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