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Moncler Andersen Baby With Zipt Kids Red Jackets

Hess CEO Discusses Q1 2012 Results Faisel Khan Citigroup Inc, Research DivisionGood day, ladies and gentlemen, and welcome to the First Quarter 2012 Hess Corporation Earnings Conference Call. My name is Chanel, and I will be your operator for today. [ Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Moncler Rousseau Men Down Jackets Black Red Mr. Jay Wilson, Vice President of Investor Relations. Please proceed. Thank you, Chanel. Good morning, everyone, and thank you for participating in our first quarter earnings conference call. Today s conference call contains projections and other forward looking statements within the meaning of the federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those Moncler Coats Women With Breasted Stood Collar Purple expressed or implied in such statements. With me today are John Hess, Chairman of the Board and Chief Executive Officer; Greg Hill, President, Worldwide Exploration and Production; and John Rielly, Senior Vice President and Chief Financial Officer. I will now turn the call over to John Hess. Thank you, Jay, and welcome to our first quarter conference call. I will make a few brief comments, after which John Rielly will review our financial results. Net income for the first quarter of 2012 was $545 million. Compared to the year ago quarter, our earnings were negatively impacted by lower crude oil sales volumes and higher operating costs, which more than offset the impact of higher realized crude oil and natural gas selling prices. Exploration and Production earned $635 million. Crude oil and natural gas production averaged 397,000 barrels of oil equivalent per day, which was roughly flat with the year ago quarter. Higher production from the Bakken in North Dakota, the Pangkah Field in Indonesia and the Malaysia/Thailand Joint Development Area offset the impact of North Sea natural gas asset sales and natural field declines Moncler Women For Coats Ocre Butterfly Collar Black in Equatorial Guinea. In North Dakota, net production from the Bakken averaged 42,000 barrels of oil equivalent per day in the first quarter compared to 25,000 barrels of oil equivalent per day in the year ago quarter. Thus far in April, net production from the Bakken has averaged 47,000 barrels of oil equivalent per day. While we expect the monthly average to continue to increase throughout the rest of the year, we now expect the average for the full year may come in somewhat lower than our original estimate of 60,000 barrels of oil equivalent per day. As usual, we will update this estimate as well as our overall company production forecast on the July conference call. At the Llano Field in the deepwater Gulf of Mexico, the operator is currently performing a workover on the Llano 3 well, which was shut in for mechanical reasons in the first quarter of last year. We expect that production from this well will resume by the end of May. At Valhall in Norway, field redevelopment is expected to be completed in the third quarter. Net production averaged 22,000 barrels of oil equivalent per day in the first quarter. In Libya, net production averaged 18,000 barrels per day in the first quarter and has averaged 21,000 barrels per day in April. With regard to exploration in Ghana, on March 27, we spud the Hickory North well in the Deepwater Tano Cape Three Points Block. This prospect is located 3.5 miles west of our Paradise discovery and the well will test reservoirs similar to those found at Paradise, as well as deeper targets. Following completion of Hickory North, we plan to drill a prospect called Sisili, a large structure located approximately 5.5 miles southeast of Paradise. As a result of recently signed farmout agreements, which are subject to final government approvals, Hess working interest in the block will be reduced from 90% to 35%. Offshore Brunei. The Julong East well on Block CA 1, in which Hess has a 13.5% interest, encountered hydrocarbons and the operator is currently evaluating the results. The rig has now moved to the southeast to spud the Jagus East well, which will test an offset to the Gumusut Field, currently under development on the Malaysian side of the border. Later in the second quarter, we plan to resume exploration drilling in the deepwater Gulf of Mexico. Ness Deep, located in Green Canyon 507, is a Miocene prospect in which Hess has a 50% working interest. BHP has the remaining 50% and is the operator. Turning to Marketing and Refining. We reported net income of $11 million for the first quarter of 2012. The previously announced shutdown of the HOVENSA joint venture refinery was completed in the first quarter. As a result of the charge taken last quarter, there was no net income impact from HOVENSA s first quarter operations. Marketing earnings were $22 million compared to $68 million in last year s first quarter. Retail marketing faced rising wholesale prices during the first quarter, which put pressure on fuel margins. Gasoline volumes on a per site basis were flat, while total convenience store sales were down 2% versus last year s first quarter. Energy Marketing earnings were lower than last year s first quarter as a result of significantly warmer weather this past winter.

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A La Mode Again At The Multiplex Fanny is part of a sort of on screen sewing circle at the multiplex right now. The title character in Coco Before Chanel is the little black dress designer who came along a century after Brawne. The editors of Vogue spend their screen time accessorizing their annual fashion bible in September Issue, and a celebrated designer gets celebrated all over again in Valentino: The Last Emperor. Hollywood s always had a way of falling for couture, of course, but the falls this fall feel a little different more process oriented, more about the business and people of fashion than about the name dropping and look dropping that extends back from the Jimmy Choo crazed gals in Sex and the City to their great grand aunts in The Women, way back in 1939. When those dames needed new clothes, remember, they headed for their local couturier where the curtains parted and the screen exploded from black and white into color for a six minute fashion parade. (There was a similarly exuberant Moncler Coats Women Mid Length With Double Hooded Rose Lattice eruption when Dorothy stepped through her farmhouse door into Oz in another picture that same year.) And for a while, there were lots of cinematic runway moments like the one in The Women. Jane Russell sang her way down a fashion runway in The French Line. In Funny Face, Audrey Hepburn struck Moncler Puffer Vest poses for fashion photographer Fred Astaire, not too long after fashion mag editrix Kay Thompson urged her minions to "Think Pink." And in one particularly bizarre variation on the theme, Federico Fellini offered up an ecclesiastical fashion show in Roma nuns parading in basic black, roller skating cardinals in red, and an array of fur trimmed, jewel encrusted, electric stained glass robes for the pope who wants to make a really bold fashion statement. Much of this was mockery of one sort or another as were many of the movies centered on fashion models. No, the 70s thriller Lipstick didn t mean to ridicule its leading lady, but it was hard to take Margaux Hemmingway too seriously as she raced around in a scarlet evening gown she d accessorized with a rifle. She was bringing down a rapist who d been freed by the courts. But while there is an occasional model as social crusader flick think Diana Ross railing at an all white fashion industry in Mahogany the more usual approach is to show models as dim bulbs, as Ben Stiller did in Zoolander. All of which suggests that Hollywood assumes audiences don t take fashion very seriously. But in recent years, that assumption s been changing. The 90s documentary Unzipped surprised even its producers by raking in millions while making a pop figure of designer Isaac Mizrahi. This year s Valentino: The Last Emperor and September Issue look at the business strategies that rule the fashion world, because fashion is big business big enough that Hollywood wants to piggyback on its appeal. That seems especially clear when a bona fide blockbuster can offer the summer cineplex a tutorial in why people should care about couture, as when The Devil Wears Prada s Anne Hathaway lets slip to fashion editor Meryl Streep that she isn t much interested in high fashion. By the time Streep has finished tracing the cerulean blue shade of Hathaway s sweater from the couture collections Moncler Winter Coat of Oscar de la Renta to the "tragic" bargain bin in which she knows Hathaway must have found it, the fashion world s impact on Main Street almost had to be clear to anyone who d ever watched TV s Project Runway or followed the $400 million boob tube to multiplex migration of Sex and the City. The fashion industry may be taking a recessionary hit at the department store, but on screen it s boom time, with audiences apparently as intrigued by couture as the stars who walk the red carpet on Oscar night.

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