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Hess edges higher after Q4 earnings, revenues top expectations

Jan. 30, 2019 8:44 AM ETHess Corporation (HES) StockHESBy: Carl Surran, SA News Editor
  • Hess (NYSE:HES) +0.4% pre-market after beating Wall Street estimates for Q4 earnings and revenues, driven by higher output in the Bakken shale region and off the U.S. Gulf of Mexico.
  • Hess says total Q4 production fell 5.3% Y/Y to 267K boe/day from 282K boe/day in the year-ago quarter, but Bakken net production totaled 126K boe/day, up 15% Y/Y from 110K boe/day.
  • The company forecasts FY 2019 output of 270K-280K boe/day vs. 2018 net production, excluding Libya and assets sold, of 248K boe/day, with 2019 E&P capital and exploratory expenditures seen at $2.9B.
  • Hess says its average realized selling price, excluding hedging, rose to $58.11/bbl in the quarter from $57.32/bbl a year earlier.
  • Oil and gas proved reserves at year-end 2018 totaled 1.19B boe vs. 1.15B boe at year-end 2017.
  • Hess maintains its plan of spending $2.9B in 2019, 38% more than its projected spending plan for 2018.
  • The company says its portfolio is positioned to deliver ~20% compound annual cash flow growth and more than 10% compound annual production growth through 2025, with a portfolio breakeven of less than $40/bbl Brent by 2025.

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