The 2004 annual report summarizes Amerada Hess' strong financial and operating results for the year. Net income increased significantly to $977 million from $643 million in 2003. Worldwide oil and gas production averaged 342,000 barrels per day, exceeding the original forecast. Major development projects made progress including starting production from the Llano field in the Gulf of Mexico and approving the Okume Complex project in Equatorial Guinea. The exploration program also had successes such as appraising the Shenzi discovery in the Gulf of Mexico. Both the HOVENSA and Port Reading refineries operated near capacity, enabling them to benefit from strong margins.
This document is Amerada Hess Corporation's 2001 Annual Report. It provides financial highlights for 2001, including a 16% increase in average daily production to 433,000 barrels of oil equivalent. It acquired Triton Energy Limited, providing opportunities in Equatorial Guinea, Malaysia/Thailand, and Colombia. Net income was $914 million, the second highest in the company's history. The report discusses plans to continue developing opportunities from the Triton acquisition and make additional exploration wells in 2002.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
Hess Corporation's 2007 Annual Report summarizes the company's performance in 2007. Key points include:
- Exploration and Production earned $1.8 billion, with production growing to 377,000 barrels of oil equivalent per day due to projects like Okume Complex in Equatorial Guinea. Proved reserves grew 7% to 1.33 billion barrels.
- Marketing and Refining contributed $300 million in earnings, with refining generating solid performance despite challenging environment. Energy marketing saw strong growth in sales.
- The company invested $3.9 billion in capital expenditures and exploration, with a focus on projects like Bakken Shale, Shenzi field, and Ujung Pangkah field in Indonesia
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
Investor Presentation - September 2011 (English)PetroMagdalena
PetroMagdalena Energy is an oil and gas exploration company focused on assets in Colombia. The presentation provides an operational update, including achievements to date and ongoing work. Key points include reducing costs and increasing production and reserves at core assets like Cubiro. Cubiro is a major asset that saw a 126% increase in reserves in 2010 and will see continued drilling and development in 2011. The 2011 capital budget is $40-50 million to fund an exploration and development program aimed at further increasing production and reserves.
This document provides information from Penn West Energy Trust's annual general meeting on June 8, 2010. It discusses Penn West's discovered petroleum initially-in-place volumes, forward-looking statements, and references to non-GAAP terms. The presentation focuses on restoring financial strength, emphasizing corporate responsibility, strengthening the management team, and prospects in key play areas like the Peace River and Cardium formations.
This document provides an investor presentation for PetroMagdalena Energy Corp. It discusses the company's focus on increasing production, reserves, and cash flow from its portfolio of oil and gas assets in Colombia. Some key points:
- The company aims to increase organic cash flow through exploitation and exploration opportunities across its assets. This includes increased development activity in 2012 at its Cubiro block in the Llanos Basin following exploration success there in 2011.
- At Cubiro, the company increased 2P reserves by 86% to 10.8 million barrels of oil equivalent based on a technical report. 1P reserves increased 73% to 3 million barrels.
- The company is also working to maximize value from its
This document is Amerada Hess Corporation's 2001 Annual Report. It provides financial highlights for 2001, including a 16% increase in average daily production to 433,000 barrels of oil equivalent. It acquired Triton Energy Limited, providing opportunities in Equatorial Guinea, Malaysia/Thailand, and Colombia. Net income was $914 million, the second highest in the company's history. The report discusses plans to continue developing opportunities from the Triton acquisition and make additional exploration wells in 2002.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
Hess Corporation's 2007 Annual Report summarizes the company's performance in 2007. Key points include:
- Exploration and Production earned $1.8 billion, with production growing to 377,000 barrels of oil equivalent per day due to projects like Okume Complex in Equatorial Guinea. Proved reserves grew 7% to 1.33 billion barrels.
- Marketing and Refining contributed $300 million in earnings, with refining generating solid performance despite challenging environment. Energy marketing saw strong growth in sales.
- The company invested $3.9 billion in capital expenditures and exploration, with a focus on projects like Bakken Shale, Shenzi field, and Ujung Pangkah field in Indonesia
The document provides an overview of Exelon Corporation's operating performance and financial projections for 2007 and 2008. Some key points:
- Exelon is projecting 2007 operating earnings between $2.8-2.9 billion and EPS of $4.15-4.30. For 2008, projections are $2.6-2.9 billion in operating earnings and $4.00-4.40 in EPS.
- Exelon has over $44 billion in assets and $13 billion in total debt. The credit rating for senior unsecured debt is BBB.
- Exelon's business segments include Illinois Utility, Pennsylvania Utility, and Exelon Generation power markets. Financial projections are provided for
Investor Presentation - September 2011 (English)PetroMagdalena
PetroMagdalena Energy is an oil and gas exploration company focused on assets in Colombia. The presentation provides an operational update, including achievements to date and ongoing work. Key points include reducing costs and increasing production and reserves at core assets like Cubiro. Cubiro is a major asset that saw a 126% increase in reserves in 2010 and will see continued drilling and development in 2011. The 2011 capital budget is $40-50 million to fund an exploration and development program aimed at further increasing production and reserves.
This document provides information from Penn West Energy Trust's annual general meeting on June 8, 2010. It discusses Penn West's discovered petroleum initially-in-place volumes, forward-looking statements, and references to non-GAAP terms. The presentation focuses on restoring financial strength, emphasizing corporate responsibility, strengthening the management team, and prospects in key play areas like the Peace River and Cardium formations.
This document provides an investor presentation for PetroMagdalena Energy Corp. It discusses the company's focus on increasing production, reserves, and cash flow from its portfolio of oil and gas assets in Colombia. Some key points:
- The company aims to increase organic cash flow through exploitation and exploration opportunities across its assets. This includes increased development activity in 2012 at its Cubiro block in the Llanos Basin following exploration success there in 2011.
- At Cubiro, the company increased 2P reserves by 86% to 10.8 million barrels of oil equivalent based on a technical report. 1P reserves increased 73% to 3 million barrels.
- The company is also working to maximize value from its
Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel ConferenceBarrickGold2012
1) The document discusses Barrick Gold Corporation's performance and strategy. It highlights Barrick's global footprint, financial results, and operating outlook.
2) Barrick aims to add value by meeting production and cost targets, increasing reserves through exploration and acquisitions, maximizing existing mine value, and improving sustainability.
3) Exploration results showed potential to expand reserves at key projects like Goldrush and Turquoise Ridge through drill results indicating extensions and new zones remaining open.
