Hess Reports Estimated Results for the Fourth Quarter of 2014
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Hess Reports Estimated Results for the Fourth Quarter of 2014

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Hess Corporation reported its estimated results for the Fourth Quarter of 2014 today.

Fourth Quarter Highlights
  • Adjusted net income was $53 million or $0.18 per share compared to $319 million or $0.96 per share in the fourth quarter of 2013; declining hydrocarbon prices reduced fourth quarter 2014 adjusted net income by approximately $340 million, after-tax and net of hedging gains.

  • Net loss was $8 million compared to net income of $1,925 million in the fourth quarter of 2013, which included after-tax gains on asset sales totaling $1,338 million.

  • Oil and gas production was 362,000 barrels of oil equivalent per day (boepd) compared with 307,000 boepd in the fourth quarter of 2013. Bakken oil and gas production was 102,000 boepd, up approximately 50 percent from the fourth quarter of 2013.

  • Net cash provided by operating activities was $1.1 billion.

  • Capital and exploratory expenditures were $1.7 billion. Full year 2014 capital and exploratory expenditures from continuing operations were $5.6 billion, down 10 percent from last year.

  • The Corporation returned $1,124 million to shareholders during the quarter through share repurchases of $1,053 million and dividends of $71 million. Cumulative shares repurchased under the program through December 31, 2014 total 62.7 million at a total cost of approximately $5.26 billion.

  • Year-end 2014 cash balance was $2.4 billion; debt to capitalization ratio was 21.2%.

  • Year-end total proved reserves amounted to 1,431 million barrels of oil equivalent (boe); reserve replacement was 158 percent for 2014 at a finding and development cost of approximately $28.75 per boe.

Click here for the press release
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