Hess Release Estimated Results for Third Quarter 2020

Hess Release Estimated Results for Third Quarter 2020

Hess Corporation (NYSE: HES) today reported a net loss of $243 million, or $0.80 per common share, in the third quarter of 2020, compared with a net loss of $212 million, or $0.70 per common share, in the third quarter of 2019.


On an adjusted basis, the Corporation reported a net loss of $216 million, or $0.71 per common share, in the third quarter of
2020, compared with an adjusted net loss of $105 million, or $0.35 per common share, in the prioryear quarter.


The decrease in adjusted after-tax results compared with the prior-year period primarily reflects lower realized selling prices and higher exploration expenses.


Third Quarter Financial and Operational Highlights:


Net loss was $243 million, or $0.80 per common share, compared with a net loss of $212 million, or $0.70 per common share in the third quarter of 2019

Adjusted net loss was $216 million, or $0.71 per common share, compared with an adjusted net loss of $105 million, or $0.35 per common share in the prior-year quarter

Oil and gas net production, excluding Libya, averaged 321,000 barrels of oil equivalent per day (boepd), up from 290,000 boepd in the third quarter of 2019; Bakken net production was 198,000 boepd, up 21% from 163,000 boepd in the prior-year quarter

Crude oil put option contracts are in place for more than 80% of forecast net oil production for the remainder of 2020 with a fair value of approximately $205 million at September 30, 2020; realized settlements on crude oil put option contracts during the first nine months of 2020 were approximately $700 million

E&P capital and exploratory expenditures were $331 million, compared with $661 million in the prior-year quarter

Cash and cash equivalents, excluding Midstream, were $1.28 billion at September 30, 2020 2020 Updated Full Year Guidance:

Net production, excluding Libya, is expected to be approximately 325,000 boepd, down from previous guidance of approximately 330,000 boepd primarily due to hurricane-related downtime in the Gulf of Mexico

Bakken net production is expected to be approximately 190,000 boepd, up from the previous guidance of approximately 185,000 boepd due to strong year to date performance

E&P capital and exploratory expenditures are projected to be approximately $1.8 billion, down from previous guidance of approximately $1.9 billion


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Submitted by: Press release

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