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Amerada Hess Corp News

13 Aug 2004

PA Rule not Applicable to Jones Act

The U.S. Court of Appeals for the Second Circuit decided that the Pennsylvania Rule is not applicable to cases of seaman personal injury brought under the Jones Act. In the instant case, plaintiff’s decedent had been employed as a crewmember on defendant’s vessels. After leaving such employment, decedent was diagnosed with squamous cell carcinoma, for which he later died. Plaintiff brought suit against defendant, alleging that the cancer was due, in part, to decedent’s exposure to benzene and polycyclic aromatic hydrocarbons (PAHs) while working on the vessels. Plaintiff alleged that the level of benzene and PAHs on the vessels exceeded that allowed by Coast Guard regulations and…

25 Jul 2000

Oil Majors Report High Profits

Driven by the sustained high price per barrel of oil, oil majors Chevron and Amerada Hess today announced outstanding financial results for the second quarter. Chevron, the No. 2 U.S. oil company, posted second-quarter profits which more than doubled, matching analysts' expectations, thanks to stronger oil and natural gas prices. Second-quarter earnings excluding special items rose to $1.14 billion, or $1.75 a diluted share, from $484 million, or 73 cents a diluted share, in the year ago period, the company said. Meanwhile, Amerada Hess Corp. said lofty oil and natural gas prices resulted in sharply higher second-quarter earnings that surpassed analysts' expectations.

11 Jun 2001

Hornbeck-Leevac Expands Tug and Barge Fleet in Northeast U.S.

Hornbeck-Leevac Marine Services has acquired the Spentonbush/Red Star Group marine transportation fleet for $28 million, and has entered into a strategic alliance with Amerada Hess Corp. in the Northeast U.S. market. The vessels acquired include nine ocean-going tugs and ocean-going tank barges. In addition to the acquisition of the Hess fleet, Hornbeck-Leevac has signed a long-term contract with Amerada Hess with the understanding that it will be excluseive marine logistics provider and transporter of petroleum products in the Northeast U.S. These vessels will be utilized primarily in the transportation of gasoline, and residual fuel oil between refineries, distribution terminals and ships lightering across the Eastern Seaboard.

15 Aug 2001

Tropical Depression Detected in Southern Caribbean

The National Hurricane Center (NHC) in Miami said Wednesday that a tropical depression had formed in the Atlantic Ocean and was about 975 miles east of the Windward Islands in the southern Caribbean. As of 11:00 a.m. EDT Tropical Depression 4 was moving to the west at a rate of 23 miles per hour. Maximum sustained winds are near 35 miles per hour (55 kph) and some strengthening is possible in the next 24 hours, the NHC said. The National Hurricane Center forecast showed that Tropical Depression 4 was expected to attain hurricane strength within 48 hours and was on track to reach the Caribbean island of St. Lucia as a hurricane within 72 hours. St. Lucia is about 300 miles southeast of the island of St. Croix, home to a giant 545,000 bpd Amerada Hess Corp.

27 Oct 2005

ConocoPhillips, Hess Profits Rise

ConocoPhillips, Amerada Hess Corp. and Kerr-McGee Corp. posted gains in third-quarter earnings as surging energy prices more than made up for output disruptions caused by Hurricanes Katrina and Rita, Bloomberg reported. Net income at ConocoPhillips, the third-largest U.S. oil producer, jumped 89 percent to a record $3.8 billion, or $2.68 a share, the company said in a statement. Amerada Hess Corp., the No. 5 U.S. oil company, said its profit rose 53 percent to $272 million, or $2.60 a share. At Kerr-McGee, net income soared 48-fold to $359 million, or $3.09 a share. Houston-based ConocoPhillips and New York-based Hess are the first of the seven largest U.S. oil companies to report earnings for a quarter that saw crude, natural-gas and gasoline prices soar to new highs.