- Hess (NYSE:HES) -2.3% premarket after reporting a narrower than expected Q4 loss on a 45% Y/Y drop in revenue to $1.39B, capping its first annual loss in 13 years.
- Hess says Q4 average selling prices for crude fell 42% Y/Y to $43.73/bbl, while selling prices for natural gas liquids plunged 57% to $9.61/bbl.
- Hess already announced plans to cut capital spending by 40% this year to $2.4B as it pulls back in all regions and pursues further cost reductions and efficiency gains.
- Hess expects 2016 oil and gas production of 330K-350K boe/day compared to FY 2015 net production of 368K boe/day, excluding Libya and asset sales; Q4 production totaled 358K boe/day, up 4% Y/Y.
- Total year-end proved reserves were 1.086B boe, down 24% from 1.431B boe a year earlier, as a result of lower crude prices and reduced drilling plans.