60
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008Q4, 2009 60
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 61
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
16.4 Hess Corporation, Crude Oil Production 63
16.4.1 Total Crude Oil Production Trend, Q4, 2008Q4, 2009 63
16.4.2 Crude Oil Production, By Country/Region, Q4, 2008Q4, 2009 64
16.5 Hess Corporation, Natural Gas Production 65
16.5.1 Total Natural Gas Production Trend, Q4, 2008Q4, 2009 65
16.5.2 Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 66
16.6 Hess Corporation, Production and Reserves Trends 67
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 20042009 67
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 20042009 68
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 69
16.7 Hess Corporation, Crude Oil/Liquids Production and Reserve 70
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 70
16.7.2 Crude Oil Production and Reserves By Country/Region, 20042009 71
16.7.3 Crude Oil/Liquids Reserve Changes, 20042009 72
16.8 Hess Corporation, Natural Gas Production and Reserve 73
16.8.1 Natural Gas Production and Reserve Trend, 20042009 73
16.8.2 Natural Gas Production and Reserves, By Country/Region, 20042009 74
16.8.3 Natural Gas Reserve Changes, 20042009 75
16.9 Hess Corporation, Total Crude Oil and Natural Gas Reserves Life Index 76
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 76
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 20042009 77
16.10 Hess Corporation, E&P Costs Trends 79
16.10.1 Upstream Capital Expenditure, 20042009 79
16.10.2 Acquisition Costs By Country/Region, 20042009 80
16.10.3 Exploration and Development Costs, By Country/Region, 20042009 81
16.11 Hess Corporation, Oil and Gas Cost Per Boe, $/boe 83
16.11.1 Oil and Gas Cost Per Boe, $/boe, 20042009 83
16.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 20042009 84
16.12 Hess Corporation, Reserve Replacement Ratio 86
16.12.1 Oil and Gas Production Replacement Ratio, 20042009 86
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 20042009 88
16.13 Hess Corporation, Results of Oil & Gas Operations Trend 92
16.13.1 Oil and Gas Revenue and Expenses, 20042009 92
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 20042009 93
16.14 Hess Corporation, Oil and Gas Revenue and Expenses, Per Boe 98
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 20042009 98
16.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 20042009 99
16.15 Hess Corporation,Oil and Gas Performance Metrics 104
16.16 Hess Corporation, Land Holdings and Well Data 105
16.16.1 Gross and Net Developed and Undeveloped Acreage, 20042009 105
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 20042009 106
16.17 Hess Corporation, Well Statistics 109
16.17.1 Producible Oil and Gas Well, 20042009 109
16.17.2 Producible Oil and Gas Well, By Country/Region, 20042009 110
16.17.3 Exploration and Development Wells Drilled, 20042009 114
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 20042009 115
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 116
16.17.6 Developed Reserves per Well, By Country/Region, 20042009 116

17 Appendix 119
17.1 Methodology 119
17.1.1 Coverage 119
17.1.2 Secondary Research 119
17.1.3 Primary Research 120
17.2 Data Sources 120
17.2.1 Company Source 120
17.2.2 SEC/Other Regulatory Filings 120
17.2.3 Agency Reports 120
17.2.4 Other Sources 120
17.3 Methodology for Company Valuation 120
17.4 Expert Panel Validation 121
17.5 Units of Measure 121
17.6 About GlobalData 121
17.7 Disclosure 122
17.8 Disclaimer 122

Table 1: Hess Corporation, Key Events 20092010 12
Table 2: Hess Corporation, Upstream Growth Profile, MMboe, 20092014E 30
Table 3: Hess Corporation, Recent Transactions as a Seller, 20072009 36
Table 4: Hess Corporation, Recent Transactions as a Buyer, 20072009 37
Table 5: Hess Corporation, Actual and Estimated (E) Forecast Production, 20062014E 41
Table 6: GlobalData, Price Forecast, 20102014 41
Table 7: Hess Corporation, Income Statement ($m except EPS figures), 20072014E 42
Table 8: Hess Corporation, Balance Sheet ($m), 20072014E 43
Table 9: Hess Corporation, Cash Flow Statement ($m), 20072014E 44
Table 10: Hess Corporation, Other Financial Ratios, 20072014E 46
Table 11: GlobalData, Price Forecast, 2010E2014E 47
Table 12: Hess Corporation, Net Asset Valuation, 2010 48
Table 13: Hess Corporation, Acreage and Resource Potential 2010 48
Table 14: Hess Corporation, Sensitivity Analysis on Fair Value ($/share), 2010 48
Table 15: Hess Corporation NPV Per Unit Crude Oil & NGL Production, 2010 49
Table 16: Hess Corporation NPV Per Unit Natural Gas Production, 2010 49
Table 17: Hess CorporationN, NPV Per Unit Total Production, 2010 49
Table 18: Hess Corporation and Peer Group, Operational and Financial Performance, 2009 52
Table 19: Hess Corporation and its Peer Group Comparison, Profitability & Other Ratios, 2009 55
Table 20: Hess Corporation and its Peer Group Comparison, Operational Ratios, 2009 55
Table 21: Hess Corporation and its Peer Group Comparison, Liquidity Ratios, Q3, 2009 56
Table 22: Hess Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Table 23: Hess Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008Q4, 2009 59
Table 24: Hess Corporation, Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
Table 25: Hess Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2008Q4, 2009 60
Table 26: Hess Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 61
Table 27: Hess Corporation, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
