Hess beats by $0.17, beats on revs
- Reports Q3 (Sep) loss of $1.03 per share, $0.17 better than the Capital IQ Consensus of ($1.20); revenues fell 38.3% year/year to $1.69 bln vs the $1.67 bln Capital IQ Consensus.
- Oil and gas production increased to 380,000 barrels of oil equivalent per day (boepd) compared to 318,000 boepd in the third quarter of 2014
- Oil and gas production in the Bakken was 113,000 boepd, up from 86,000 boepd in the year-ago quarter
- Completed sale of 50% interest in Bakken Midstream, resulting in $3 billion of cash proceeds E&P capital and exploratory expenditures totaled $849 million in the third quarter, down from $1,371 million in the prior-year quarter.
Preliminary 2016 Guidance
- E&P capital and exploratory expenditures are expected to be $2.9 billion to $3.1 billion, down approximately 27 percent from 2015 forecasted E&P capital and exploratory expenditures of $4.1 billion
- Oil and gas production is forecast to be in the range of 330,000 to 350,000 boepd compared to projected production of 370,000 to 375,000 boepd in 2015, and 360,000 boepd in the fourth quarter of 2015