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 Tx Oil Rig
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 Named Explorer of the Year

    Hess was named E&P Explorer of the Year in a 15th annual Wood Mackenzie exploration industry survey announced June 2023. It is the second consecutive year that Hess has earned the distinction.
    Full story
  • Hess Carbon Credit Purchase Agreement Named Energy Transition Initiative of the Year by AIEN

    Hess Corporation, together with the Government of Guyana, earned the annual Energy Transition Initiative Award from the Association of International Energy Negotiators (AIEN) for leadership in creating a sustainable energy future.
    Full story
  • Hess Electrifies Bakken Rigs to Reduce Greenhouse Gas Emissions and Lower Energy Costs

    Hess Corporation has replaced diesel fuel with electricity to power its four Bakken drilling rigs – a project that over the next five years is expected to reduce the greenhouse gas emissions from these rigs by approximately 50% and energy costs from these rigs by nearly 70%. The change has also reduced truck traffic, noise and odors that result from delivery and use of diesel fuel.
    Full story