Table 28: Hess Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Table 29: Hess Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Table 30: Hess Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Table 31: Hess Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 66
Table 32: Hess Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Table 33: Hess Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 20042009 69
Table 34: Hess Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 69
Table 35: Hess Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Table 36: Hess Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 20042009 72
Table 37: Hess Corporation, Crude Oil Reserve Changes, MMbbl, 20042009 72
Table 38: Hess Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Table 39: Hess Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 20042009 75
Table 40: Hess Corporation, Natural Gas Reserve Changes, Bcf, 20042009 75
Table 41: Hess Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Table 42: Hess Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 20042009 78
Table 43: Hess Corporation, Upstream Capital Expenditure, $m, 20042009 79
Table 44: Hess Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 20042009 81
Table 45: Hess Corporation, Exploration and Development Costs, By Country/Region, $m, 20042009 82
Table 46: Hess Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 83
Table 47: Hess Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 20042009 86
Table 48: Hess Corporation, Oil and Gas Production Replacement Ratio, %, 20042009 87
Table 49: Hess Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 20042009 90
Table 50: Hess Corporation, Revenue and Expenses, $m, 20042009 92
Table 51: Hess Corporation, Revenue and Expenses, By Country/Region, $m, 20042009 97
Table 52: Hess Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 98
Table 53: Hess Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 20042009 103
Table 54: Hess Corporation, Oil and Gas Performance Metrics, 20042009 104
Table 55: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 105
Table 56: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 20042009 108
Table 57: Hess Corporation, Producible Oil and Gas Wells, 20042009 109
Table 58: Hess Corporation, Producible Oil and Gas Wells, By Country/Region, 20042009 113
Table 59: Hess Corporation, Exploratory and Developed Wells, 20042009 114
Table 60: Hess Corporation, Exploratory and Developed Wells, By Country/Region, 20042009 115
Table 61: Hess Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 116
Table 62: Hess Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 20042009 118
Figure 1: Hess Corporation, Global Operations, 2010 10
Figure 2: Hess Corporation, Performance Charts, 20062009 11
Figure 3: Hess Corporation, Share Price Performance, April 2009April 2010 12
Figure 4: Hess Corporation and Peer Group Net Acreages Position in Bakken Shale Area, 2010 14
Figure 5: Hess Corporation, North Dakota Bakken Shale Overview, 2010 15
Figure 6: Hess Corporation and Peer Group Comparison, Net Acreages, Marcellus Shale, 2009 16
Figure 7: Hess Corporation, Australian Exploration Activities, Field Map, 2010 17
Figure 8: Hess Corporation, Libya, Area 54, Overview, 2010 18
Figure 9: Hess Corporation, Deepwater Semai V Block Overview, Indonesia, 2010 19
Figure 10: Hess Corporation and Peer Group, Operating Cash Flows As % Of Capital Expenditure, 20072009 20
Figure 11: Hess Corporation and Peer Group, Debt/Capital Ratio, 20072009 21
Figure 12: Hess Corporation, Total Production From Upstream Assets, MMboe, 2006 2014E 26
Figure 13: Hess Corporation, Global Producing Assets, 2010 27
Figure 14: Hess Corporation, Total Oil & Gas Production By Country, MMboe, 20052009 28
Figure 15: Hess Corporation, Cost Incurred ($m), 20062009 29
Figure 16: Hess Corporation, Estimated Production By Countries, 20102015E 31
Figure 17: Hess Corporation, Upstream Production by Segment, 20092014E 33
Figure 18: Hess Corporation, Comparison of Exploration Cost and Reserve Addition Through Drillbit, 20052009 35
Figure 19: Hess Corporation, Acquisition Cost and Reserve Addition Through Acquisition, 20052009 35
Figure 20: Hess Corporation, Refining Capacity By Segment (%), 2009 38
Figure 21: Hess Corporation, Valuation Range, 2010 50
Figure 22: Hess Corporation, Peer Group and WTI Price, Relative Share Price Performance Index, 20092010 51
Figure 23: Hess Corporation, F&D costs and Reserve Replacement Ratio, 2009 53
Figure 24: Hess Corporation and Peer Group, Operational and Financial Parameters in $/boe, 2009 53
Figure 25: Hess Corporation and Peer Group, Total Reserves and Production, MMboe, 2009 54
Figure 26: Hess Corporation and Peer Group Comparison, Valuation Ratio, LTM, 2009 56
Figure 27: Hess Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Figure 28: Hess Corporation, Upstream Capital Expenditure, $m, Q4, 2008Q4, 2009 59
Figure 29: Hess Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008Q4, 2009 60
Figure 30: Hess Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 61
Figure 31: Hess Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008Q4, 2009 62
Figure 32: Hess Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Figure 33: Hess Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Figure 34: Hess Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Figure 35: Hess Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 66