This document provides an overview of Petrobras' 3rd quarter 2006 earnings conference call. It includes:
1) Domestic oil production increased 1.3% compared to the previous quarter due to new platform performances.
2) Lifting costs increased 8.5% due to higher transportation, seismic, and drilling expenses as well as initial operational costs for new fields.
3) Net income increased slightly to R$7.085 billion, with higher revenues offset by a change in how ANP calculates special participation costs in the Marlim field.
This corporate presentation from Orvana Minerals Corp. provides an overview of the company's operations and financial performance. Orvana operates gold and copper mines in Bolivia and Spain, including its recently commissioned Upper Mineralized Zone deposit. The presentation summarizes Orvana's key assets and growth projects, financial results, production forecasts, and mineral reserve and resource estimates. It also outlines various risk factors and forward-looking statements regarding the company's plans and estimates.
Webcast about the 1st Quarter Results 2011 - IFRSPetrobras
Petrobras reported strong financial results for the 1st quarter of 2011, with record net income. Key highlights included the start-up of pre-salt production in the Campos and Santos Basins, new oil discoveries in the Santos Basin pre-salt area, and the start-up of new gas pipelines and refining units. Oil and gas production increased slightly compared to the prior year due to ramp-ups in existing fields and assets. In the Santos Basin pre-salt area, Petrobras continued development and exploration activities through EWTs, new discoveries, and optimization of drilling times and costs.
The document summarizes the results of a positive preliminary economic assessment (PEA) for the Tilemsi Integrated Phosphate Fertilizer Project in Mali. The PEA estimates a 20-year mine life with an after-tax net present value of US$635 million and internal rate of return of 33%. Key highlights include an initial capital cost of US$143 million, operating costs of US$49-91 per tonne, and potential annual production of 1.18 million tonnes of fertilizer products. The project has potential upside from additional exploration across the large land package.
Lake Shore Gold exceeded production and cash cost targets in Q1 2012. Production was 16,180 ounces compared to a target of 15,000 ounces, and cash costs were $1,048 per ounce compared to a budget of $1,450. The company is on track with its development plans at the Timmins West and Thunder Creek mines to significantly increase production over the next two quarters. Exploration success also expanded resources and potential at the Fenn-Gib deposit.
- Petrobras achieved its 2012 production target of 1,980 kbpd despite operational challenges.
- Pre-salt production increased to 136.4 kbpd in 2012, up from 100.3 kbpd in 2011.
- Proven reserves totaled 16.44 billion boe and the reserve replacement ratio was 103.3%.
- The PROEF program in the UO-BC increased average production by 25 kbpd and operational efficiency by 11 percentage points.
Holly Corporation is an independent petroleum refiner and marketer that operates two refineries. In 2006, Holly achieved record financial results including net income of $266 million and revenues of over $4 billion. Holly completed several expansion and upgrade projects at its refineries during 2006 to increase production capacity and ability to process heavy crude oils. Holly plans additional expansion projects at both refineries through 2008 to further increase production capacity and profitability.
The document summarizes Petrobras' 4th quarter 2007 results and 2007 annual results. Key points include a 14,000 bpd increase in domestic oil production year-over-year due to new production systems, a 1% decline in production from existing systems, and a 131.1% reserves replacement rate. Lifting costs increased in the 4th quarter due to currency effects and wage increases. Net income decreased from the prior quarter due to higher costs and operating expenses. Upcoming production units are also outlined.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
ARC Resources - December 2012 Investor PresentationARC Resources
ARC Resources presented their investor presentation for December 2012. The presentation highlights ARC's focus on oil and liquids-rich gas plays, with their 2013 capital budget allocating 91% to drilling and infrastructure for these plays. ARC forecasts production growth in 2013 while maintaining their $0.10 per month dividend. Their strategic focus is on operational excellence in their key resource plays to create long-term value for investors.
This document provides a summary of PETROBRAS' 1st quarter 2006 earnings conference call. The summary includes:
- PETROBRAS' net income decreased 18% compared to the previous quarter due to higher tax payments.
- Domestic oil and NGL production increased 14% year-over-year due to new platform start-ups.
- Lifting costs increased 6% quarter-over-quarter mainly due to a 3% real appreciation and lower production volumes.
- Refining costs decreased 6% from the previous quarter due to fewer planned refinery stoppages.
This document discusses the strategy of Pace Oil & Gas Ltd. to become a top tier energy company focused on oil and liquids-rich gas. The company plans to achieve this through low risk oil development of its existing assets, pursuing additional oil-focused resource plays, and evaluating opportunities for enhanced oil recovery. Pace aims to increase its oil and liquids production over time in order to drive cash flow and value while maintaining a balanced portfolio of oil and gas assets for long term growth. Recent execution of this strategy has led to significant increases in total production and oil production specifically.
The presentation summarizes Sage Gold's plans to develop the near-term production potential of its Clavos gold deposit in Timmins, Ontario through 2023. Key points include:
1) Sage Gold aims to begin initial production at Clavos in 2013 to generate cash flow, utilizing existing infrastructure from a partnership with St. Andrew Goldfields.
2) A new NI 43-101 resource estimate and preliminary economic assessment is planned for Q4 2012 to advance the project.
3) The deposit remains open along strike and at depth, representing potential to significantly increase resources through further drilling.
4) Strategic partnerships provide low-cost access to mining and milling facilities near the project.
Avion Gold Inc. is a gold producer in Mali with plans to increase production from 75,000 ounces in 2010 to 200,000 ounces by 2012. The company acquired additional gold assets in 2010 that increased its total resource base to over 3.9 million ounces. Avion is significantly undervalued compared to its peers based on cash flow and net asset value multiples. Management intends to continue growing production and resources through exploration and development of its large land package.
Cidade Paradiso (Nova Iguaçu, RJ) – Biggest Undertaking Residential of the Baixada Fluminense reported financial results for 3Q08 and 9M08. Key highlights included EPS of R$0.16 in 3Q08 and R$0.77 in 9M08, net profit before minorities of R$9.1 million in 3Q08 and R$41.0 million in 9M08. Total launches in 3Q08 were R$129 million with contracted sales of R$80 million and 794 units sold. The company has a strong balance sheet with R$87 million in cash and R$43 million in debt.
