Hess earnings miss estimates as production lags

Hess (HES) flat premarket after reporting Q4 earnings soared from the prior year but ended well below analyst expectations, as production lagged due to instability in Libya and maintenance in the Gulf of Mexico.

Hess produced 307K boe/day in the quarter, including new production from North Malay Basin and increased Valhall production, down from 396K boe/day a year ago and 336,000 boepd for full year 2013.

Asset sales lowered production by 72K boe/daypd, while extended shutdowns caused by civil unrest in Libya reduced production by ~20K boe/day.

Increases Bakken peak production guidance to 150K boe/day in 2018 from prior guidance of 120K boe/day in 2016.

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