Hess Corp.: Caught In Deep Water During The Storm
Hess Corporation: Spectacular Midstream Valuation
Wed, Apr. 27, 11:58 AM
- Hess (HES -3.4%) is sharply lower after posting a large but slightly lower than expected Q1 loss on a 36% Y/Y decline in revenues.
- HES says lower realized selling prices reduced Q1 after-tax results by ~$230M due to the the weak commodity price environment, although total costs and expenses declined 20% to $1.75B.
- HES says Q1 average selling prices for crude fell to $28.50/bbl from $45.08 in the prior-year quarter, and selling prices for natural gas liquids sank 50% to $7.44.
- Q1 production fell 1.4% Y/Y to 350K boe/day, as E&P capital spending declined 56% Y/Y to $554M from $1.24B; HES expects FY 2016 net production at 320K-325K boe/day, reflecting downtime at Valhall and several other deepwater Gulf of Mexico fields.
- HES says it plans a three-rig program in the Bakken during Q2 and the closing of one rig in Q3, and notes that it is waiting for $60/bbl oil before starting to put rigs back online.
- Now read Hess Corporation: Promising exploration tailwinds heading into earnings
Wed, Apr. 27, 7:33 AM
Tue, Apr. 26, 5:30 PM
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Wed, Feb. 24, 7:29 PM
- Whiting Petroleum (NYSE:WLL) +7.4% AH despite missing estimates for Q4 earnings and revenues, as investors cheer the company's planned 80% reduction in 2016 capex to ~$500M, including a halt of all frack and completing wells as of April 1.
- WLL's capex cut is one of the largest so far this year and will have a major impact in North Dakota, where the company is the largest producer; rival producers Hess (NYSE:HES) and Continental Resources (NYSE:CLR) also cut their spending plans but not as drastically as WLL.
- WLL says most of its spending will go to mothball drilling and fracking operations in H1 at its core Bakken and Niobrara areas; after June, it plans to spend only $160M, mostly on maintenance.
- WLL says Q4 production rose ~18% Y/Y to 155,210 boe/day, and expects to pump 128K-138K boe/day for FY 2016.
Wed, Jan. 27, 9:18 AM
- 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.
Wed, Jan. 27, 7:58 AM
- Hess (NYSE:HES): Q4 EPS of -$1.40 beats by $0.07.
- Revenue of $1.39B (-45.1% Y/Y) misses by $140M.
Tue, Jan. 26, 5:30 PM
Oct. 28, 2015, 10:38 AM
- Hess (HES -2%) moves lower in early trading after posting a milder than expected Q3 loss on a 38% Y/Y revenue drop and revealing plans to cut spending and production.
- Hess says it expects 2016 capital spending of $2.9B-$3.1B, down from the $4.1B it plans to spend this year; in Q3, spending on E&P fell 38% Y/Y to $849M, as Hess cut back on activities in the U.S., Norway and Equatorial Guinea.
- Much of next year's capex reduction will come as Hess expects to run four drilling rigs at the Bakken shale next year, about half the 2015 average, which should depress Bakken output, which rose in the latest quarter by 31% to 113K boe/day.
- Hess says Q3 production increased 19% Y/Y to 380K boe/day, boosted by growth in the Bakken and Utica shales; forecasts 2016 oil and gas production of 330K-350K boe/day vs. expected production of 370K-375K boe/day this year.
- Hess’ E&P unit lost $188M in Q3 as a 53% plunge in the price the company received for each barrel of crude more than offset the jump in production.
Oct. 28, 2015, 9:00 AM
- Hess (NYSE:HES): Q3 EPS of -$1.03 beats by $0.17.
- Revenue of $1.7B (-38.0% Y/Y) beats by $130M.
Oct. 27, 2015, 5:30 PM
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Jul. 29, 2015, 11:23 AM
- Hess (HES +1.7%) is higher after reporting a narrower than expected Q2 loss as oil and gas production rose 22.5% Y/Y to 391K boe/day compared to 319K in the year-ago quarter, even with fewer active rigs.
- Output from North Dakota’s Bakken Shale, the company's most prolific region, surged 49% to 119K boe/day.
- In today's earnings conference call, CEO John Hess touted strong operating results and increased production in the Bakken, the Utica Shale and in the Gulf of Mexico, and said the company is increasing its 2015 production guidance to 360K-370K boe/day, up from 350K.
- Hess’ Q2 capital spending totaled $1.1B, which came in below the company's $1.2B projection.
- The report comes on the heels of Hess' ~$2.7B sale of a half-interest in its Bakken pipelines and processing facilities to Global Infrastructure Partners, which plans to put the assets in a publicly traded MLP called Hess Infrastructure Partners.
Jul. 29, 2015, 7:59 AM
- Hess (NYSE:HES): Q2 EPS of -$0.52 beats by $0.20.
- Revenue of $1.94B (-45.8% Y/Y) beats by $360M.
Jul. 28, 2015, 5:30 PM
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Apr. 29, 2015, 8:39 AM
- Hess (NYSE:HES) -0.7% premarket after reporting a Q1 loss due to the negative effect of lower gas prices, after posting adjusted EPS of $1.38 in the year-ago quarter, but the result was better than Wall Street estimates.
- Hess says it is cutting its 2015 capital budget by $300M, or 6.4%, to $4.4B, and expects its full-year cash costs to be lower by ~$250M, or $2/bbl, and says it will continue to look for places to cut spending.
- Q1 production rose 13.5% to 361K boe/day from 318K in the year-ago quarter, with Bakken production jumped 71% Y/Y to 108KK boe/day from 63K.
- The average selling price Hess received for its crude oil during the quarter fell 55% Y/Y to $44.78/bbl; lower oil prices reduced adjusted net income by ~$700M.
Apr. 29, 2015, 7:32 AM
- Hess (NYSE:HES): Q1 EPS of -$0.98 beats by $0.07.
- Revenue of $1.55B (-40.4% Y/Y) beats by $160M.
- Shares +1.3% PM.
Hess Corp. engages develops, produces, purchases, transports and sells crude oil, natural gas liquids, and natural gas. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.
Sector: Basic Materials
Industry: Oil & Gas Refining & Marketing
Country: United States
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