Dgc 13 02_24-27_bmo metals and mining conferenceDetourGold
Detour Gold Corporation is Canada's next intermediate gold producer. It owns the Detour Lake mine in Ontario, Canada, which began commercial gold production in February 2013. Detour Gold's objectives for 2013 include commissioning a second production line at Detour Lake, securing a $90 million credit facility, achieving commercial production, and producing over 350,000 ounces of gold. It also plans to complete a pre-feasibility study on the Block A expansion at Detour Lake and advance evaluation of mine expansion scenarios. Detour Gold is focused on responsible mining practices and supporting local communities.
The document provides an overview of Petrobras' 4th quarter and full year 2011 results, highlighting a 16.41 billion barrel increase in proven oil reserves, a 2% increase in total oil and gas production to 2.62 million barrels per day, and investments of R$73 billion in 2011, 47% of which went to exploration and production activities. Petrobras also discussed its exploration successes in 2011, production outlook for 2012, and progress made in developing pre-salt fields in the Campos and Santos basins.
The document provides information about Occidental Petroleum Corporation (Oxy), including its corporate headquarters locations, subsidiaries, and contact information. It then discusses Oxy's financial performance in 2007, noting that it achieved record net income of $5.4 billion. The document also summarizes Oxy's operations and production, with the United States, Middle East/North Africa, and Latin America making up its three core regions.
This document is Amerada Hess Corporation's 2000 Annual Report. It provides financial and operating highlights for 2000, including record after-tax earnings of $1.023 billion, a 20% return on capital employed, and production increasing to 374,000 barrels of oil equivalent per day, a 10% increase from 1999. It discusses successes in exploration and production, including field developments and acquisitions. It also discusses ongoing construction of a coking unit at the HOVENSA refinery in the Virgin Islands and continued investment in retail marketing, including acquisitions that have doubled the number of HESS retail facilities.
Holly Corporation operates three petroleum refineries in the western United States with a total refining capacity of 107,500 barrels per day. In 2003, Holly acquired the Woods Cross Refinery from ConocoPhillips and increased its overall refining capacity. Holly also purchased an additional interest in the Rio Grande pipeline joint venture and sold its Iatan crude oil gathering system. Holly reported significant increases in sales, income, earnings per share and other financial metrics in 2003 compared to 2002, demonstrating strong financial performance.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
Bank of America Merrill Lynch 2012 Global Metals, Mining & Steel ConferenceBarrickGold2012
1) The document discusses Barrick Gold Corporation's performance and strategy. It highlights Barrick's global footprint, financial results, and operating outlook.
2) Barrick aims to add value by meeting production and cost targets, increasing reserves through exploration and acquisitions, maximizing existing mine value, and improving sustainability.
3) Exploration results showed potential to expand reserves at key projects like Goldrush and Turquoise Ridge through drill results indicating extensions and new zones remaining open.
This document provides an overview of Petrobras' 3rd quarter 2006 earnings conference call. It includes:
1) Domestic oil production increased 1.3% compared to the previous quarter due to new platform performances.
2) Lifting costs increased 8.5% due to higher transportation, seismic, and drilling expenses as well as initial operational costs for new fields.
3) Net income increased slightly to R$7.085 billion, with higher revenues offset by a change in how ANP calculates special participation costs in the Marlim field.
This corporate presentation from Orvana Minerals Corp. provides an overview of the company's operations and financial performance. Orvana operates gold and copper mines in Bolivia and Spain, including its recently commissioned Upper Mineralized Zone deposit. The presentation summarizes Orvana's key assets and growth projects, financial results, production forecasts, and mineral reserve and resource estimates. It also outlines various risk factors and forward-looking statements regarding the company's plans and estimates.
Webcast about the 1st Quarter Results 2011 - IFRSPetrobras
Petrobras reported strong financial results for the 1st quarter of 2011, with record net income. Key highlights included the start-up of pre-salt production in the Campos and Santos Basins, new oil discoveries in the Santos Basin pre-salt area, and the start-up of new gas pipelines and refining units. Oil and gas production increased slightly compared to the prior year due to ramp-ups in existing fields and assets. In the Santos Basin pre-salt area, Petrobras continued development and exploration activities through EWTs, new discoveries, and optimization of drilling times and costs.
The document summarizes the results of a positive preliminary economic assessment (PEA) for the Tilemsi Integrated Phosphate Fertilizer Project in Mali. The PEA estimates a 20-year mine life with an after-tax net present value of US$635 million and internal rate of return of 33%. Key highlights include an initial capital cost of US$143 million, operating costs of US$49-91 per tonne, and potential annual production of 1.18 million tonnes of fertilizer products. The project has potential upside from additional exploration across the large land package.
Lake Shore Gold exceeded production and cash cost targets in Q1 2012. Production was 16,180 ounces compared to a target of 15,000 ounces, and cash costs were $1,048 per ounce compared to a budget of $1,450. The company is on track with its development plans at the Timmins West and Thunder Creek mines to significantly increase production over the next two quarters. Exploration success also expanded resources and potential at the Fenn-Gib deposit.
- Petrobras achieved its 2012 production target of 1,980 kbpd despite operational challenges.
- Pre-salt production increased to 136.4 kbpd in 2012, up from 100.3 kbpd in 2011.
- Proven reserves totaled 16.44 billion boe and the reserve replacement ratio was 103.3%.
- The PROEF program in the UO-BC increased average production by 25 kbpd and operational efficiency by 11 percentage points.
Holly Corporation is an independent petroleum refiner and marketer that operates two refineries. In 2006, Holly achieved record financial results including net income of $266 million and revenues of over $4 billion. Holly completed several expansion and upgrade projects at its refineries during 2006 to increase production capacity and ability to process heavy crude oils. Holly plans additional expansion projects at both refineries through 2008 to further increase production capacity and profitability.
The document summarizes Petrobras' 4th quarter 2007 results and 2007 annual results. Key points include a 14,000 bpd increase in domestic oil production year-over-year due to new production systems, a 1% decline in production from existing systems, and a 131.1% reserves replacement rate. Lifting costs increased in the 4th quarter due to currency effects and wage increases. Net income decreased from the prior quarter due to higher costs and operating expenses. Upcoming production units are also outlined.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
ARC Resources - December 2012 Investor PresentationARC Resources
ARC Resources presented their investor presentation for December 2012. The presentation highlights ARC's focus on oil and liquids-rich gas plays, with their 2013 capital budget allocating 91% to drilling and infrastructure for these plays. ARC forecasts production growth in 2013 while maintaining their $0.10 per month dividend. Their strategic focus is on operational excellence in their key resource plays to create long-term value for investors.
