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Hess beats Q2 estimates on higher Bakken output

|About: Hess Corporation (HES)|By: , SA News Editor

Hess (NYSE:HES+0.8% pre-market after reporting a smaller than expected Q2 loss and an 8% Y/Y revenue rise to $1.7B, helped by higher production from the Bakken shale and Gulf of Mexico.

Q2 total oil and gas net production excluding Libya rose 10% Y/Y to 273K boe/day from 247K,000 boe/day in gthe year-ago quarter, as Bakken production jumped 23% to 140K boe/day from 114K boe/day in the prior-year quarter.

Hess raises the lower end of its FY 2019 production guidance by 5K boe/day to 275K and left the top end unchanged at 280K boe/day, including an expected 140K-145K boe/day from the Bakken.

The company raises the estimate of gross discovered recoverable resources for the Stabroek Block off Guyana to more than 6B boe and continues to see multibillion barrels of additional exploration potential.

Hess trims its full-year capex forecast to $2.8B from original guidance of $2.9B.