Hess Reports Estimated Results for the First Quarter of 2018
Hess Corporation Logo header
SEARCH

Hess Reports Estimated Results for the First Quarter of 2018

  • Hess XRig_0673_resized
04.25.2018
Hess today reported a net loss of $106 million, or $0.38 per common share, in the first quarter of 2018, compared to a net loss of $324 million, or $1.07 per common share, in the first quarter of 2017. On an adjusted basis, the Corporation reported an after-tax net loss of $72 million, or $0.27 per common share, in the first quarter of 2018. The improved after-tax adjusted results reflect higher realized crude oil selling prices, lower operating costs and depreciation, depletion and amortization expense, partially offset by lower production volumes, primarily due to asset sales.

“Our focus for 2018 is on execution and we believe we are off to a very strong start to the year,” Chief Executive Officer John Hess said. “In the first quarter, we increased cash returns to shareholders, reduced debt, exceeded our production guidance, continued to lower our costs and announced two significant oil discoveries offshore Guyana – Ranger and Pacora.”

Full story
Related News
  • Hess Completes Sale of Utica Acreage

    Hess today announced that it has completed the previously announced sale of its joint venture interests in the Utica shale play in eastern Ohio to Ascent Resources – Utica, LLC for net cash consideration of approximately $400 million, effective April 1.
    Full story
  • Hess Announces Ninth Discovery Offshore Guyana

    Hess today announced a ninth oil discovery offshore Guyana at the Hammerhead-1 well, marking its fifth oil discovery on the Stabroek Block in the past year and proving a new play concept for potential development. Hammerhead-1 encountered approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir. The Stena Carron drillship began drilling on July 27, 2018.
    Full story
  • Hess Reports Estimated Results for the Second Quarter of 2018

    Hess Corporation today reported a net loss of $130 million, or $0.48 per common share, in the second quarter of 2018, compared to a net loss of $449 million, or $1.46 per common share, in the second quarter of 2017. On an adjusted basis, the Corporation reported an after-tax net loss of $56 million, or $0.23 per common share, in the second quarter of 2018.
    Full story