Hess Reports Estimated Results for the Fourth Quarter of 2023
Key Development:
- Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024
Fourth Quarter Financial and Operational Highlights:
- Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61 per share, in the fourth quarter of 2022
- Adjusted net income1 was $501 million, or $1.63 per share, compared with $522 million, or $1.69 per share, in the fourth quarter of 2022
- Oil and gas net production was 418,000 barrels of oil equivalent per day (boepd), up 11% from 376,000 boepd, proforma for asset sold, in the fourth quarter of 2022
- Bakken net production was 194,000 boepd, up 23% from 158,000 boepd in the fourth quarter of 2022; Guyana net production was 128,000 bopd, compared with 116,000 bopd in the prior-year quarter
- E&P capital and exploratory expenditures were $1,480 million and included the purchase of the Liza Unity floating production, storage and offloading vessel (FPSO) for approximately $380 million, compared with $818 million in the prior-year quarter
- Year-end proved reserves are estimated to be 1.37 billion barrels of oil equivalent (boe); organic reserve replacement was 178% at a finding and development cost of $16.00 per boe
NEW YORK–(BUSINESS WIRE)– Hess Corporation (NYSE: HES) today reported net income of $413 million, or $1.34 per share, in the fourth quarter of 2023, compared with net income of $497 million, or $1.61 per share, in the fourth quarter of 2022. On an adjusted basis, the Corporation reported net income of $501 million, or $1.63 per share in the fourth quarter of 2023, compared with $522 million, or $1.69 per share, in the prior-year quarter. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized gas and natural gas liquids (NGL) selling prices, partially offset by higher production volumes, in the fourth quarter of 2023.
|
1. |
“Adjusted net income” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. |
After-tax income (loss) by major operating activity was as follows:
|
|
Three Months Ended |
Year Ended |
||||||||||
|
December 31, |
December 31, |
|||||||||||
|
(unaudited) |
(unaudited) |
|||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
(In millions, except per share amounts) |
|||||||||||
|
Net Income Attributable to Hess Corporation |
|
|
||||||||||
|
Exploration and Production |
$ |
512 |
$ |
641 |
$ |
1,601 |
$ |
2,396 |
||||
|
Midstream |
|
63 |
|
64 |
|
252 |
|
269 |
||||
|
Corporate, Interest and Other |
|
(162) |
|
(208) |
|
(471) |
|
(569) |
||||
|
Net income attributable to Hess Corporation |
$ |
413 |
$ |
497 |
$ |
1,382 |
$ |
2,096 |
||||
|
Net income per share (diluted) |
$ |
1.34 |
$ |
1.61 |
$ |
4.49 |
$ |
6.77 |
||||
|
Adjusted Net Income Attributable to Hess Corporation |
|
|
||||||||||
|
Exploration and Production |
$ |
531 |
$ |
565 |
$ |
1,702 |
$ |
2,374 |
||||
|
Midstream |
|
63 |
|
64 |
|
252 |
|
269 |
||||
|
Corporate, Interest and Other |
|
(93) |
|
(107) |
|
(402) |
|
(467) |
||||
|
Adjusted net income attributable to Hess Corporation |
$ |
501 |
$ |
522 |
$ |
1,552 |
$ |
2,176 |
||||
|
Adjusted net income per share (diluted) |
$ |
1.63 |
$ |
1.69 |
$ |
5.05 |
$ |
7.03 |
||||
|
Weighted average number of shares (diluted) |
|
307.9 |
|
308.1 |
|
307.6 |
|
309.6 |
||||
Exploration and Production:
E&P net income was $512 million in the fourth quarter of 2023, compared with $641 million in the fourth quarter of 2022. On an adjusted basis, E&P fourth quarter 2023 net income was $531 million, compared with $565 million in the prior-year quarter. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $76.63 per barrel in the fourth quarter of 2023, compared with $76.07 per barrel in the prior-year quarter. The average realized NGL selling price in the fourth quarter of 2023 was $20.92 per barrel, compared with $26.93 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.51 per mcf, compared with $5.17 per mcf in the fourth quarter of 2022.
Net production was 418,000 boepd in the fourth quarter of 2023, compared with 376,000 boepd, proforma for asset sold, in the fourth quarter of 2022, primarily due to higher production in the Bakken and Guyana.
Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $13.29 per boe in the fourth quarter of 2023, compared with $12.72 per boe, proforma for asset sold, in the prior-year quarter.
