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 Announces Significant Reduction to 2020 Capital and Exploratory Budget

    Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices.
    Full story
  • John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money

    CEO John Hess addressed the far-reaching impact of the oil price war on CNBC’s Fast Money on March 12, saying: “The economic problem we're facing today is a lot more than oil, and the oil price crash could be a catalyst that propels the world into an economic recession.”
    Full story
  • Hess Corporation to Give $12.5 Million Gift to the Salk Institute to Accelerate Development of Plant-Based Carbon Capture and Storage

    Salk’s Harnessing Plants Initiative (HPI) will receive a $12.5 million gift from Hess Corporation to advance two projects to enhance plants’ natural ability to store carbon and mitigate the effects of climate change: the CRoPS program and the Coastal Plant Restoration program. These projects build on the Salk discovery of a crucial gene that will help the team develop plants with larger root systems capable of absorbing and storing potentially billions of tons of carbon per year from the atmosphere.
    Full story