Hess 2008 Annual Report Download - page 98

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
QUARTERLY FINANCIAL DATA
(Unaudited)
Quarterly results of operations for the years ended December 31:
Sales and
Other
Operating
Revenues
Gross
Profit(a)
Net
Income (Loss)
Diluted Net
Income (Loss)
per Share
(Million of dollars, except per share data)
2008
First ............................... $10,667 $1,795 $759 $2.34
Second ............................. 11,717 2,073 900 2.76
Third .............................. 11,398 1,905 775 2.37
Fourth.............................. 7,383 662 (74)(b) (.23)
2007
First ............................... $ 7,319 $ 980 $370 $1.17
Second ............................. 7,421 1,222 557(c) 1.75
Third .............................. 7,451 1,087 395(d) 1.23
Fourth.............................. 9,456 1,523 510(e) 1.59
(a) Gross profit represents sales and other operating revenues, less cost of products sold, production expenses, marketing expenses, other
operating expenses and depreciation, depletion and amortization.
(b) Includes after-tax charges of $17 million related to asset impairments in the United States and United Kingdom North Sea and $9 million
associated with Hurricanes Gustav and Ike in the Gulf of Mexico.
(c) Includes after-tax income of $15 million from asset sales in the United Kingdom North Sea.
(d) Includes after-tax charges of $33 million from estimated production imbalance settlements at two offshore fields.
(e) Includes net after-tax expense of $57 million related to asset impairments at two mature fields in the United Kingdom North Sea and a
charge related to MTBE litigation, partially offset by income due to the liquidation of prior year LIFO inventories.
The results of operations for the periods reported herein should not be considered as indicative of future
operating results.
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