SOURCE: Industrial Info Resources

Industrial Info Resources

January 27, 2011 05:30 ET

Hess Corporation to Focus on Exploration and Production in 2011, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - January 27, 2011) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Global oil and gas company Hess Corporation (NYSE:HES) (New York, New York) yesterday reported fourth-quarter and full-year earnings for the company's 2010 fiscal year, which ended December 31. Although quarterly revenues were higher than those of the corresponding quarter of 2009, net income was $58 million, compared to $358 million in 4Q09. The results, however, include an impairment charge of $289 million as Hess reduces its share in the joint venture, 500,000-barrel-per-day Hovensa refinery, located on the island of St. Croix in the U.S. Virgin Islands.

Industrial Info is tracking more than $3.3 billion in active Hess Corporation projects in the U.S. and Europe, including more than $1.1 billion in active Hess projects in the Bakken oil shale in North Dakota. Information on these and other Hess projects can be found in Industrial Info's North American Project Database.

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Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. For more information send inquiries to oilandgasproductiongroup@industrialinfo.com or visit our website at www.industrialinfo.com.

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