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Hess swings to adjusted net loss in Q1, lowers production guidance from SNL Energy Finance Daily Hess swings to adjusted net loss in Q1, lowers production guidanceByline: S&P Global Market Intelligence Hess Corp. on May 7 reported an adjusted net loss attributable to the company of $182 million, or a loss of 60 cents per share, for the first quarter, compared to an adjusted net income of $32 million, or 9 cents per share, in the same period last year. The S&P Global Market Intelligence consensus normalized earnings estimate for the first quarter was a loss of 61 cents per share. Net loss attributable to Hess totaled $2.43 billion, compared to a net income of $32 million in the prior-year period. Hess posted total revenues of $1.37 billion in the first quarter, a decrease from $1.60 billion in last year's period. The oil and gas exploration and production company reported total production of 349,000 barrels of oil equivalent in the first quarter, up from 299,000 boe/d in the prior-year quarter. In addition, Hess further lowered its full-year oil and gas production guidance to approximately 320,000 boe/d, excluding Libya, from a previous guidance of between 325,000 boe/d and 330,000 boe/d. Its exploration and production capital and exploratory expenditures are expected to be at $1.90 billion, which is $1.10 billion lower than guidance provided at the beginning of the year. The spending cut reflects a reduction in the Bakken rig count and deferral of capital in Guyana. |
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