This document provides a summary of PETROBRAS' 1st quarter 2006 earnings conference call. The summary includes:
- PETROBRAS' net income decreased 18% compared to the previous quarter due to higher tax payments.
- Domestic oil and NGL production increased 14% year-over-year due to new platform start-ups.
- Lifting costs increased 6% quarter-over-quarter mainly due to a 3% real appreciation and lower production volumes.
- Refining costs decreased 6% from the previous quarter due to fewer planned refinery stoppages.
This document discusses the strategy of Pace Oil & Gas Ltd. to become a top tier energy company focused on oil and liquids-rich gas. The company plans to achieve this through low risk oil development of its existing assets, pursuing additional oil-focused resource plays, and evaluating opportunities for enhanced oil recovery. Pace aims to increase its oil and liquids production over time in order to drive cash flow and value while maintaining a balanced portfolio of oil and gas assets for long term growth. Recent execution of this strategy has led to significant increases in total production and oil production specifically.
The presentation summarizes Sage Gold's plans to develop the near-term production potential of its Clavos gold deposit in Timmins, Ontario through 2023. Key points include:
1) Sage Gold aims to begin initial production at Clavos in 2013 to generate cash flow, utilizing existing infrastructure from a partnership with St. Andrew Goldfields.
2) A new NI 43-101 resource estimate and preliminary economic assessment is planned for Q4 2012 to advance the project.
3) The deposit remains open along strike and at depth, representing potential to significantly increase resources through further drilling.
4) Strategic partnerships provide low-cost access to mining and milling facilities near the project.
Avion Gold Inc. is a gold producer in Mali with plans to increase production from 75,000 ounces in 2010 to 200,000 ounces by 2012. The company acquired additional gold assets in 2010 that increased its total resource base to over 3.9 million ounces. Avion is significantly undervalued compared to its peers based on cash flow and net asset value multiples. Management intends to continue growing production and resources through exploration and development of its large land package.
Cidade Paradiso (Nova Iguaçu, RJ) – Biggest Undertaking Residential of the Baixada Fluminense reported financial results for 3Q08 and 9M08. Key highlights included EPS of R$0.16 in 3Q08 and R$0.77 in 9M08, net profit before minorities of R$9.1 million in 3Q08 and R$41.0 million in 9M08. Total launches in 3Q08 were R$129 million with contracted sales of R$80 million and 794 units sold. The company has a strong balance sheet with R$87 million in cash and R$43 million in debt.
Dgc 13 02_24-27_bmo metals and mining conferenceDetourGold
Detour Gold Corporation is Canada's next intermediate gold producer. It owns the Detour Lake mine in Ontario, Canada, which began commercial gold production in February 2013. Detour Gold's objectives for 2013 include commissioning a second production line at Detour Lake, securing a $90 million credit facility, achieving commercial production, and producing over 350,000 ounces of gold. It also plans to complete a pre-feasibility study on the Block A expansion at Detour Lake and advance evaluation of mine expansion scenarios. Detour Gold is focused on responsible mining practices and supporting local communities.
The document provides an overview of Petrobras' 4th quarter and full year 2011 results, highlighting a 16.41 billion barrel increase in proven oil reserves, a 2% increase in total oil and gas production to 2.62 million barrels per day, and investments of R$73 billion in 2011, 47% of which went to exploration and production activities. Petrobras also discussed its exploration successes in 2011, production outlook for 2012, and progress made in developing pre-salt fields in the Campos and Santos basins.
The document provides information about Occidental Petroleum Corporation (Oxy), including its corporate headquarters locations, subsidiaries, and contact information. It then discusses Oxy's financial performance in 2007, noting that it achieved record net income of $5.4 billion. The document also summarizes Oxy's operations and production, with the United States, Middle East/North Africa, and Latin America making up its three core regions.
This document is Amerada Hess Corporation's 2000 Annual Report. It provides financial and operating highlights for 2000, including record after-tax earnings of $1.023 billion, a 20% return on capital employed, and production increasing to 374,000 barrels of oil equivalent per day, a 10% increase from 1999. It discusses successes in exploration and production, including field developments and acquisitions. It also discusses ongoing construction of a coking unit at the HOVENSA refinery in the Virgin Islands and continued investment in retail marketing, including acquisitions that have doubled the number of HESS retail facilities.
Holly Corporation operates three petroleum refineries in the western United States with a total refining capacity of 107,500 barrels per day. In 2003, Holly acquired the Woods Cross Refinery from ConocoPhillips and increased its overall refining capacity. Holly also purchased an additional interest in the Rio Grande pipeline joint venture and sold its Iatan crude oil gathering system. Holly reported significant increases in sales, income, earnings per share and other financial metrics in 2003 compared to 2002, demonstrating strong financial performance.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
The document discusses the CEO's reflections on his time leading the company from 1991 to 1997 and the improvements made in delivering returns to shareholders. It highlights initiatives taken over the years to upgrade operations and portfolio, resulting in industry-leading returns. The CEO expresses pride in achievements but says more progress is needed. The new CEO is tasked with building on the foundation to further adapt to industry changes and accelerate improvements.
Pyramid Oil Company is an independent oil and gas exploration and production company incorporated in 1909 and headquartered in California. It focuses on onshore operations in Kern County, one of the largest oil producing regions in the US. As of 2011, Pyramid had over $11 million in total assets including $5.5 million in cash and owned oil and gas leases covering over 21,000 acres. Key company executives include John Alexander, the President and CEO since 2004, and Chairman Michael Herman.
El Paso Corporation provides an overview of its business, which includes owning North America's largest natural gas pipeline system and being one of North America's largest independent natural gas producers. The document discusses the company's two business segments - Pipelines and Exploration & Production. For the Pipelines segment, it provides details on the company-owned and partner pipeline systems including miles of pipeline. For Exploration & Production, it outlines the company's acreage positions and proved natural gas reserves. It also discusses trends in the U.S. natural gas market and the infrastructure investment needed to meet growing demand.
El Paso Corporation provides an overview of its business, which includes owning North America's largest natural gas pipeline system and being one of North America's largest independent natural gas producers. The document discusses the company's two business segments - Pipelines and Exploration & Production. It provides key details on the pipeline and production assets, including miles of pipeline, gas transmission volumes, proven gas reserves, and acreage. It also discusses trends in the US natural gas market and the infrastructure investment needed to meet growing demand.
