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Second Quarter 2014 – Hess Corp

Hess Corp · Jul 31, 2014 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Second Quarter 2014 – Hess Corp – slide 1
    Second Quarter 2014
  2. Second Quarter 2014 – Hess Corp – slide 2
    OPERATING RESULTS 1
  3. Second Quarter 2014 – Hess Corp – slide 3
    Reported Net Income, Items Affecting Comparability and Adjusted Net Income by Operating Activity In millions, except per share data 2Q 2Q 1Q 2014 2013 2014 Net Income (Loss) Attributable to Hess Corporation (U.S. GAAP) Exploration…
  4. Second Quarter 2014 – Hess Corp – slide 4
    Reported Net Income, Items Affecting Comparability and Adjusted Net Income by Operating Activity In millions, except per share data 2Q 2Q 1Q 2014 2013 2014 Adjusted Net Income (Loss)* Exploration and Production 483 600 514…
  5. Second Quarter 2014 – Hess Corp – slide 5
    Items Affecting Comparability Between Periods (Amounts are after income taxes) 2Q 2014 Exploration and Production Earnings include: A gain of 706 million from the sale of the Corporations assets in Thailand and a gain of 35 million…
  6. Second Quarter 2014 – Hess Corp – slide 6
    Items Affecting Comparability Between Periods (Amounts are after income taxes) 2Q 2013 Exploration and Production Earnings include: A net gain of 951 million related to the sale of the Corporations 90 percent interest in its…
  7. Second Quarter 2014 – Hess Corp – slide 7
    Items Affecting Comparability Between Periods (Amounts are after income taxes) 1Q 2014 Exploration and Production Earnings include a charge of 6 million for employee severance. Corporate Results include charges of 8 million for…
  8. Second Quarter 2014 – Hess Corp – slide 8
    Consolidated Adjusted Net Income Millions 2Q 2014 vs. 2Q 2013 2Q 2014 vs. 1Q 2014 600 600 520 (117) 500 500 45 (16) 432 446 (31) 18 (1) 432 400 400 300 300 200 200 100 100 - - 2Q 2013 E&P Corporate Downstream 2Q 2014…
  9. Second Quarter 2014 – Hess Corp – slide 9
    Analysis of Consolidated Adjusted Net Income 2Q 2014 vs. 2Q 2013 Exploration and Production The decrease in earnings was primarily due to lower sales volumes, which reflect asset sales and the shut-in of Libyan production, and higher…
  10. Second Quarter 2014 – Hess Corp – slide 10
    Exploration and Production Adjusted Net Income Millions 2Q 2014 vs. 2Q 2013 2Q 2014 vs. 1Q 2014 700 700 600 6 (70) 600 71 (136) 600 (68) 514 7 500 15 483 500 27 483 400 400 300 300 200 200 100 100 - - 2Q 2013 Price…
  11. Second Quarter 2014 – Hess Corp – slide 11
    Worldwide Oil & Gas Production MBOEPD 2Q 2014 vs. 2Q 2013 2Q 2014 vs. 1Q 2014 450 450 400 7 (22) 400 26 341 (33) 28 (4) 3 (26) 350 350 319 318 319 9 24 9 300 76 300 250 250 200 Asset sales reduced 200 Asset sales reduced…
  12. Second Quarter 2014 – Hess Corp – slide 12
    Capital and Exploratory Expenditures 2Q 2014 and 2013 Millions Three Months Ended June 30, 2,000 2014 2013 Exploration and Production United States Bakken 429 546 1,500 Other Onshore 190 210 Total Onshore 619 756 Offshore 157…
  13. Second Quarter 2014 – Hess Corp – slide 13
    Capital and Exploratory Expenditures YTD 2014 and 2013 Millions Six Months Ended 4,000 June 30, 2014 2013 Exploration and Production United States 3,000 Bakken 880 1,081 Other Onshore 361 392 Total Onshore 1,241 1,473 Offshore…
  14. Second Quarter 2014 – Hess Corp – slide 14
    OTHER INFORMATION 13
  15. Second Quarter 2014 – Hess Corp – slide 15
    2014 Guidance to Investors Actual Guidance Description 1Q 2Q 3Q Full Year Production (MBOEPD) Pro forma 294 310 300 - 305 305 - 315 Bakken 63 80 85 - 90 80 - 90 Unit Cost (/BOE)* Cash Costs 21.11 23.47 22.50 - 23.50 21.50 -…
  16. Second Quarter 2014 – Hess Corp – slide 16
