June 2008 -- Similar to others in the 2008 version of the IW50, Hess Corp. operates in the energy industry,
engaged in the exploration and production of crude oil and natural gas, as well as in refining
and in marketing refined petroleum products, natural gas, and electricity.
Net income for the year ended Dec. 31, 2007, was $1.83 billion compared with $1.92 billion in
the same period one year previously. Net income per diluted share was $5.74, down from $6.08 in
2006.
Oil and gas proved reserves increased to 1,330 million barrels of oil equivalent at the end of
2007 from 1,243 barrels at the end of 2006. In 2007, Hess added 234 million new barrels of oil
equivalent to proved reserves. Reserve life increased to 9.5 years.
Capital and exploratory expenditures for 2007 were $3.93 billion, a majority of which related to
exploration and production operations.
