Hess Corp. (HES) Tops Q2 EPS by 11c, Revenues Miss

Hess Corp. (NYSE: HES) reported Q2 EPS of ($1.05), $0.11 better than the analyst estimate of ($1.16). Revenue for the quarter came in at $842 million versus the consensus estimate of $965.31 million.

Second Quarter Financial and Operational Highlights:

• Net loss was $320 million, or $1.05 per common share, compared with a net loss of $6 million, or $0.02 per common share (adjusted net loss1 of $28 million, or $0.09 per common share) in the second quarter of 2019
• Oil and gas net production, excluding Libya, averaged 334,000 barrels of oil equivalent per day (boepd), up from 273,000 boepd in the second quarter of 2019; Bakken net production was 194,000 boepd, up 39% from 140,000 boepd in the prior-year quarter
• Crude oil put option contracts are in place for more than 80% of forecast net oil production in the second half of 2020 with a fair value of approximately $450 million at June 30, 2020; realized settlements on crude oil put option contracts during the first half of the year were approximately $500 million
• Exploration and Production (E&P) capital and exploratory expenditures were $453 million, compared with $664 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.64 billion at June 30, 2020

2020 Revised Full Year Guidance:

• Net production guidance, excluding Libya, increased to approximately 330,000 boepd, up from the previous guidance of approximately 320,000 boepd
• Bakken net production guidance increased to approximately 185,000 boepd, up from the previous guidance of approximately 175,000 boepd due to year to date performance and the deferral of the planned maintena

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

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