Hess Reports Estimated Results for the Fourth Quarter of 2014 - ..itefinityWebApp_IN_1
Hess Corporation Logo

Hess Reports Estimated Results for the Fourth Quarter of 2014

  • SouthArne_Conway_8760_2014_medium
Hess Corporation reported its estimated results for the Fourth Quarter of 2014 today.

Fourth Quarter Highlights
  • Adjusted net income was $53 million or $0.18 per share compared to $319 million or $0.96 per share in the fourth quarter of 2013; declining hydrocarbon prices reduced fourth quarter 2014 adjusted net income by approximately $340 million, after-tax and net of hedging gains.

  • Net loss was $8 million compared to net income of $1,925 million in the fourth quarter of 2013, which included after-tax gains on asset sales totaling $1,338 million.

  • Oil and gas production was 362,000 barrels of oil equivalent per day (boepd) compared with 307,000 boepd in the fourth quarter of 2013. Bakken oil and gas production was 102,000 boepd, up approximately 50 percent from the fourth quarter of 2013.

  • Net cash provided by operating activities was $1.1 billion.

  • Capital and exploratory expenditures were $1.7 billion. Full year 2014 capital and exploratory expenditures from continuing operations were $5.6 billion, down 10 percent from last year.

  • The Corporation returned $1,124 million to shareholders during the quarter through share repurchases of $1,053 million and dividends of $71 million. Cumulative shares repurchased under the program through December 31, 2014 total 62.7 million at a total cost of approximately $5.26 billion.

  • Year-end 2014 cash balance was $2.4 billion; debt to capitalization ratio was 21.2%.

  • Year-end total proved reserves amounted to 1,431 million barrels of oil equivalent (boe); reserve replacement was 158 percent for 2014 at a finding and development cost of approximately $28.75 per boe.

Click here for the press release
Latest Hess News
  • Hess in the Media: WSJ’s CIO Journal Highlights Hess’ Cloud Migration

    In an Oct. 14 Wall Street Journal interview, Hess Senior Vice President, Services and Chief Information Officer Zhanna Golodryga explained the productivity and cost benefits of the company’s move to the cloud. Golodryga said the migration allows Hess to focus on the growing volume of drilling data, seismic information and other big-data opportunities.
    Full story
  • Hess Recognized as Top Quartile in Societal Investment

    Hess is among the top 25 percent for total giving among 272 companies that participated in the 2016 Giving in Numbers survey, which is considered the leading benchmark on corporate societal investment and employee engagement.
    Full story
  • Hess in the Media: Hess Confident Stampede on Target for First Oil in 2018

    On Sept. 2, Upstream featured a project update on the Stampede Development, reporting that Hess is confident that the project in the deepwater Gulf of Mexico is on target, as the company works towards first oil in 2018.
    Full story