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

Hess Reports Estimated Results for Fourth Quarter of 2015

  • Ohio_MarcMorrison_0256_20140206_NorthMalay_HMHaron_0449_2014Athens B #186_medium
01.27.2016

Hess Corporation (NYSE: HES) today reported an adjusted net loss, which excludes items affecting comparability, of $396 million or $1.40 per common share, for the fourth quarter of 2015 compared with adjusted net income of $53 million or $0.18 per share in the 2 fourth quarter of 2014. Lower realized selling prices reduced adjusted net income by approximately $420 million compared with the prior-year quarter. On an unadjusted basis, the Corporation reported a net loss of $1,821 million for the fourth quarter of 2015 compared with a net loss of $8 million in the fourth quarter of last year. Fourth quarter 2015 results included noncash goodwill and other impairment related charges totaling $1,359 million after tax.

“We finished 2015 with one of the strongest balance sheets and liquidity positions among our E&P peers,” Chief Executive Officer John Hess said. “Looking forward, our top priority is to continue to keep our balance sheet strong. Our 2016 capital and exploratory budget is 40 percent below our 2015 spend and we will continue to pursue further cost reductions. At the same time, we plan to continue to invest in future growth."

Fourth Quarter Highlights:

  • Adjusted net loss was $396 million or $1.40 per share compared to adjusted net income of $53 million or $0.18 per share in the prior-year quarter; lower realized selling prices reduced fourth quarter 2015 adjusted net income by approximately $420 million
  • Net loss was $1,821 million, including noncash impairment charges of $1,359 million after tax
  • Oil and gas production was 368,000 barrels of oil equivalent per day (boepd) compared to 362,000 boepd in the fourth quarter of 2014
  • E&P capital and exploratory expenditures were $943 million. Full year E&P capital and exploratory expenditures were $4.0 billion, down 25 percent from $5.3 billion in 2014
  • Year-end 2015 cash and cash equivalents totaled $2.7 billion
  • Year-end total proved reserves were 1,086 million barrels of oil equivalent (boe), down from 1,431 million boe in the prior year, primarily due to negative revisions to proved undeveloped reserves resulting from lower crude oil price

2016 Guidance:

  • E&P capital and exploratory expenditures are expected to be $2.4 billion, down 40 percent from 2015 E&P capital and exploratory expenditures
  • Oil and gas production is forecast to be in the range of 330,000 to 350,000 boepd compared to full year 2015 net production of 368,000 boepd, excluding Libya and asset sales 

Click here for the press release

Related News
  • Hess Announces 13th Discovery Offshore Guyana

    Hess today announced a new discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated gross discovered recoverable resource of more than 5.5 billion barrels of oil equivalent on the Stabroek Block.
    Full story
  • Hess schedules Q1 2019 earnings release conference call.

    Hess announced today that it will hold a conference call on Thursday, April 25, 2019 at 10 a.m. Eastern Time to discuss its first quarter 2019 earnings release.
    Full story
  • Oil and Gas Investor: The Return of the Bakken

    North Dakota’s production is setting new records, far exceeding the 2014 high. Bigger production volumes are coming from increasingly rubble-izing the rock, reports Oil and Gas Investor.
    Full story