Hess Corp. (HES) Posts Smaller-than-Expected Q1 Loss

Hess Corp. (NYSE: HES) reported Q1 EPS of ($1.72), $0.10 better than the analyst estimate of ($1.82). Revenue for the quarter came in at $993 million versus the consensus estimate of $1.04 billion.\

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 BakkenMidstream, was 23.1 percent

For earnings history and earnings-related data on Hess Corp. (HES) click here.

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