Hess Corp. (NYSE: HES) reported Q1 EPS of ($0.27), $0.29 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $1.39 billion versus the consensus estimate of $1.16 billion.

Key Highlights:

• Increased our share repurchase program by $1.0 billion to a total of $1.5 billion, which is expected to be completed by year-end; repurchased approximately 8 million common shares for $380 million in the first quarter, completing the initial $500 million program
• Commenced a $500 million accelerated share repurchase in April, which is expected to be completed in the second quarter, as part of our $1.5 billion share repurchase program
• Retired $390 million principal amount of debt, including our 8.125% notes due 2019, in connection with our previously announced $500 million debt reduction initiative
• Announced a seventh oil discovery on the Stabroek block, offshore Guyana (Hess 30 percent), at the Pacora-1 exploration well located approximately four miles to the west of the Payara-1 well. The Payara field, which is planned as the third development, will now include Pacora resources and bring expected gross production from the first three phases of development to more than 500,000 barrels of oil per day (bopd)

First Quarter Financial and Operating Highlights:

• Net loss was $106 million, or $0.38 per common share, compared with a net loss of $324 million, or $1.07 per common share, in the first quarter of last year
• Adjusted net loss was $72 million, or $0.27 per common share, in the first quarter of 2018
• Oil and gas production exceeded guidance: net production averaged 233,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken production was 111,000 boepd
• Exploration & Production capital and exploratory expenditures were $384 million in the quarter, compared to $393 million in the prior-year quarter
• Cash and cash equivalents were $3.7 billion at March 31, 2018

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