Oil and Gas Reserves Estimates:
Oil and gas proved reserves at December 31, 2023, which are subject to final review, were 1.37 billion boe, compared with 1.26 billion boe at December 31, 2022. Proved reserve additions and net revisions in 2023 totaled 261 million boe, primarily from Guyana, which included sanctioning of the Uaru development, and from the Bakken. The Corporation replaced 178% of its 2023 production at a finding and development cost of $16.00 per boe.
Operational Highlights for the Fourth Quarter of 2023:
Bakken (Onshore U.S.): Net production from the Bakken was 194,000 boepd in the fourth quarter of 2023, compared with 158,000 boepd in the prior-year quarter, reflecting increased drilling and completion activity, severe winter weather in the fourth quarter of 2022, and higher NGL and natural gas volumes received under percentage of proceeds contracts due to lower commodity prices. NGL and natural gas volumes received under percentage of proceeds contracts were 19,000 boepd in the fourth quarter of 2023, compared with 12,000 boepd in the fourth quarter of 2022, due to lower realized NGL and natural gas prices increasing volumes received as consideration for gas processing fees. During the fourth quarter of 2023, the Corporation operated four rigs and drilled 33 wells, completed 30 wells, and brought 33 new wells online. The Corporation plans to continue operating four drilling rigs in 2024.
Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico in the fourth quarter of 2023 was 30,000 boepd, compared with 35,000 boepd in the prior-year quarter. In the fourth quarter, we were the high bidder on 20 leases in Lease Sale 261 for $88 million and we expect to be awarded these leases in the first quarter of 2024.
Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 128,0002 bopd in the fourth quarter of 2023, compared with 116,0002 bopd in the prior-year quarter. In November, production commenced from the Prosperity FPSO at Payara, which contributed 14,000 net bopd in the fourth quarter of 2023.
The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The operator submitted the field development plan for the sixth development, Whiptail, to the Government of Guyana in October 2023.
Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 66,000 boepd in the fourth quarter of 2023, compared with 67,000 boepd in the prior-year quarter.
Midstream:
The Midstream segment had net income of $63 million in the fourth quarter of 2023, compared with net income of $64 million in the prior-year quarter.
In November 2023, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM), repurchased approximately 3.4 million HESM Opco Class B units held by Hess Corporation and Global Infrastructure Partners for $100 million, of which the Corporation received $37.8 million. The repurchase of the Class B units was financed by HESM Opco’s revolving credit facility. After giving effect to the transaction, the Corporation continues to own approximately 37.8% of HESM on a consolidated basis.
Corporate, Interest and Other:
After-tax expense for Corporate, Interest and Other was $162 million in the fourth quarter of 2023, compared with $208 million in the fourth quarter of 2022. On an adjusted basis, after-tax expense for Corporate, Interest and Other was $93 million in the fourth quarter of 2023, compared with $107 million in the fourth quarter of 2022, reflecting higher capitalized interest.
Capital and Exploratory Expenditures:
E&P capital and exploratory expenditures were $1,480 million in the fourth quarter of 2023, compared with $818 million in the prior-year quarter, reflecting the purchase of the Liza Unity FPSO in the fourth quarter of 2023 for approximately $380 million, higher development activities in Guyana, and higher drilling activity in the Bakken. Full year 2024 E&P capital and exploratory expenditures are expected to be approximately $4.2 billion, which includes the recent acquisition of leases from the Gulf of Mexico Lease Sale 261.
Midstream capital expenditures were $72 million in the fourth quarter of 2023 and $63 million in the prior-year quarter.
Liquidity:
Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.7 billion and debt and finance lease obligations totaling $5.6 billion at December 31, 2023. The Midstream segment had cash and cash equivalents of $6 million and total debt of $3.2 billion at December 31, 2023. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 33.6% at December 31, 2023 and 36.1% at December 31, 2022.
Net cash provided by operating activities was $1,344 million in the fourth quarter of 2023, compared with $1,252 million in the fourth quarter of 2022. Net cash provided by operating activities before changes in operating assets and liabilities3 was $1,239 million in the fourth quarter of 2023, compared with $1,301 million in the prior-year quarter.
