Hess Corp. (HES) Misses Q3 EPS by 15c, Revenues Beat

Hess Corp. (NYSE: HES) reported Q3 EPS of ($0.71), $0.15 worse than the analyst estimate of ($0.56). Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $1.16 billion.

Third Quarter Financial and Operational Highlights:

• Net loss was $243 million, or $0.80 per common share, compared with a net loss of $212 million, or $0.70 per common share in the third quarter of 2019
• Adjusted net loss1 was $216 million, or $0.71 per common share, compared with an adjusted net loss of $105 million, or $0.35 per common share in the prior-year quarter
• Oil and gas net production, excluding Libya, averaged 321,000 barrels of oil equivalent per day (boepd), up from 290,000 boepd in the third quarter of 2019; Bakken net production was 198,000 boepd, up 21% from 163,000 boepd in the prior-year quarter
• Crude oil put option contracts are in place for more than 80% of forecast net oil production for the remainder of 2020 with a fair value of approximately $205 million at September 30, 2020; realized settlements on crude oil put option contracts during the first nine months of 2020 were approximately $700 million
• E&P capital and exploratory expenditures were $331 million, compared with $661 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.28 billion at September 30, 2020

“We continue to execute our strategy and achieve strong operational performance while prioritizing the preservation of cash, capability and the long term value of our assets during this low price environment,” CEO John Hess said. “Our differentiated portfolio of assets, including multiple phases of low cost Guyana oil developments, positions us to deliver industry leading cash flow growth and drive our company’s breakeven price to under $40 per barrel Brent by mid decade.”

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

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