This document is Valero Energy Corporation's 2005 Summary Annual Report. It discusses Valero's 25-year history of growth and success, including becoming the largest refiner in North America through strategic acquisitions. In 2005, Valero achieved record earnings of $3.6 billion and strong total shareholder returns. The report attributes Valero's success to its strategy of investing in refineries capable of processing heavy sour crude oil, and to its caring corporate culture that prioritizes employees and communities.
This annual report from Devon Energy Corporation provides information about the company's performance in 2001 and vision for the future. Some key points:
- Devon completed two major acquisitions in 2001, purchasing Mitchell Energy and Anderson Exploration, nearly doubling its proved oil and gas reserves.
- Total revenues reached $3 billion for the first time, though lower oil and gas prices led to a non-cash impairment charge and declining net earnings.
- The chairman discusses how Devon aims to build long-term success through a balanced strategy of concentrating high-quality assets, internal growth opportunities, and positioning in strong markets.
- Going forward, Devon will focus on integrating its new acquisitions while continuing to optimize its portfolio
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
- Amerada Hess Corporation reported record net income of $1.2 billion in 2005, up from $970 million in 2004.
- Exploration and Production had significant progress in major field developments and grew proved reserves to 1.1 billion barrels of oil equivalent.
- Marketing and Refining benefited from strong refining margins and retail marketing experienced solid growth, with average gasoline volumes per station increasing 7% and convenience store revenue rising 4%.
The document provides an overview of Penn Virginia Corporation's acquisition of Eagle Ford Hunter, Inc. (MHR). Key points:
- The $400 million acquisition significantly increases PVA's Eagle Ford acreage and production. Pro forma, net Eagle Ford acreage increases 54% and daily oil production increases 42%.
- Sources and uses of funds include $775 million in new senior notes, $40 million from equity issuance, and $400 million for acquisition consideration. Funds will also refinance $300 million senior notes due 2016.
- The acquisition grows PVA's proved reserves 11% to 125.5 MMBOE with 28% oil, increases total proved and developed Eagle Ford reserves 46%
The 2004 annual report of Holly Corporation provides an overview of the company's financial and operating highlights for 2004 as well as its mission, company profile, and refined product markets. Key details include Holly operating three petroleum refineries in New Mexico, Utah, and Montana with total refining capacity of 109,000 barrels per day. Holly also owns a 48% interest in Holly Energy Partners which owns over 1,500 miles of refined product pipelines and terminals. Holly achieved record financial results in 2004 with sales of $2.2 billion and net income of $83.9 million compared to $1.4 billion and $46.1 million respectively in 2003.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Holly Corporation's 2007 annual report summarizes the company's financial and operating highlights for the year. Key highlights include record sales and other revenues of $4.79 billion, net income of $334.1 million, and net cash provided by operating activities of $422.7 million. The report also provides an overview of Holly Corporation's business as an independent petroleum refiner and marketer, including details on its two refineries in New Mexico and Utah.
The document provides an overview of The Dawg Haus business plan. It details the company's history, locations, products, management structure, and financial projections. The Dawg Haus was founded in 2002 in Green Bay, Wisconsin by three investors. It has since expanded to three locations near sports stadiums in Milwaukee and Madison. The company aims to provide quality hot dogs and good service in a fun atmosphere. Financial projections estimate continued revenue growth through 2010 with new store openings.
- A $100 investment in Smithfield Foods in 1981 would be worth $8,511 today, representing strong returns for shareholders over the past 20 years.
- The company has pursued a strategy of vertical integration, combining hog production with superior genetics and a large fresh pork and processed meats distribution business to gain competitive advantages.
- Smithfield Foods has merged several of its hog production subsidiaries into one organization, Murphy-Brown LLC, creating the world's largest pork production operation and helping ensure a consistent supply of high-quality raw materials.
Cooper Cameron Corporation is an international manufacturer of oil and gas equipment. In 2004, the company achieved record revenues of over $2 billion. Key highlights included highest-ever backlog and orders, 40% increase in earnings per share, and over $170 million spent on acquisitions. While industry conditions were stable with modest growth, the company believes it is well-positioned for various market scenarios through its financial strength and diverse business segments.
The document summarizes Alcoa's 1st quarter 2008 financial results and outlook. Key highlights include income from continuing operations of $303 million, revenues of $7.4 billion, and segment ATOI increasing 42% excluding packaging. Business conditions included lower aluminum prices, unfavorable currency and energy costs, and continued pressure in automotive. The outlook anticipates production increases and improved efficiencies. Alcoa reviews growth opportunities in aerospace, transportation, and infrastructure and discusses strategic priorities around profitable growth, competitive advantages, and disciplined execution.
- Alcoa reported income from continuing operations of $546 million or $0.66 per share for Q2 2008, an 80% increase over Q1 2008. Revenues increased 3% to $7.6 billion.
- Input costs continued to climb across the industry, with increases in caustic soda, calcined coke, fuel oil, and other materials. However, Alcoa saw double digit profit increases across all operating segments sequentially.
- Cash from operations exceeded $1 billion. The company repurchased $175 million in shares, reaching 10% of shares outstanding under the repurchase program. Global aluminum demand is expected to increase 7.9% in 2008 despite weakness in the US market.
- Alcoa reported net income of $268 million for 3Q 2008, which included $29 million for restructuring. Revenues were $7.2 billion, up from $6.5 billion in 3Q 2007 excluding divested businesses.
- The aluminum industry is facing significant increases in input costs such as caustic soda, calcined coke, ocean freight, and fuel oil. These rising costs have squeezed margins across the industry.
- Compared to 3Q 2007, Alcoa's income from continuing operations excluding special items fell from $340 million to $298 million due to higher costs that were only partially offset by productivity gains and price increases.
The document provides an overview of Alcoa's 4th quarter 2008 financial results and outlook for 1st quarter 2009. Key points include:
- 4Q 2008 loss from continuing operations of $929 million or $1.16 per share due to restructuring and impairment charges of $708 million.
- Revenue declined 18% sequentially to $5.7 billion on lower metal prices and market deterioration.
- Cash from operations was $608 million and cash on hand was $762 million.
- 1Q 2009 outlook includes further price declines and production cuts due to weak market conditions across key end markets.
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
Alcoa endorses The Business Roundtable Principles of Corporate finance8
The document outlines principles of corporate governance established by The Business Roundtable. It discusses the roles and responsibilities of boards of directors, CEOs, management, stockholders, and other parties. The board's primary duties are selecting the CEO and overseeing management. Management runs day-to-day operations and informs the board of business status. Effective governance requires understanding these roles and their relationships with stockholders and other constituencies.
