Hess Reports Estimated Results for the Third Quarter of 2016
Hess Corporation Logo header
SEARCH

Hess Reports Estimated Results for the Third Quarter of 2016

  • NorthDakota_MMorrison_0295_140521_Pumpjacks #0160_medium
10.26.2016
Hess Corporation (NYSE: HES) reported a net loss of $339 million, or $1.12 per common share, in the third quarter of 2016 compared with a net loss of $279 million, or $0.98 per common share, in the third quarter of 2015. On an adjusted basis, the Corporation reported a net loss of $340 million, or $1.12 per common share, in the third quarter of 2016 compared with an adjusted net loss of $291 million, or $1.03 per common share, in the prior-year quarter. Third quarter 2016 after-tax results reflect lower production and realized selling prices 1 compared with the third quarter of 2015, as well as lower operating costs and depreciation, depletion and amortization expenses.

“Our company continues to take steps to maintain a strong balance sheet and materially reduce our spending,” Chief Executive Officer John Hess said. “We also are investing in growth projects including the world-class Liza oil discovery in Guyana that we believe will create significant value for our shareholders. Based on the positive results of the Liza-3 well, we now expect Liza to be at the upper end of the previously announced estimated recoverable resources range of 800 million to 1.4 billion barrels of oil equivalent.”


Third Quarter Highlights:

  • Net loss was $339 million, or $1.12 per common share, compared with a net loss of $279 million, or $0.98 per common share, in the prior-year quarter
  • Adjusted net loss was $340 million, or $1.12 per common share, compared to an adjusted net loss of $291 million, or $1.03 per common share, in the third quarter of last year
  • Reduced E&P capital and exploratory expenditures by 49 percent to $435 million from $849 million in the prior-year quarter
  • Oil and gas production was 314,000 barrels of oil equivalent per day (boepd); Bakken net production was 107,000 boepd
  • Successful Liza-3 well in the Stabroek block, offshore Guyana (Hess 30 percent), confirms world class oil discovery; estimated recoverable resources for Liza now expected to be at the upper end of the previously announced range of 800 million to 1.4 billion barrels of oil equivalent
  • Issued $1 billion of 4.30% notes due in 2027 and $500 million of 5.80% notes due in 2047; proceeds to be used primarily to purchase or redeem higher-coupon bonds and near-term maturities ($750 million of proceeds used through September 30, 2016)
  • Cash and cash equivalents were $3.5 billion at September 30, 2016 ($625 million committed for debt retirement in October)

Click here for the full press release

Related News
  • Hess Announces Oil Discovery at Pinktail, Offshore Guyana

    Hess today announced another oil discovery on the Stabroek Block offshore Guyana at Pinktail.
    Full story
  • Hess Announces Oil Discovery at Whiptail, Offshore Guyana

    Hess today announced a significant oil discovery on the Stabroek Block offshore Guyana at Whiptail.
    Full story
  • Hess Corporation Sets New Emission Reduction Targets, Demonstrates Industry Leading ESG Performance in Newly Released Annual Sustainability Report

    Hess today announced publication of its 24th annual sustainability report, which provides a comprehensive review of the company’s strategy and performance on environmental, social and governance (ESG) programs and initiatives. Hess Corporation’s 2020 Sustainability Report is available on the company’s website at www.hess.com/sustainability/sustainability-reports.
    Full story