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
|
|
Three Months Ended |
Year Ended |
|||||||||
|
December 31, |
December 31, |
||||||||||
|
(unaudited) |
(unaudited) |
||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||
|
|
(In millions) |
||||||||||
|
Exploration and Production |
$ |
(19) |
$ |
76 |
$ |
(101) |
$ |
22 |
|||
|
Midstream |
|
— |
|
— |
|
— |
|
— |
|||
|
Corporate, Interest and Other |
|
(69) |
|
(101) |
|
(69) |
|
(102) |
|||
|
Total items affecting comparability of earnings between periods |
$ |
(88) |
$ |
(25) |
$ |
(170) |
$ |
(80) |
|||
Fourth Quarter 2023: E&P results included a pre-tax charge of $52 million ($52 million after income taxes) to write-off the Huron exploration well in the Gulf of Mexico which completed in 2022, based on the decision by the Corporation and its partners in the fourth quarter of 2023 to exit the project. E&P results also included a noncash income tax benefit of $33 million resulting from the reversal of a valuation allowance against net deferred tax assets in Malaysia.
Corporate and other results included a pre-tax charge of $52 million ($52 million after income taxes) for litigation related costs associated with the Corporation’s former downstream business, HONX, Inc., which are included in General and administrative expenses in the income statement. Corporate and other results also included a noncash charge to recognize unamortized pension actuarial losses of $17 million ($17 million after income taxes) resulting from the payment of lump sums to certain participants in the pension plan. The charge is included in Other, net in the income statement.
Fourth Quarter 2022: E&P results included a pre-tax gain of $76 million ($76 million after income taxes) associated with the sale of the Corporation’s interest in the Waha Concession in Libya. Corporate and other results included a pre-tax charge of $101 million ($101 million after income taxes) for litigation related costs associated with the Corporation’s former downstream business, HONX, Inc., which are included in General and administrative expenses in the income statement.
| 2. |
Net production from Guyana included 16,000 bopd of tax barrels in the fourth quarter of 2023 and 22,000 bopd of tax barrels in the fourth quarter of 2022. |
||
| 3. |
“Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. |
Reconciliation of U.S. GAAP to Non-GAAP Measures:
The following table reconciles reported net income attributable to Hess Corporation and adjusted net income:
|
|
Three Months Ended |
Year Ended |
|||||||||
|
December 31, |
December 31, |
||||||||||
|
(unaudited) |
(unaudited) |
||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||
|
|
(In millions) |
||||||||||
|
Net income attributable to Hess Corporation |
$ |
413 |
$ |
497 |
$ |
1,382 |
$ |
2,096 |
|||
|
Less: Total items affecting comparability of earnings between periods |
|
(88) |
|
(25) |
|
(170) |
|
(80) |
|||
|
Adjusted net income attributable to Hess Corporation |
$ |
501 |
$ |
522 |
$ |
1,552 |
$ |
2,176 |
|||
The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:
|
|
Three Months Ended |
Year Ended |
|||||||||
|
December 31, |
December 31, |
||||||||||
|
(unaudited) |
(unaudited) |
||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||
|
|
(In millions) |
||||||||||
|
Net cash provided by (used in) operating activities before changes in operating assets and liabilities |
$ |
1,239 |
$ |
1,301 |
$ |
4,494 |
$ |
5,121 |
|||
|
Changes in operating assets and liabilities |
|
105 |
|
(49) |
|
(552) |
|
(1,177) |
|||
|
Net cash provided by (used in) operating activities |
$ |
1,344 |
$ |
1,252 |
$ |
3,942 |
$ |
3,944 |
|||
Investor Conference Call:
Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its fourth quarter 2023 results.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron.
Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).
As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Non-GAAP financial measures
The Corporation has used non-GAAP financial measures in this earnings release. “Adjusted net income” presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income or net cash provided by (used in) operating activities. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income, and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release.