The Alcoa 1996 Annual Report provides the following information:
1) Alcoa's earnings in 1996 totaled $514.9 million with revenues of $13.1 billion and a return on equity of 11.6%. Before special charges, earnings were $637 million for a return on equity of 14.4%.
2) Over the past decade, Alcoa has made safety its top priority and has successfully reduced injury rates at its facilities around the world, demonstrating that continuous improvement is possible.
3) Alcoa has expanded its global operations over the past year through acquisitions and new contracts, and it aims to leverage its resources and technologies worldwide to remain the leader in the aluminum industry.
The document provides cable customer metrics and financial data for 2007 and 2008. It shows that the company gained over 4,000 revenue generating units (RGUs) in 2008 but lost 575 total video customers. Digital video customers and homes passed increased while average monthly revenue per video customer rose to $110.48. Total revenue increased over $2.5 billion from 2007 to 2008 while operating cash flow increased over $1 billion. Capital expenditures focused on growth areas like customer premise equipment and scalable infrastructure to support additional customers and services.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
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Decoding job postings: Improving accessibility for neurodivergent job seekers
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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South Dakota State University degree offer diploma Transcriptynfqplhm
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
2. TABLE OF CONTENTS:
Financial Highlights 1
Letter to Stockholders 2
Review of Operations 4
Board of Directors
and Corporate Officers 12
Cover: Joint Development Area, Malaysia/Thailand
3. FINANCIAL AND OPERATING HIGHLIGHTS
Amerada Hess Corporation and Consolidated Subsidiaries
Dollar amounts in millions, except per share data 2004 2003
FINANCIAL — FOR THE YEAR
Sales and other operating revenues $ 16,733 $14,311
Income from continuing operations $ 970 $ 467
Net income $ 977 $ 643
Net income per share diluted $ 9.57 $ 7.11
Common stock dividends per share $ 1.20 $ 1.20
Net cash provided by operating activities $ 1,903 $ 1,581
Capital expenditures $ 1,521 $ 1,358
Weighted average diluted shares outstanding— in thousands 102,086 90,342
FINANCIAL — AT YEAR-END
Total assets $ 16,312 $13,983
Total debt $ 3,835 $ 3,941
Stockholders’ equity $ 5,597 $ 5,340
Debt to capitalization ratio(a) 40.7% 42.5%
OPERATING — FOR THE YEAR
Production — net
Crude oil and natural gas liquids —
thousands of barrels per day
United States 56 55
Foreign 190 204
Total 246 259
Natural gas — thousands of Mcf per day
United States 171 253
Foreign 404 430
Total 575 683
Barrels of oil equivalent —
thousands of barrels per day 342 373(b)
Refining and marketing — thousands of barrels per day
Refining crude runs — HOVENSA L.L.C.(c) 242 220
Refined products sold 428 419
(a) Total debt as a percentage of the sum of total debt and stockholders’ equity.
(b) Includes production related to discontinued operations of 13 thousand barrels of oil equivalent per day.
(c) Reflects the Corporation’s 50% share of HOVENSA’s crude runs.
See Management’s Discussion and Analysis of Results of Operations.
1
4. TO OUR STOCKHOLDERS:
JOHN B. HESS
Chairman of the Board
and Chief Executive Officer
In 2004, we had a strong year of operating and financial • Our development projects made significant progress
results. We are pleased with the performance of our during the year. These projects, combined with
assets and proud of the accomplishments of our an exciting high impact exploration and appraisal
organization. During the year, we made significant drilling program, will drive future reserve and
progress in advancing our development projects, pursuing production growth.
our exploration program, growing our reserves and
MAJOR DEVELOPMENT PROJECTS
strengthening our financial position.
• In the deep water Gulf of Mexico, production from the
Our strategy is to build a portfolio of assets that will Llano Field commenced and is currently averaging
sustain financial performance and provide long-term approximately 20,000 barrels of oil equivalent per day
profitable growth for our shareholders. In executing this net to the Corporation.
strategy, we will continue to concentrate on growing
• In Equatorial Guinea, the development plan for the
exploration and production and maximizing financial
Okume Complex was approved by the government.
returns from refining and marketing. We have attractive
The major contracts for construction have been
investment opportunities that we will pursue while
awarded and the development is expected to
maintaining capital discipline and financial flexibility.
commence production in early 2007.
2004 HIGHLIGHTS
• In Algeria, the scope of our project to redevelop the
• Net income was $977 million, the second highest in the
Gassi El Agreb fields was expanded. Since 2000, we
Corporation’s history. Exploration and production
have more than doubled production from the fields,
earned $755 million, while refining and marketing
and we see additional opportunities to increase
contributed $451 million.
reserves and production.
• Worldwide oil and natural gas production averaged
• In Block A-18 in the Joint Development Area (JDA)
342,000 barrels of oil equivalent per day compared to
between Malaysia and Thailand, additional gas sales
our original forecast of 325,000 barrels of oil equivalent
were negotiated that will allow us to double our
per day. In 2005, we project worldwide crude oil and
proved reserves in the JDA over the next several years
natural gas production to average 350,000 barrels of
and contribute significant production growth.
oil equivalent per day.
First sales of natural gas from the JDA began in
• We replaced 110% of production, at a finding and February 2005.
development cost of approximately $11 per barrel.
• In Indonesia, the Ujung Pangkah development was
Proved reserves at year-end were 1.046 billion barrels
sanctioned. Gas sales from the Pangkah Field are
of oil equivalent and our reserve to production ratio
expected to commence by early 2007.
improved to 8.2 years from 7.5 years in 2003.
2
5. HIGH IMPACT EXPLORATION In May, after 14 years of distinguished service, John Y.
Our exploration strategy continues to be successful. Schreyer retired as a Director and Chief Financial
Encouraging drilling results in 2004 at our Shenzi Officer. We thank John for his financial leadership and
discovery in the deepwater Gulf of Mexico, and the commitment throughout his long association with the
Phu Horm and Belud discoveries in Southeast Asia will Corporation. We will miss his sound advice and
provide opportunities for future reserve and production invaluable contributions.
growth. In addition, our prospect inventory is strong,
In June, Dr. Risa Lavizzo-Mourey was elected a new
and we plan to drill approximately 15 high impact
member of our Board of Directors. She is President and
exploration and appraisal wells in 2005.
