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Hess Reports Estimated Results for the First Quarter of 2018


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

NEW YORK, April 25, 2018 — Hess Corporation (NYSE: HES) today reported a net loss of $106 million, or $0.38 per common share, in the first quarter of 2018, compared to a net loss of $324 million, or $1.07 per common share, in the first quarter of 2017. On an adjusted basis, the Corporation reported an after-tax net loss of $72 million, or $0.27 per common share, in the first quarter of 2018. The improved after-tax adjusted results reflect higher realized crude oil selling prices, lower operating costs and depreciation, depletion and amortization expense, partially offset by lower production volumes, primarily due to asset sales.

“Our focus for 2018 is on execution and we believe we are off to a very strong start to the year,”Chief Executive Officer John Hess said. “In the first quarter, we increased cash returns toshareholders, reduced debt, exceeded our production guidance, continued to lower our costs and announced two significant oil discoveries offshore Guyana – Ranger and Pacora.”


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