    Current Enterprise Value Pro Forma for Announced Transactions In millions, except current price data Announced June 30, 2014 Sales Pro forma Current Price(1) 99.42 99.42 (2) Shares 311 311 Market Capitalization 30,920 30,920…
  17. Second Quarter 2014 – Hess Corp – slide 17
    Debt Adjusted Cash Flow (DACF) Six Months Ended June 30, 2014 Millions /BOE Income from continuing operations 1,382 Plus: Interest expense 166 Provision for income taxes 338 Depreciation, depletion and amortization 1,512…
  18. Second Quarter 2014 – Hess Corp – slide 18
    BAKKEN OPERATIONAL DATA 17
  19. Second Quarter 2014 – Hess Corp – slide 19
    Bakken Production - 2014 Net Production by Product 2014 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 61 64 58 NGL MBBLPD 5 8 2 Gas MMCFPD 31 48 15 Total MBOEPD* 71 80 63 Net Production by Operatorship 2014 YTD Avg 4Q 3Q 2Q 1Q Operated…
  20. Second Quarter 2014 – Hess Corp – slide 20
    Bakken Production - 2013 Net Production by Product 2013 FY Avg 4Q 3Q 2Q 1Q Oil MBBLPD 55 57 57 52 - 53 NGL MBBLPD 6 5 7 6- 6 Gas MMCFPD 38 33 44 39 - 34 Total MBOEPD* 67 68 71 64 - 65 Net Production by Operatorship 2013 FY…
  21. Second Quarter 2014 – Hess Corp – slide 21
    Bakken Operational Well Statistics - 2014 2014 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 17 17 17 Drilling Days Spud-to-Spud 23 22 23 2014 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 112 66 46 Completion by Qrtr 88 46…
  22. Second Quarter 2014 – Hess Corp – slide 22
    Bakken Operational Well Statistics - 2013 Hess Operated Wells 2013 FY Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 14 14 14 14 15 Drilling Days Spud-to-Spud 26 26 24 27 26 2013 FY 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 195 49…
  23. Second Quarter 2014 – Hess Corp – slide 23
    Hess Operated Bakken Wells Brought on Production by County and Formation Bakken Wells 60 Williams_MB Williams_3F Stark _3F Mountrail_MB Mountrail_3F McKenzie_MB McKenzie_3F Dunn_MB 3 Dunn_3F Burke_MB Burke_3F 50 2 2 1 5 11…
  24. Second Quarter 2014 – Hess Corp – slide 24
    Bakken Well Costs, Working Interest and Acreage - 2014 Average Well Cost - Hess Operated 2014 YTD 4Q 3Q 2Q 1Q Drilling MM/Well 4.6 4.5 4.7 Completion MM/Well 2.9 2.9 2.8 Total MM/Well 7.5 7.4 7.5 Average Working Interest of New…
  25. Second Quarter 2014 – Hess Corp – slide 25
    Bakken Well Costs, Working Interest and Acreage - 2013 Average Well Cost - Hess Operated 2013 FY 4Q 3Q 2Q 1Q Drilling MM/Well 4.9 4.8 4.8 5.1 4.8 Completion MM/Well 3.2 2.8 3.0 3.3 3.8 Total MM/Well 8.1 7.6 7.8 8.4 8.6 Average…
  26. Second Quarter 2014 – Hess Corp – slide 26
    UTICA OPERATIONAL DATA 25
  27. Second Quarter 2014 – Hess Corp – slide 27
    Utica JV Operational Well Statistics - 2014 Rig Count 2014 YTD Avg 4Q 3Q 2Q 1Q Horizontal JV Rig Count - No. of Rigs Drilling - Hess Op 3 3 3 Drilling - Consol Op 1 1 1 Drilling - Total Utica JV 4 - - 4 4 1 Well Count 2014 2…
  28. Second Quarter 2014 – Hess Corp – slide 28
    Utica Operational Well Statistics - 2013 Rig Count 2013 FY Avg 4Q 3Q 2Q 1Q Rig Count - No. of Rigs Drilling - Hess Op 2 2 2 2 2 Drilling - Consol Op 1 - 1 1 1 Drilling - Total Utica JV 3 2 3 3 3 Drilling - Hess 100% 1 1 1 1 1…
  29. Second Quarter 2014 – Hess Corp – slide 29
    Utica JV Net Revenue Interest & Net Acreage - 2014 Joint Venture Average Net Revenue Interest 2014 YTD Avg 4Q 3Q 2Q 1Q JV Average Net Revenue Interest 95% 95% 95% Joint Venture Net Acreage Position - '000 acres 2014 4Q 3Q…
  30. Second Quarter 2014 – Hess Corp – slide 30
    Oil Wet Gas Dry Gas Utica JV Well Test Results 2014 Well No County Well Test Results Cadiz B 2H-14 Cadiz B 3H-14 2014 2Q Cadiz B 2H-14 Harrison 3,441 boe/d, 53% Liquids Cadiz B 3H-14 Harrison 2,778 boe/d, 51% Liquids…

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