Hess beats by $0.18, beats on revs
Reports Q3 (Sep) earnings of $1.24 per share, $0.18 better than the Capital IQ Consensus Estimate of $1.06; revenues rose 3.2% year/year to $2.8 bln vs the $2.6 bln consensus.
- Oil and gas production was 318,000 barrels of oil equivalent per day (boepd) in the third quarter of 2014, compared with 310,000 boepd in the year-ago quarter. Pro forma production was 314,000 boepd in the third quarter of 2014, up 17 percent from 269,000 boepd in 2013
- Lower realized crude oil selling prices and higher depreciation expense in the third quarter of 2014 were the primary drivers for the decrease in adjusted net income. However, adjusted net income per share in the third quarter of 2014 increased over the third quarter of last year due to an 11 percent decrease in the weighted average number of diluted shares outstanding primarily as a result of the Corporation's stock repurchase program.