Hess Reports Estimated Results for the 4th Quarter of 2017
Hess Corporation Logo header
SEARCH

Hess Reports Estimated Results for the 4th Quarter of 2017

  • bakken, drilling rig, rig
02.05.2018

Hess today reported a net loss of $2,677 million, or $8.57 per common share, in the fourth quarter of 2017, compared with a net loss of $4,892 million, or $15.65 per common share, in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2,373 million, including a non-cash accounting charge of $1,700 million to reduce the carrying value of Hess’ interests in the Stampede and Tubular Bells Fields in the Gulf of Mexico, as a result of a lower long-term crude oil price outlook.

On an adjusted basis, the Corporation reported an after-tax net loss of $304 million, or $1.01 per common share, in the fourth quarter of 2017, compared with an adjusted net loss of $305 million, or $1.01 per common share, in the prior-year quarter. On an adjusted pre-tax basis, the Corporation reported a loss of $104 million in the fourth quarter of 2017, down from $499 million in the year-ago quarter. The improved pre-tax adjusted results reflect higher realized crude oil selling prices and lower operating costs and depreciation, depletion and amortization. Fourth quarter 2017 adjusted results were adversely impacted by lower deferred tax benefits, primarily in the United States, compared to the prior-year quarter following a required change in deferred tax accounting.

"In the past year, our company successfully completed an ambitious asset sales program, replaced 351 percent of production at an attractive F&D cost of just over $5 per barrel, continued our extraordinary exploration success on the Stabroek Block in Guyana and sanctioned the Liza Phase 1 development with plans underway for the next two phases," Chief Executive Officer John Hess said. "We enter 2018 well positioned to deliver a decade plus of capital efficient growth with increasing cash generation and returns to shareholders."
Learn more‚Äč

Related News
  • American - Malaysian Chamber of Commerce Recognizes Hess for Contribution to Education and Literacy

    Hess Malaysia has been recognized as one of the top corporate citizens in the country at the annual MY AMCHAM CARES event, which seeks to honour those AMCHAM members that have shown a commitment to best practice in corporate social responsibility.
    Full story
  • Hess Reports Estimated Results for the Third Quarter of 2018

    Hess Corporation today reported net income of $52 million, or $0.14 per common share, in the third quarter of 2018, compared to a net loss of $624 million, or $2.02 per common share, in the third quarter of 2017
    Full story
  • Bakken Team Earns Rocky Mountain Oil and Gas

    The Hess Bakken Facilities Construction Team has earned industry recognition for its extraordinary safety record.
    Full story