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Last $74.69 USD
Change Today -1.09 / -1.44%
Volume 3.0M
HES On Other Exchanges
Symbol
Exchange
New York
As of 6:40 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

hess corp (HES) Key Developments

Hess Corporation Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Revises Capital and Exploratory Expenditure Guidance for Full Year 2015

Hess Corporation announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues and non-operating income of $1,550 million against $2,592 million a year ago. Loss from continuing operations before income taxes was $727 million against income of $603 million a year ago. Loss from continuing operations was $376 million against income of $364 million a year ago. Net loss attributable to company was $389 million or $1.37 per diluted share against net income of $386 million or $1.20 per diluted share a year ago. Net cash provided by operating activities was $362 million in the first quarter of 2015, compared with $1,158 million in the first quarter of 2014. Exploration and Production losses were $286 million in the first quarter of 2015, compared with net income of $508 million in the first quarter of 2014. Adjusted net loss was $193 million or $0.98 per share in the first quarter of 2015 compared with adjusted net income of $514 million or $1.38 per share in the first quarter of 2014. Adjusted net loss from continuing operations was $279 million against adjusted net income from continuing operations of $430 million a year ago. Capital and exploratory expenditures were $1.3 billion in the first quarter of 2015. The first quarter 2015 capital spend reflects an average of 12 rigs in the Bakken and increased exploratory drilling expenditures in the Gulf of Mexico, Guyana and Kurdistan. Oil and gas production was 361,000 boepd, up 14% from 318,000 boepd in the first quarter of 2014. Assets contributing to the volume growth were primarily the Bakken shale play (45,000 boepd), its Utica wet gas acreage (15,000 boepd), Denmark (4,000 boepd) and the Joint Development Area of Malaysia/Thailand (3,000 boepd). For the period, the company reported crude oil of 19,708,000 barrels against 17,750,000 barrels a year ago. Natural gas liquids was 3,119,000 barrels against 1,122,000 barrels a year ago. Natural gas was 51,641,000 mcf against 51,357,000 mcf a year ago. Barrels of oil equivalent was 31,434,000 against 27,432,000 a year ago. In the first quarter, the company reviewed its cost structure to reduce spending and met with suppliers to adjust service rates to better reflect the current commodity price environment. As a result of the efforts to date, the company is lowering full year 2015 guidance for capital and exploratory expenditures by $300 million to $4.4 billion. In addition, the company forecasts its full year 2015 cash costs will be lower by approximately $250 million, or $2.00 per barrel.

Exxon Mobil May Be Interested In Hess

Exxon Mobil Corporation (NYSE:XOM) may reportedly be interested in Hess Corporation (NYSE:HES).

Hess Corporation, Q1 2015 Earnings Call, Apr 29, 2015

Hess Corporation, Q1 2015 Earnings Call, Apr 29, 2015

Hess Corporation(NYSE:HES) added to S&P 500 Oil & Gas Exploration & Production (Sub Ind) Index

Hess Corporation(NYSE:HES) added to S&P 500 Oil & Gas Exploration & Production (Sub Ind) Index

Exxon, Continental Resources, Hess and Statoil Interested In Whiting Petroleum

Whiting Petroleum Corp. (NYSE:WLL) reportedly has garnered interest from Exxon Mobil Corporation (NYSE:XOM) and Continental Resources, Inc. (NYSE:CLR) as it explores a sale of the entire company. Hess Corporation (NYSE:HES) and Statoil ASA (OB:STL) are also interested in Whiting Petroleum, as reported.

 

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Industry Analysis

HES

Industry Average

Valuation HES Industry Range
Price/Earnings 24.3x
Price/Sales 2.2x
Price/Book 1.0x
Price/Cash Flow 4.1x
TEV/Sales 1.5x
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