Chief Executive Officer of the Robert Wood Johnson
REFINING AND MARKETING Foundation and brings important experience in business
The HOVENSA and Port Reading refineries operated near and social responsibility to our Board.
maximum capacity for most of the year, enabling them
Our thoughts and prayers are with those impacted by
to take advantage of the strong margins experienced in
the devastating tsunami in Asia and we are deeply
2004. Furthermore, profitability was enhanced by a
appreciative of the extraordinary efforts being made by
significant price differential between light and heavy
the relief organizations. To assist in their work, the
crude oil and HOVENSA’s capability to process lower
Corporation made a $2 million donation to two relief
cost, heavy crude oil.
agencies working in Indonesia and Thailand and has
Our HESS EXPRESS retail sites are industry leaders in also matched employee contributions.
terms of gasoline volumes and convenience store sales
Our success in 2004 could not have been achieved
per site. In 2004, the HESS retail network continued to
without the hard work and dedication of our employees.
expand, growing to 1,254 sites, further solidifying our
We are proud and deeply appreciative of their many
position as the leading independent gasoline convenience
contributions during the past year. We also thank our
store marketer on the East Coast. Our energy marketing
Directors for their guidance and leadership and our
business performed well despite warmer than normal
stockholders for their support.
weather. We continue to look for opportunities to grow
our retail and energy marketing businesses.
IMPROVED FINANCIAL POSITION
In 2004, our debt to capitalization ratio improved to
40.7% at the end of the year. With our improved
balance sheet, strong cash flow and a new $2.5
JOHN B. HESS
billion revolving credit facility, we have the financial
Chairman of the Board
flexibility to fund our attractive investment opportunities.
and Chief Executive Officer
March 2, 2005
3
7. EXPLORATION & PRODUCTION
In Equatorial Guinea, the Ceiba Field
PRODUCTION
(AHC 85%) is currently producing
In the deepwater Gulf of Mexico,
28,000 net barrels of oil per day and
the Llano Field (AHC 50%) on
is expected to sustain that level over
Garden Banks Blocks 385 and 386,
the next several years.
commenced production in April 2004.
The field is currently averaging
DEVELOPMENT
approximately 20,000 net barrels of oil
In Block A-18 (AHC 50%) of the
equivalent per day. Net production
Joint Development Area between
from the Corporation’s deepwater
Malaysia and Thailand (JDA), first
Gulf of Mexico fields, which include
production was achieved in early
Llano, Baldpate (AHC 50%), Conger
2005. Net production is expected to
(AHC 37.5%), Northwestern (AHC Production facility in North Dakota.
average approximately 23,000 barrels
50%) and Hack Wilson (AHC 33.3%),
of oil equivalent per day in 2006.
averaged approximately 38,000 barrels
Additional gas sales were negotiated
of oil equivalent per day in 2004. program of infill and horizontal drilling
in December 2004, which will allow
within several large company-operated
Onshore, Amerada Hess operates
us to double our proved reserves in
units, including Beaver Lodge and
the Seminole San Andres Unit (AHC
the JDA over the next several years
Tioga Madison.
34%) in West Texas, a carbon dioxide
and contribute significant future
recovery project that commenced in In the United Kingdom, the Clair production growth.
1983 and is recognized as one of the Field (AHC 9.3%) came onstream in
In Equatorial Guinea, the development
most successful tertiary recovery February 2005 and is expected to
plan for our Northern Block G Fields
projects in the Permian Basin. In 2004, average 5,500 net barrels of oil per day
(AHC 85%), now called the Okume
the Corporation continued development when it reaches plateau production.
Complex, was approved by the
of the residual oil zone, which is one of
government in August 2004. The major
several opportunities that will be In the Norwegian sector of the North
contracts for construction have been
pursued in the area over the next Sea, enhanced recovery continued
authorized and development drilling will
several years. in the Valhall Field (AHC 28.09%),
begin in 2006. First production from the
with water injection and development
In North Dakota, Amerada Hess is
Okume Complex is expected in early
of the north flank area adding
the leading oil producer. Production
2007 with net peak production estimated
approximately 4,000 barrels of oil
levels have been maintained over
at 40,000 barrels of oil per day.
per day of net production.
the last five years through a successful
5
8. these two fields is expected to exceed The Tubular Bells discovery well
20,000 barrels of oil equivalent per (AHC 20%) in Mississippi Canyon
day in 2006. Block 725 is expected to be appraised
in the second half of 2005.
In Indonesia, following a successful
drilling program, the gas sales In Northeastern Thailand, Phu Horm
agreement for the Ujung Pangkah Block E5N (AHC 35%) has been
development (AHC 66%) was signed successfully appraised and is now
in the fourth quarter of 2004. Gas in the permitting process. We expect
sales from the Pangkah Field are this project to be sanctioned in 2005.
expected to commence in early 2007.
In Malaysia, the Belud South-1
Phase three of the development of the exploration well discovered
Technical team in the United Kingdom.
giant Azeri, Chirag and Guneshli fields hydrocarbons, encountering 352
In Algeria, the Corporation’s investment
(AHC 2.72%) in Azerbaijan to access feet of net pay; predominately gas.
in the Gassi El Agreb redevelopment
reserves in the deepwater Guneshli A down dip sidetrack was drilled
project, operated by SonaHess, a
area was sanctioned in the third which established oil in several sands.
joint operating company of Amerada
quarter. Net production is expected Further exploratory and appraisal
Hess and Sonatrach, has resulted
to increase from 2,000 barrels per drilling is planned during 2005.
in production from the fields being
day currently to 25,000 barrels per
increased by over 100% since 2000.
day in 2008.
Net production averaged approxi-
mately 25,000 barrels of oil per day
EXPLORATION
in the fourth quarter of 2004. In August
In the deepwater Gulf of Mexico,
2004 the scope of the project to
successful appraisal drilling was
redevelop these fields was expanded,
conducted on the Shenzi prospect
reflecting our success in this area.
(AHC 28%) on Green Canyon Block
653. The Shenzi-2 well encountered
In the United Kingdom, commercial
500 feet of net pay and the Shenzi-3
agreements associated with the
well found 330 feet of net pay.
Atlantic (AHC 25%) and Cromarty
(AHC 90%) gas fields were completed.
Two additional appraisal wells will be
First production is expected in early Appraisal drilling in Thailand.
drilled in 2005, after which the project
2006. Combined net production from
is expected to be sanctioned.
6
11. REFINING & MARKETING
REFINING The Corporation has entered into a
long-term partnership agreement with
The HOVENSA refinery in the United
Walt Disney World in Orlando, Florida.
