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AMERADA HESS CORPORATION REPORTS RESULTS

 NEW YORK, July 22 /PRNewswire/ -- Amerada Hess Corporation (NYSE: AHC) reported a net loss for the second quarter of 1993 of $145,100,000 ($1.57 per share) compared with net income of $4,400,000 ($.06 per share) for the second quarter of 1992. The loss in the second quarter of 1993 includes a net charge of $80,200,000 ($.87 per share) for the write-down to market value of refining and marketing inventories, reflecting the recent sharp decline in selling prices.
 Exploration and production earnings were $35,700,000 in the second quarter of 1993 compared with earnings of $44,100,000 in the second quarter of 1992. Refining and marketing operations had a loss of $140 million in the second quarter of 1993. Including the inventory write- down referred to above, compared with a loss of $20,400,000 in the second quarter of 1992. Corporate administration (including worldwide interest expense) and other operating activities had net expenses of $40,800,000 in the second quarter of 1993 compared with net expenses of $19,300,000 in the second quarter of 1992. Corporate administration includes a net charge of $10,500,000 in the second quarter of 1993 from the refinancing of long-term notes.
 The results of operations for the first half of 1993 amounted to a net loss of $112,200,000 ($1.21 per share) compared with a net loss of $19 million ($.23 per share) for the first half of 1992. Earnings from exploration and production activities amounted to $95,600,000 for the first half of 1993 compared with earnings of $77 million for the first half of 1992. Refining and marketing operations had a loss of $176,500,000 for the first half of 1993 compared with a loss of $55 million for the first half of 1992.
 Consolidated revenues amounted to $1,402,800,000 in the second quarter of 1993 compared with $1,480,100,000 in the second quarter of 1992. Consolidated revenues in the first half of 1993 totaled $2,981,500,000 compared with $2,930,700,000 in the corresponding period of 1992.
 Capital expenditures were $367,500,000 in the second quarter of 1993 compared with $410,900,000 in the second quarter of 1992. Capital expenditures were $747,500,000 in the first half of 1993 compared with $761,800,000 in the corresponding period of 1992. These expenditures reflect $448 million and $511,300,000 (including capitalized interest) in the first half of 1993 and 1992, respectively, for the corporation's three major projects. These projects are the development of the Scott Oil Field and the Everest and Lomond natural gas fields and related pipeline and transmission facilities in the United Kingdom North Sea and the construction of the Fluid Catalytic Cracking Complex and associated gasoline upgrading facilities at the Virgin Islands refinery.
 AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
 (Unaudited, In thousands except per share data)
 Three months Six months
 Period ended June 30, 1993 1992 1993 1992
 Total revenues $1,402,800 $1,480,100 $2,981,500 $2,930,700
 Income (loss) before
 cumulative effect of
 accounting change (145,100) 4,400 (141,700) (19,000)
 Cumulative effect of
 change in accounting
 for income taxes (A) --- --- 29,500 ---
 Net income (loss) (145,100)(B) 4,400(C) (112,200) (19,000)(C)
 Income (loss) per share
 before acctg. change (1.57) .06 (1.53) (.23)
 Net income (loss)
 per share (1.57)(B) .06(C) (1.21) (.23)(C)
 Weighted average
 number of shares 92,600 83,000 92,600 82,000
 (A)Reflects adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 (B)Includes the effect of an inventory write-down of $80,200,000 ($.87 per share) and refinancing charge of $10,500,000 ($.11 per share).
 (C)Includes income tax refunds and related interest of $12,300,000 ($.15 per share) and $25,400,000 ($.31 per share) in the second quarter and first half of 1992, respectively.
 -0- 7/22/93
 /CONTACT: C.T. Tursi of Amerada Hess Corporation, 212-536-8593/
 (AHC)


CO: Amerada Hess Corporation ST: New York IN: OIL SU: ERN

TM-MP -- NY102 -- 4834 07/22/93 17:48 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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