- Hess (NYSE:HES) +1.5% premarket after announcing a 2017 E&P capex budget totaling $2.25B, up 18.4% Y/Y from $1.9B in 2016.
- Hess says 2017 production rising 8%-12% from the beginning of 2017 to year-end due to additional rigs in the Bakken, the restart of drilling at Valhall and the start-up of North Malay Basin in Q3; Bakken net production in 2017 is forecast to average 95K-105K boe/day.
- Hess also says Q4 results will include a ~$3.8B noncash charge to establish valuation allowances against net deferred tax assets as of Dec. 31, as required under accounting standards following a three-year cumulative loss.