PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The following table presents reported quarterly high and low per share sale prices of our Common Stock on the New York Stock Exchange (“NYSE”) for the years 2008 and 2007.
## Table 0 ##
On February 13, 2009, the closing price of our Common Stock was $28.85 per share as reported on the NYSE.
As of February 13, 2009, we had 397,097,677 outstanding shares of Common Stock and 499 registered holders.
Dividends We have never paid a dividend on our Common Stock.
We anticipate that we may retain future earnings, if any, to fund the development and growth of our business.
The indentures governing our 7.50% senior notes due 2012 (“7.50% Notes”) and our 7.125% senior notes due 2012 (“7.125% Notes”) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants.
The loan agreement for our Revolving Credit Facility and Term Loan, and the indentures governing the terms of our 7.50% Notes and 7.125% Notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied.
In addition, while SpectraSite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% Notes and 7.125% Notes, certain of SpectraSite’s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction.
For more information about the restrictions under the loan agreement for the Revolving Credit Facility and Term Loan, our notes indentures and the loan agreement related to our securitization transaction, see Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Factors Affecting Sources of Liquidity” and note 6 to our consolidated financial statements included in this Annual Report.
## Table 1 ##
(a) Proved reserves in 2008 and 2007 were determined by D&M, an independent petroleum engineering consulting firm.
(b) Includes the impact of changes in selling prices on the reserve estimates for each year for production sharing contracts with cost recovery provisions.
In 2009, revisions included reductions of approximately 18 million barrels of crude oil and 102 million mcf of natural gas relating to higher selling prices.
In 2008, revisions included increases of approximately 59 million barrels of crude oil and 104 million mcf of natural gas relating to lower selling prices.
In 2007 revisions included reductions of approximately 29 million barrels of crude oil and 104 million mcf of natural gas relating to higher selling prices.
(c) Includes 17 million barrels in 2009, 16 million barrels in 2008 and 20 million barrels in 2007 of crude oil reserves relating to noncontrolling interest owners of corporate joint ventures.
(d) Excludes approximately 480 million mcf of carbon dioxide gas for sale or use in company operations.
Production sharing contracts The Corporation’s proved reserves include crude oil and natural gas reserves relating to long-term supply agreements with governments or authorities in which the Corporation has the legal right to produce or has a revenue interest in the production.
Proved reserves from these production sharing contracts for each of the three years ended December 31, 2009 are presented separately below, as well as volumes produced and received during 2009, 2008 and 2007 from these production sharing contracts.
## Table 2 ##
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves Future net cash flows are calculated by applying prescribed oil and gas selling prices used in determining yearend reserve estimates (adjusted for price changes provided by contractual arrangements) to estimated future production of proved oil and gas reserves, less estimated future development and production costs, which are based on year-end costs and existing economic assumptions.
Future income tax expenses are computed by applying the appropriate year-end statutory tax rates to the pre-tax net cash flows relating to the Corporation’s proved oil and gas reserves.
Future net cash flows are discounted at the prescribed rate of 10%.
The discounted future net cash flow estimates do not include exploration expenses, interest expense or corporate general and administrative expenses.
The selling prices of crude oil and natural gas are highly volatile.
The prices which are required to be used for the
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The table below reflects the gross and net fair values of the Corporation’s derivative instruments as of December 31, 2009:

<table><tr><td>2008</td><td>High</td><td>Low</td></tr><tr><td>Quarter ended March 31</td><td>$42.72</td><td>$32.10</td></tr><tr><td>Quarter ended June 30</td><td>46.10</td><td>38.53</td></tr><tr><td>Quarter ended September 30</td><td>43.43</td><td>31.89</td></tr><tr><td>Quarter ended December 31</td><td>37.28</td><td>19.35</td></tr><tr><td>2007</td><td>High</td><td>Low</td></tr><tr><td>Quarter ended March 31</td><td>$41.31</td><td>$36.63</td></tr><tr><td>Quarter ended June 30</td><td>43.84</td><td>37.64</td></tr><tr><td>Quarter ended September 30</td><td>45.45</td><td>36.34</td></tr><tr><td>Quarter ended December 31</td><td>46.53</td><td>40.08</td></tr></table>
<table><tr><td></td><td colspan="5"> Crude Oil, Condensate and Natural Gas Liquids</td><td colspan="4"> Natural Gas</td></tr><tr><td></td><td> United   States</td><td> Europe</td><td> Africa</td><td> Asia and   Other</td><td> Total</td><td> United   States</td><td> Europe</td><td> Africa,   Asia and   Other</td><td> Total</td></tr><tr><td></td><td colspan="5"> (Millions of barrels)</td><td colspan="4"> (Millions of mcf)</td></tr><tr><td>Net Proved Undeveloped Reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>At January 1, 2007</td><td>48</td><td>117</td><td>110</td><td>31</td><td>306</td><td>41</td><td>160</td><td>968</td><td>1,169</td></tr><tr><td>At December 31, 2007</td><td>103</td><td>128</td><td>84</td><td>52</td><td>367</td><td>71</td><td>137</td><td>1,088</td><td>1,296</td></tr><tr><td>At December 31, 2008</td><td>108</td><td>140</td><td>87</td><td>64</td><td>399</td><td>74</td><td>137</td><td>1,131</td><td>1,342</td></tr><tr><td>At December 31, 2009</td><td> 95</td><td> 159</td><td> 73</td><td> 47</td><td> 374</td><td> 101</td><td> 225</td><td> 950</td><td> 1,276</td></tr></table>
<table><tr><td></td><td colspan="5"> Crude Oil, Condensate and Natural Gas Liquids</td><td colspan="4"> Natural Gas</td></tr><tr><td></td><td> United   States</td><td> Europe</td><td> Africa</td><td> Asia and   Other</td><td> Total</td><td> United   States</td><td> Europe</td><td> Africa,   Asia and   Other</td><td> Total</td></tr><tr><td></td><td colspan="5"> (Millions of barrels)</td><td colspan="4"> (Millions of mcf)</td></tr><tr><td>Production Sharing Contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proved Reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>At December 31, 2007</td><td>—</td><td>—</td><td>154</td><td>63</td><td>217</td><td>—</td><td>—</td><td>1,519</td><td>1,519</td></tr><tr><td>At December 31, 2008</td><td>—</td><td>—</td><td>188</td><td>82</td><td>270</td><td>—</td><td>—</td><td>1,604</td><td>1,604</td></tr><tr><td>At December 31, 2009</td><td> —</td><td> —</td><td> 161</td><td> 68</td><td> 229</td><td> —</td><td> —</td><td> 1,599</td><td> 1,599</td></tr><tr><td>Production</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2007</td><td>—</td><td>—</td><td>33</td><td>7</td><td>40</td><td>—</td><td>—</td><td>67</td><td>67</td></tr><tr><td>2008</td><td>—</td><td>—</td><td>37</td><td>4</td><td>41</td><td>—</td><td>—</td><td>103</td><td>103</td></tr><tr><td>2009</td><td> —</td><td> —</td><td> 36</td><td> 5</td><td> 41</td><td> —</td><td> —</td><td> 136</td><td> 136</td></tr></table>

Question: At December 31, what year is the Net Proved Undeveloped Reserves of Europe for Natural Gas the most?
Answer: 2009