Hess Reports Estimated Results for Third Quarter of 2015
Hess Corporation Logo header
SEARCH

Hess Reports Estimated Results for Third Quarter of 2015

  • Hess Seminole Latza
10.28.2015

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

Related News
  • Hess Helping Build Capacity in Malaysia

    Hess has joined with five other energy companies in Malaysia to help develop local businesses so they can become successful vendors to the oil and gas industry. The initiative, known as VDPx, was launched by PETRONAS to expand and promote sustainable local vendor development, particularly among the Malay indigenous people.
    Full story
  • Hess Schedules Earnings Release Conference Call

    Hess announced today that it will hold a conference call on Wednesday, October 31, 2018 at 10 a.m. Eastern Time to discuss its third quarter 2018 earnings release.
    Full story
  • Stampede: Leveraging Hess' Deepwater Abilities

    Hess has capitalized on its proven track record in the Gulf of Mexico with the successful project execution of the Stampede field — one of the largest undeveloped fields in the Gulf.
    Full story