Hess Estimated Results for the Fourth Quarter of 2020
Hess Corporation (NYSE: HES) today reported a net loss of $97 million, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of $222 million, or $0.73 per common share, in the fourth quarter of 2019.
Fourth Quarter Financial and Operational Highlights:
• Net loss was $97 million, or $0.32 per common share, compared with a net loss of $222 million, or $0.73 per common share in the fourth quarter of 2019
• Adjusted net loss1 was $176 million, or $0.58 per common share, compared with an adjusted net loss of $180 million, or $0.60 per common share in the prior-year quarter
• Completed the sale of the Corporation’s 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico for net proceeds of $482 million, after closing adjustments
• Oil and gas net production, excluding Libya, averaged 309,000 barrels of oil equivalent per day (boepd), down from 316,000 boepd in the fourth quarter of 2019; Bakken net production was 189,000 boepd, up 9% from 174,000 boepd in the prior-year quarter
• Production from Phase 1 of the Liza Field development on the Stabroek Block, offshore Guyana, reached its nameplate capacity of 120,000 gross barrels of oil per day (bopd) in December
• E&P capital and exploratory expenditures were $371 million, compared with $876 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $1.74 billion at December 31, 2020
• Year-end proved reserves were 1,170 million barrels of oil equivalent (boe); organic reserve replacement for 2020 was 95% (158% excluding price revisions)
“We are successfully executing our strategy which has positioned our company to deliver industry leading cash flow growth over the next decade,” CEO John Hess said. “In 2021, our priorities remain to preserve cash, capability and the long term value of our assets, with more than 80% of our
capital expenditures allocated to our high return investments in Guyana and the Bakken.”
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