Moody's may upgrade Hess

Moody's Investors Service said it placed Hess Corp.'s Ba1 senior unsecured debt rating under review for upgrade in response to improvements in the company's cost structure, a gradually improving financial leverage position and progress made in advancing its portfolio of upstream developments, which are intended to diversify and strengthen the durability of its reserves and production profile.

The agency's review will focus on the company's year-end 2006 audited results, particularly with regard to key indicators and metrics such as reserve additions from all-sources and organic replacement, the geography and categories of reserve replacement, the proved undeveloped reserve profile and the company's future exploration and development spending profile.

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