Hess Corporation reported a net loss of $509 million, or $1.72 per common share, in the first quarter of 2016 compared with a net loss of $389 million, or $1.37 per common share, in the first quarter of 2015. On an adjusted basis, first quarter 2015 adjusted net loss was $279 million. Lower realized selling prices reduced first quarter 2016 after-tax results by approximately $230 million resulting from the weak commodity price environment. First quarter 2016 results also reflected lower operating costs, general and administrative expenses, and depreciation, depletion and amortization expense versus the prior-year quarter.
“With our balance sheet strength, oil-leveraged portfolio and attractive growth opportunities, we believe the company is well positioned to deliver strong cash flow growth and long term value as oil prices recover,” said Chief Executive Officer John Hess.
First Quarter Highlights:
- Net loss was $509 million or $1.72 per common share compared with a net loss of $389 million or $1.37 per common share in the prior-year quarter; lower realized selling prices reduced first quarter 2016 after-tax results by approximately $230 million
- Oil and gas production was 350,000 barrels of oil equivalent per day (boepd) compared to pro forma production, which excludes assets sold, of 355,000 boepd in the first quarter of 2015
- E&P capital and exploratory expenditures were $544 million, down 56 percent from $1,244 million in the prior-year quarter
- Issued 28,750,000 shares of Common Stock and 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock for total net proceeds of approximately $1.6 billion
- Cash and cash equivalents were $3.6 billion at March 31, 2016; debt to capitalization ratio, excluding Bakken Midstream, was 23.1 percent
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