Figure 36: Hess Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Figure 37: Hess Corporation, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMboe, 20042009 68
Figure 38: Hess Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 69
Figure 39: Hess Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Figure 40: Hess Corporation, Oil Production (Reserves Reconciliation), By Country/Region, MMbbl, 20042009 71
Figure 41: Hess Corporation, Total Proved Oil Reserves, By Country/Region, MMbbl, 20042009 71
Figure 42: Hess Corporation, Crude Oil Reserve Changes, MMbbl, 2009 72
Figure 43: Hess Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Figure 44: Hess Corporation, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 20042009 74
Figure 45: Hess Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 20042009 74
Figure 46: Hess Corporation, Natural Gas Reserve Changes, Bcf, 2009 75
Figure 47: Hess Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Figure 48: Hess Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 20042009 77
Figure 49: Hess Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 20042009 77
Figure 50: Hess Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 20042009 78
Figure 51: Hess Corporation, Upstream Capital Expenditure, $m, 20042009 79
Figure 52: Hess Corporation, Proved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 53: Hess Corporation, Unproved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 54: Hess Corporation, Development Costs, By Country/Region, $m, 20042009 81
Figure 55: Hess Corporation, Exploration Costs, By Country/Region, $m, 20042009 82
Figure 56: Hess Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 83
Figure 57: Hess Corporation, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 58: Hess Corporation, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 59: Hess Corporation, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 20042009 85
Figure 60: Hess Corporation, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 20042009 85
Figure 61: Hess Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 20042009 86
Figure 62: Hess Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 20042009 88
Figure 63: Hess Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 20042009 88
Figure 64: Hess Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 20042009 89
Figure 65: Hess Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 20042009 90
Figure 66: Hess Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 20042009 90
Figure 67: Hess Corporation, Revenue and Expenses, $m, 20042009 92
Figure 68: Hess Corporation, Depreciation, Depletion & Amortization , By Country/Region, $m, 20042009 93
Figure 69: Hess Corporation, Exploration Expenses, By Country/Region, $m, 20042009 93
Figure 70: Hess Corporation, Income Tax/(Benefit), By Country/Region, $m, 20042009 94
Figure 71: Hess Corporation, Net Income/ Loss, By Country/Region, $m, 20042009 94
Figure 72: Hess Corporation, Oil & Gas Revenue, By Country/Region, $m, 20042009 95
Figure 73: Hess Corporation, Pre-tax Profit, By Country/Region, $m, 20042009 95
Figure 74: Hess Corporation, Production Expenses, By Country/Region, $m, 20042009 96
Figure 75: Hess Corporation, Total Expenses, By Country/Region, $m, 20042009 96
Figure 76: Hess Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 98
Figure 77: Hess Corporation, Exploration Expenses per boe, By Country/Region, $/BOE, 20042009 99
Figure 78: Hess Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/BOE, 20042009 99
Figure 79: Hess Corporation, Lifting Cost per boe, By Country/Region, $/BOE, 20042009 100
Figure 80: Hess Corporation, Annual Net Income per boe, By Country/Region, $/BOE, 20042009 100
Figure 81: Hess Corporation, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 20042009 101
Figure 82: Hess Corporation, Total DD&A per boe, By Country/Region, $/BOE, 20042009 101
Figure 83: Hess Corporation, Total Revenue per boe, By Country/Region, $/BOE, 20042009 102
Figure 84: Hess Corporation, Oil and Gas Performance Metrics, 20042009 104
Figure 85: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 105
Figure 86: Hess Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 20042009 106
Figure 87: Hess Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 20042009 106
Figure 88: Hess Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 20042009 107
Figure 89: Hess Corporation, Total Net Developed Acreage, By Country/Region, Acres, 20042009 107
Figure 90: Hess Corporation, Producible Oil and Gas Wells, 20042009 109
Figure 91: Hess Corporation, Gross Producible Gas Wells, By Country/Region, Number, 20042009 110
Figure 92: Hess Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 20042009 110
Figure 93: Hess Corporation, Gross Producible Oil Wells, By Country/Region, Number, 20042009 111
Figure 94: Hess Corporation, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 20042009 111
Figure 95: Hess Corporation, Net Producible Gas Wells, By Country/Region, Number, 20042009 112
Figure 96: Hess Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 20042009 112
Figure 97: Hess Corporation, Net Producible Oil Wells, By Country/Region, Number, 20042009 113
Figure 98: Hess Corporation, Exploratory and Developed Wells, 20042009 114
Figure 99: Hess Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 20042009 116
Figure 100: Hess Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 20042009 117
Figure 101: Hess Corporation, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 20042009 117