Hess Corp. (NYSE: HES) reported Q2 EPS of ($1.46), $0.13 worse than the analyst estimate of ($1.33). Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $1.21 billion.

Second Quarter Highlights:

• Second quarter 2017 pre-tax loss of $425 million reflects improved operating results compared to the pre-tax loss of $678 million in the year-ago quarter
• Net loss was $449 million, or $1.46 per common share, compared with a net loss of $392 million, or $1.29 per common share, in the second quarter of 2016, reflecting a lower effective tax rate in 2017 from the required change in deferred tax accounting
• Oil and gas production exceeded guidance; total production was 294,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken production was 108,000 boepd
• Sanctioned the first phase of development for the Liza Field, one of the industry’s largest oil discoveries of the past decade, located on the Stabroek Block offshore Guyana (Hess 30 percent); first oil expected by 2020
• Successfully completed Liza-4 well; the recently announced Payara-2 well confirms a second giant oil field in Guyana and increases the Payara gross discovered recoverable resources to approximately 500 million barrels of oil equivalent (boe); gross discovered recoverable resources for the Stabroek Block now estimated between 2.25 billion and 2.75 billion boe (Hess 30 percent)
• Announced an agreement to sell our interests in enhanced oil recovery assets in the Permian Basin for total consideration of $600 million
• Hess Midstream Partners LP sold common units representing limited partner interests in an initial public offering for net proceeds of $365.5 million, of which $175 million was distributed to Hess Corporation
• E&P capital and exploratory expenditures were $528 million for the quarter and $921 million for the first half of 2017
• Cash and cash equivalents were $2.5 billion at June 30, 2017; $2.7 billion at December 31, 2016

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