Cautionary Note to Investors
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||
|
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||
|
(IN MILLIONS) |
||||||||
|
|
Fourth |
Fourth |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
||||||
|
2023 |
2022 |
2023 |
||||||
|
Income Statement |
|
|
|
|||||
|
Revenues and non-operating income |
|
|
|
|||||
|
Sales and other operating revenues |
$ |
3,011 |
$ |
2,934 |
$ |
2,800 |
||
|
Gains on asset sales, net |
|
— |
|
76 |
|
2 |
||
|
Other, net |
|
24 |
|
44 |
|
35 |
||
|
Total revenues and non-operating income |
|
3,035 |
|
3,054 |
|
2,837 |
||
|
Costs and expenses |
|
|
|
|||||
|
Marketing, including purchased oil and gas |
|
886 |
|
821 |
|
696 |
||
|
Operating costs and expenses |
|
473 |
|
385 |
|
467 |
||
|
Production and severance taxes |
|
61 |
|
55 |
|
61 |
||
|
Exploration expenses, including dry holes and lease impairment |
|
87 |
|
74 |
|
65 |
||
|
General and administrative expenses |
|
168 |
|
217 |
|
115 |
||
|
Interest expense |
|
116 |
|
124 |
|
117 |
||
|
Depreciation, depletion and amortization |
|
559 |
|
504 |
|
499 |
||
|
Total costs and expenses |
|
2,350 |
|
2,180 |
|
2,020 |
||
|
Income before income taxes |
|
685 |
|
874 |
|
817 |
||
|
Provision for income taxes |
|
182 |
|
292 |
|
215 |
||
|
Net income |
|
503 |
|
582 |
|
602 |
||
|
Less: Net income attributable to noncontrolling interests |
|
90 |
|
85 |
|
98 |
||
|
Net income attributable to Hess Corporation |
$ |
413 |
$ |
497 |
$ |
504 |
||
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||
|
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
|||||
|
(IN MILLIONS) |
|||||
|
|
Year Ended |
||||
|
December 31, |
|||||
|
Income Statement |
|
2023 |
|
2022 |
|
|
Revenues and non-operating income |
|
|
|||
|
Sales and other operating revenues |
$ |
10,511 |
$ |
11,324 |
|
|
Gains on asset sales, net |
|
2 |
|
101 |
|
|
Other, net |
|
132 |
|
145 |
|
|
Total revenues and non-operating income |
|
10,645 |
|
11,570 |
|
|
Costs and expenses |
|
|
|||
|
Marketing, including purchased oil and gas |
|
2,732 |
|
3,328 |
|
|
Operating costs and expenses |
|
1,776 |
|
1,452 |
|
|
Production and severance taxes |
|
216 |
|
255 |
|
|
Exploration expenses, including dry holes and lease impairment |
|
317 |
|
208 |
|
|
General and administrative expenses |
|
527 |
|
531 |
|
|
Interest expense |
|
478 |
|
493 |
|
|
Depreciation, depletion and amortization |
|
2,046 |
|
1,703 |
|
|
Impairment and other |
|
82 |
|
54 |
|
|
Total costs and expenses |
|
8,174 |
|
8,024 |
|
|
Income before income taxes |
|
2,471 |
|
3,546 |
|
|
Provision for income taxes |
|
733 |
|
1,099 |
|
|
Net income |
|
1,738 |
|
2,447 |
|
|
Less: Net income attributable to noncontrolling interests |
|
356 |
|
351 |
|
|
Net income attributable to Hess Corporation |
$ |
1,382 |
$ |
2,096 |
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||
|
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
|||||
|
(IN MILLIONS) |
|||||
|
|
December 31, |
|
December 31, |
||
|
2023 |
|
2022 |
|||
|
Balance Sheet Information |
|
|
|||
|
Assets |
|
|
|||
|
Cash and cash equivalents |
$ |
1,688 |
$ |
2,486 |
|
|
Other current assets |
|
1,742 |
|
1,445 |
|
|
Property, plant and equipment – net |
|
17,432 |
|
15,098 |
|
|
Operating lease right-of-use assets – net |
|
720 |
|
570 |
|
|
Finance lease right-of-use assets – net |
|
108 |
|
126 |
|
|
Other long-term assets |
|
2,317 |
|
1,970 |
|
|
Total assets |
$ |
24,007 |
$ |
21,695 |
|
|
Liabilities and equity |
|
|
|||
|
Current portion of long-term debt |
$ |
311 |
$ |
3 |
|
|
Current portion of operating and finance lease obligations |
|
370 |
|
221 |
|
|
Other current liabilities |
|
2,589 |
|
2,172 |
|
|
Long-term debt |
|
8,302 |
|
8,278 |
|
|
Long-term operating lease obligations |
|
459 |
|
469 |
|
|
Long-term finance lease obligations |
|
156 |
|
179 |
|
|
Other long-term liabilities |
|
2,218 |
|
1,877 |
|
|
Total equity excluding other comprehensive income (loss) |
|
9,120 |
|
7,986 |
|
|
Accumulated other comprehensive income (loss) |
|
(134) |
|
(131) |
|
|
Noncontrolling interests |
|
616 |
|
641 |
|
|
Total liabilities and equity |
$ |
24,007 |
$ |
21,695 |
|
Contacts
For Hess Corporation
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contacts:
Lorrie Hecker
(212) 536-8250
Liz James
FGS Global
(281) 881-5170
