Hess Reports Estimated Results for Third Quarter of 2015
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
  • Upstream: Hess Checks Off Stampede Installation

    Hess has ticked off another milestone in its progress to first oil at the Stampede development in the US Gulf of Mexico, having completed installation of its tension-leg platform offshore. The US independent also said hookup activities had begun for the development in Green Canyon Blocks 468, 511 and 512.
    Full story
  • Hess’ 2016 Sustainability Report Shows Continued Progress in Safe, Responsible Business Practices

    Hess published its 2016 Sustainability Report, providing a comprehensive review of the company’s strategy and performance on safety, environmental, social and governance programs and initiatives.
    Full story
  • Hess Reports Estimated Results for the 2nd Quarter of 2017

    Hess Corporation reported a net loss of $449 million, or $1.46 per common share, in the second quarter of 2017 compared with a net loss of $392 million, or $1.29 per common share, in the second quarter of 2016, reflecting a lower effective tax rate in 2017 from the required change in deferred tax accounting.
    Full story