- Hess (HES -7.9%) shares suffer a punishing reversal from pre-market highs, now down more than 7% and the biggest decliner on the S&P 500, after the company provided its 2017 budget and production outlook.
- Cowen analyst Charles Robertson says the guidance was lower than expected, suggesting the ramp-up in the Bakken region is taking longer than forecast.
- HES's 2017 production outlook of 300M-310M boe/day, excluding Libya, was below the consensus estimate of ~320M, while the $2.25B capex budget came in short of expectations of $2.4B, Robertson says.