Hess Reports Estimated Results for the Third Quarter of 2018
Hess Corporation Logo header
SEARCH

Hess Reports Estimated Results for the Third Quarter of 2018

  • HESS_X_Rig_Aerials__0073_cropped
10.31.2018
Hess Corporation today reported net income of $52 million, or $0.14 per common share, in the third quarter of 2018, compared to a net loss of $624 million, or $2.02 per common share, in the third quarter of 2017. On an adjusted basis, the Corporation reported net income of $123 million, or $0.38 per common share, in the third quarter of 2018, compared with an adjusted net loss of $324 million, or $1.07 per common share, in the prior-year quarter.

“We achieved another strong quarter, delivering higher production and lower costs than our guidance while keeping capital and exploratory expenditures flat with guidance for the year,” Chief Executive Officer John Hess said. “Our reshaped portfolio is well positioned for a decade plus of capital efficient production growth with increasing cash generation and returns to shareholders.”

Full story
Related News
  • 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 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
  • 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