Hess Q2 Loss Widens On Lower Revenues

(RTTNews) - Hess Corp. (HES) reported a second-quarter net loss of $320 million or $1.05 per share compared to a net loss of $6 million or $0.02 per share in the second quarter of 2019. On an adjusted basis, the second quarter 2019 net loss was $28 million or $0.09 per share.

Total revenues and non-operating income declined to $842 million from $1.7 billion in the prior year period.

Analysts polled by Thomson Reuters expected a loss of $1.14 per share on revenue of $965.31 million for the quarter. Analysts' estimate typically exclude certain special items.

For fiscal 2020, net production guidance, excluding Libya, increased to about 330,000 boepd, up from the previous guidance of about 320,000 boepd.

Further, the company noted that Bakken net production guidance increased to about 185,000 boepd, up from the previous guidance of about 175,000 boepd, due to year to date performance and the deferral of the planned maintenance turnaround at the Tioga Gas Plant from the third quarter of 2020 until 2021.

"Our company's long term strategy has enabled us to build a high quality and diversified portfolio that is resilient in a low price environment," CEO John Hess said. "With multiple phases of low cost oil developments in Guyana, we are well positioned to deliver industry leading cash flow growth and increasing financial returns in the years ahead."