States Virgin Islands is one of the
HESS has been designated “Official
largest refineries in the world. It is
Fuel Supplier” of Walt Disney World
jointly owned by the Corporation and
and has taken over operatorship of
Petroleos de Venezuela (PDVSA). The
three gasoline retail sites adjacent to
facility is competitively positioned and
major Disney attractions. Conversion
enjoys significant economies of scale.
of these sites to the HESS brand was
Its strategic location in the Caribbean
completed in the first quarter of 2004
allows for short crude supply lines
and initial sales performance from
from Venezuela as well as easy access
these outlets is encouraging.
to U.S. product markets.
Delayed Coking Unit, St. Croix, Virgin Islands.
ENERGY MARKETING
The refinery, with 500,000 barrels per Both the HOVENSA and Port Reading
The Corporation is a major supplier of
day of crude distillation capacity and facilities are making the necessary
natural gas, fuel oil and electricity to
a 150,000 barrel per day fluid catalytic investments to meet U.S. low sulfur
commercial and industrial customers
cracking unit, is able to make a fuel requirements.
located primarily on the East Coast.
significant volume of high quality
RETAIL MARKETING
In addition, Hess is a supplier of
gasolines and distillates. In addition,
The HESS retail network continues to
natural gas to several local distribution
the refinery has a 58,000 barrel per
expand, further solidifying our position
companies in this region. We will
day delayed coking unit, which allows
as the leading independent gasoline
continue to look for growth
the refinery to process lower cost
convenience store marketer on the
opportunities in our marketing areas.
heavy crude oils. Gross crude runs at
East Coast. In 2004, five new retail
the refinery averaged 484,000 barrels
locations were built and 12 existing
SUPPLY & TERMINALS
per day in 2004. This high level of
retail sites were upgraded with
Amerada Hess operates twenty-two
capacity utilization allowed HOVENSA
the addition of HESS EXPRESS
strategically located petroleum
to take advantage of the strong refining
convenience stores. In October, we
terminals on the East Coast of the
margin environment, resulting in a
acquired an additional 20 facilities in
United States that provide economical
solid year of financial performance.
New England and upstate New York.
and secure supply to our marketing
Rebranding of these sites to the HESS
operations. During a series of
The Corporation also operates a
brand will be completed by the second
devastating hurricanes in the fall of
fluid catalytic cracking unit in Port
quarter of 2005. The Corporation
2004, the Corporation maintained
Reading, New Jersey, which produces
plans to continue this opportunistic
supply to our branded outlets and
clean-burning gasoline and heating
growth through selective acquisitions
to emergency relief agencies.
oil for markets in the northeast. The
and new site developments in key
facility averaged feedstock runs of
East Coast markets. HESS EXPRESS
approximately 52,000 barrels per
stores continue to outpace industry
day and benefited from strong
averages in gasoline volumes and
product margins in 2004.
convenience store sales.
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13. CORPORATE AND SOCIAL RESPONSIBILITY
We are committed to meeting the
highest standards of corporate
citizenship and social responsibility.
Our goal is to provide affordable
energy while protecting the health and
safety of our employees, safe guarding
the environment and creating a
sustainable positive impact in the
communities where we operate.
In 2004, we continued to demonstrate
our commitment through ongoing
programs centered on education,
health and disaster relief. We provided
educational assistance by helping to
rehabilitate schools and delivering
necessary supplies in Asia and Africa.
Working with local and international
non-governmental organizations, we
are also improving health care,
from supporting local clinics to
funding major hospital and Hess supported school in Equatorial Guinea.
emergency services.
coping with the devastating tsunami In 2004, we also affirmed our support
The Corporation’s long standing history
in Asia, as well as assistance in of international voluntary programs
of providing emergency relief in the
dealing with the consequences addressing the critical issues of human
aftermath of natural disasters continued
of destructive hurricanes that rights, environmental protection and
in 2004. We provided critical support
impacted Florida. respect for the rule of law.
to international relief organizations
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14. AMERADA HESS CORPORATION
BOARD OF DIRECTORS
Edith E. Holiday (2) (4) Craig G. Matthews (2) F. Borden Walker
John B. Hess (1)
Corporate Director Former Vice Chairman and Executive Vice President;
Chairman of the Board
and Trustee; Chief Operating Officer, President, Refining and
and Chief Executive Officer
Former Assistant to KeySpan Corporation; Marketing
Nicholas F. Brady the President and Former Chief Executive Officer
(1) (3) (4)
Robert N. Wilson (1) (2) (3)
Chairman, Choptank Secretary of the Cabinet; and President, NUI, Inc.
Partners, Inc.; Former General Counsel Chairman, Caxton Health
Former Secretary of the United States Department Holdings LLC;
John J. O’Connor
United States Department of the Treasury Former Senior Vice Chairman
Executive Vice President;
of the Treasury; of the Board of Directors,
President, Worldwide
Thomas H. Kean
Former Chairman, (1) (3) (4) Johnson & Johnson
Exploration & Production
President, Drew University;
Dillon, Read & Co., Inc.
Former Governor Frank A. Olson (2) (3)
J. Barclay Collins II State of New Jersey (1) Member of Executive Committee
Former Chairman of the Board
Executive Vice President (2) Member of Audit Committee
and Chief Executive Officer,
Risa Lavizzo-Mourey (2) (3) Member of Compensation
and General Counsel The Hertz Corporation
President and Chief and Management
Development Committee
Executive Officer, The Robert Ernst H. von Metzsch (3)
(4) Member of Corporate
Wood Johnson Foundation Former Senior Vice President Governance and
and Partner, Nominating Committee
Wellington Management
Company
CORPORATE OFFICERS
John B. Hess SENIOR VICE VICE PRESIDENTS
PRESIDENTS
Chairman of the Board G.C.Barry
Secretary
and Chief Executive Officer B.J. Bohling
R.J. Bartzokas
E.C. Crouch
J. Barclay Collins, II
G.I. Bresnick
J.A. Gartman
Executive Vice President
D.K. Kirshner
S.M.Heck
and General Counsel
R.J. Lawlor
L.H. Ornstein
J. J. O’Connor J.J. Lynett
H. Paver
Executive Vice President; H.I. Small
J.P. Rielly
President, Worldwide E.S. Smith
Chief Financial
Officer
Exploration and Production J.C. Stein
G.F. Sandison R.J. Vogel
F. B. Walker
J.J. Scelfo Treasurer
Executive Vice President;
R.P. Strode K.B. Wilcox
President, Refining and
Controller
Marketing
P.R. Walton
J.R. Wilson
12