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.”

Visit source site

Hess CorporationResultsQ1Q118EarningsPacora-1exploration

More items from oilvoice

Bowleven Etinde Operational Update

Preliminary Result of IM-6 well, Etinde, Cameroon Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the completion of drilling of the IM-6 appraisal well at the Etinde block, Cameroon , to a total depth of 3,550 meters by the block's operator, New Age Camero ...

OilVoice Press - OilVoice

Posted 6 hours agoPress > BowLevenEtindeCameroon +6

Six States Account For More Than 70% of U.S. Fuel Ethanol Production

Source: U.S. Energy Information Administration, State Energy Data System Six states accounted for 72% of U.S. fuel ethanol production in 2016, according to the most recent estimates from EIA's State Energy Data System . Iowa, Nebraska, Illinois, Minnesota, Indiana, and South Dakota collecti ...

OilVoice Press - OilVoice

Posted 8 hours agoOpinion > EIAEnergy Information Administration EIAUnited States +3

Anglo African Oil & Gas Plc Commences Drilling of the Multi-Horizon TLP-103 Well at its Tilapia Oil Field in the Republic of the Congo

Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to confirm that the TLP-103 well ('TLP-103' or 'the Well') on the Tilapia oil field (‘Tilapia') spudded at approximately 12 p.m. on 15 August 2018.  AAOG holds a 56% working interest in the producing Tilapia field, which ...

OilVoice Press - OilVoice

Posted 8 hours agoPress > Republic of CongoCongoDrilling +5

BCCK Holding Company Partners With Navitas Midstream Midland Basin, LLC For Nitech NRU Project

MIDLAND, Texas. (Aug. 15, 2018) – BCCK Holding Company (BCCK), a leader in engineering, procurement, fabrication and field construction services, has been selected by Navitas Midstream Midland Basin, LLC for the construction of a Nitech ® Nitrogen Rejection Unit (NRU) in West Texas. The project ...

OilVoice Press - OilVoice

Posted 8 hours agoPress > BCCKNavitas Midstream Midland BasinNRU Project +2

New Russian Refining Subsidies Take Shape

Russia's oil tax reform will cause refineries to adjust investment plans, causing some to abandon discretionary fuel oil upgrading projects, according to ESAI Energy's newly released CIS Watch. Underinvestment in fuel oil destruction will exacerbate the oversupply of fuel oil following the introduc ...

OilVoice Press - OilVoice

Posted 8 hours agoOpinion > ESAI EnergyESAIRussia +2
All posts from oilvoice