Hess Reports Estimated Results for Third Quarter of 2015 - ..itefinityWebApp_IN_0
Hess Corporation Logo
SEARCH

Hess Reports Estimated Results for Third Quarter of 2015

  • Seminole_Latza_25888_20091021_hess_1274_20091021_medium

Hess Corporation reported its estimated results for the Third Quarter of 2015 today.

Third Quarter Highlights:

  • Adjusted net loss was $291 million or $1.03 per share compared to net income of $377 million or $1.24 per share in the prior-year quarter; lower realized selling prices reduced third quarter 2015 adjusted net income by approximately $745 million, after-tax
  • Net loss was $279 million compared to net income of $1,008 million in the third quarter of 2014
  • Oil and gas production increased to 380,000 barrels of oil equivalent per day (boepd) compared to 318,000 boepd in the third quarter of 2014
  • Oil and gas production in the Bakken was 113,000 boepd, up from 86,000 boepd in the year-ago quarter
  • Completed sale of 50% interest in Bakken Midstream, resulting in $3 billion of cash proceeds
  • E&P capital and exploratory expenditures totaled $849 million in the third quarter, down from $1,371 million in the prior-year quarter

Preliminary 2016 Guidance:

  • E&P capital and exploratory expenditures are expected to be $2.9 billion to $3.1 billion, down approximately 27 percent from 2015 forecasted E&P capital and exploratory expenditures of $4.1 billion
  • Oil and gas production is forecast to be in the range of 330,000 to 350,000 boepd compared to projected production of 370,000 to 375,000 boepd in 2015, and 360,000 boepd in the fourth quarter of 2015

Click here for the press release

Latest Hess News
  • Hess Named to Dow Jones Sustainability Index North America for Seventh Consecutive Year

    Hess is one of three U.S. oil and gas producers, and the only independent, named among six companies in the Energy industry group.
    Full story
  • Hess to Participate in Barclays 2016 Global CEO Energy-Power Conference

    John Hess, Chief Executive Officer of Hess Corporation, will present at the Barclays 2016 Global CEO Energy-Power Conference in New York on Sept. 8 at 7:45 a.m. ET.
    Full story
  • Oil & Gas Investor: Bakken Defies Dour Predictions

    The cover story for the August issue of Oil & Gas Investor takes an in-depth look at the Bakken and how the play remains a stalwart for Hess and other operators, despite predictions by some that the current price environment would spell doom for oil and gas production in North Dakota.
    Full story