HES - Flat Pre open
Hess beats by $0.12, misses on revs
- Reports Q3 (Sep) loss of $1.12 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of ($1.24); revenues fell 29.2% year/year to $1.20 bln vs the $1.21 bln Capital IQ Consensus.
- Reduced E&P capital and exploratory expenditures by 49% to $435 mln from $849 mln in the prior-year quarter.
- Oil & gas production was 314,000 boepd; Bakken net production was 107,000 boepd.
- "Our company continues to take steps to maintain a strong balance sheet and materially reduce our spending...We also are investing in growth projects including the world-class Liza oil discovery in Guyana that we believe will create significant value for our shareholders. Based on the positive results of the Liza-3 well, we now expect Liza to be at the upper end of the previously announced estimated recoverable resources range of 800 million to 1.4 billion barrels of oil equivalent."