Hess misses by $0.12
Reports Q4 (Dec) earnings of $0.96 per share, excluding non-recurring items, $0.12 worse than the Capital IQ Consensus Estimate of $1.08; revenues fell 6.1% year/year to $5.57 bln, may not be comparable to the $2.27 bln consensus.
Oil and gas production was 307,000 barrels of oil equivalent per day (boepd) in Q4, including new production from North Malay Basin and increased Valhall production, and 336,000 boepd for full year 2013.
Bakken peak production guidance increased to 150,000 boepd in 2018 from prior guidance of 120,000 boepd in 2016.
"We have entered 2014 with terrific momentum. Based on strong operational execution across our balanced portfolio, including the Bakken where we are increasing peak production guidance, we remain confident that we will deliver long-term, cash-generative growth by achieving 5-8% compound average production growth through 2017 from the 2012 pro forma."