Hess Corp. (HES) Tops Q3 EPS by 22c, Beats on Revenues

Hess Corp. (NYSE: HES) reported Q3 EPS of ($1.07), $0.22 better than the analyst estimate of ($1.29). Revenue for the quarter came in at $1.66 billion versus the consensus estimate of $1.28 billion.

Third Quarter Highlights:

• Net loss was $624 million, or $2.02 per common share, compared with a net loss of $339 million, or $1.12 per common share, in the third quarter of 2016; Third quarter 2017 results include a noncash charge for Norway of $550 million after-tax and a $280 million after-tax gain on an asset sale
• Adjusted net loss was $324 million, or $1.07 per common share, compared to an adjusted net loss of $340 million, or $1.12 per common share, in the third quarter of last year
• Total production was 299,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken production was 103,000 boepd
• Commenced production in July at North Malay Basin, offshore Malaysia (Hess operated - 50 percent) with current production of approximately 155 million cubic feet per day (mmcfd)
• A fifth oil discovery on the Stabroek block, offshore Guyana, was announced at the Turbot-1 prospect located approximately 30 miles to the southeast of the Liza phase one project
• Completed the sale of our interests in enhanced oil recovery assets in the Permian Basin for net proceeds of $597 million, after closing adjustments
• E&P capital and exploratory expenditures were $558 million for the quarter and $1,479 million for nine months ended September 30, 2017
• Cash and cash equivalents were $2.5 billion at September 30, 2017

Asset Sales Announced in October:

• Agreement to sell our interests in Norway for $2 billion
• Agreement to sell our interests in Equatorial Guinea for $650 million
• Commencement of a process to sell our interests in Denmark in 2018
• Proceeds along with cash on balance sheet to prefund our world class investment opportunity offshore Guyana (Hess - 30 percent)

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

You May Also Be Interested In

• Boot Barn Holdings (BOOT) Tops Q4 EPS by 5c; offers weaker guidance
• DermTech (DMTK) Misses Q1 EPS by 1c
• FitLife Brands, Inc. (FTLF) Reports Q1 EPS of $0.47