Hess takes larger first-quarter loss

Hess Corp. reported a first-quarter net loss of $509 million compared with a net loss of $389 million during first-quarter 2015 (OGJ Online, Apr. 29, 2015).

The results reflected lower operating costs, general and administrative expenses, and depreciation, depletion, and amortization expense vs. the prior-year quarter, the firm says.

A first-quarter exploration and production net loss of $451 million was up from a net loss of $314 million in the prior-year quarter.

Net production in the quarter was 350,000 boe/d compared with pro forma net production—which excludes assets sold—of 355,000 boe/d in first-quarter 2015.

Lower gas nominations and production entitlement from the Malaysia-Thailand joint development area (JDA) and lower volumes from Equatorial Guinea were partially offset by production growth from the Utica shale, the Gulf of Mexico, and the Bakken.

E&P capital and exploratory expenditures were $544 million, down from $1.24 million in the prior-year quarter, reflecting reduced activities in the US, Norway, Equatorial Guinea, and the Malaysia-Thailand JDA. The firm in January set a capital and exploratory budget of $2.4 billion for 2016 (OGJ Online, Jan. 26, 2016).

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...