Hess misses by $0.10, misses on revs (47.79)
- Reports Q4 (Dec) loss of $1.01 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of ($0.91); revenues fell 6.5% year/year to $1.3 bln vs the $1.32 bln Capital IQ Consensus.
- Net production averaged 282,000 barrels of oil equivalent per day (boepd), excluding Libya, reflecting unplanned downtime at the third-party operated Enchilada platform in the Gulf of Mexico which reduced fourth quarter production by approximately 17,000 boepd; Bakken production was 110,000 boepd;
2018 Guidance:
- E&P capital and exploratory expenditures are expected to be $2.1 billion;
- Oil and gas production, excluding Libya and reflecting an estimated 15,000 boepd reduction due to the extended Enchilada platform shutdown, is forecast to be in the range of 245,000 to 255,000 boepd, compared to full year pro forma 2017 net production, excluding Libya and assets sold, of 242,000 boepd.