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

Hess Reports Estimated Results for the Fourth Quarter of 2018

  • NDakota_Marriott_103571_IMG_0776_cropped
01.30.2019

Hess today reported a net loss of $4 million, or $0.05 per common share, in the fourth quarter of 2018, compared to a net loss of $2,677 million, or $8.57 per common share, in the fourth quarter of 2017. On an adjusted basis, the Corporation reported a net loss of $77 million, or $0.31 per common share, in the fourth quarter of 2018, compared with an adjusted net loss of $304 million, or $1.01 per common share, in the prior-year quarter. Fourth quarter 2018 results benefitted from higher U.S. crude oil production, reduced operating costs, and lower depreciation, depletion and amortization expense, compared with the prior-year quarter.

“Our company enters 2019 with a great deal of momentum,” Chief Executive Officer John Hess said. “With our strong execution in 2018, our portfolio is well positioned to deliver approximately 20 percent compound annual cash flow growth and more than 10 percent compound annual production growth through 2025, with a portfolio breakeven of less than $40 per barrel Brent by 2025.”

Full story

A replay of the earnings conference call is available January 30 through February 14
by webcast (audio only) and by dialing 855-859-2056 and entering the pass code 6023289. Outside the United States, parties should dial 404-537-3406 and enter the pass code 6023289.

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
  • Investment is key challenge for oil and gas industry, says Hess CEO

    CNBC's Brian Sullivan sits down with Hess CEO John Hess at the energy summit CERAWeek by IHS Markit to discuss the state of the oil and gas industry.
    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