Hess misses by $0.15, beats on revs; co raises 2017 production guidance, lower CapEx :
- Reports Q2 (Jun) loss of $1.46 per share, $0.15 worse than the Capital IQ Consensus of ($1.31); revenues fell 3.2% year/year to $1.23 bln vs the $1.19 bln Capital IQ Consensus
- Oil and gas production exceeded guidance; total production was 294,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken production was 108,000 boepd
- The Corporation's average realized crude oil selling price, including the effect of hedging, was $45.95 per barrel in the second quarter of 2017, up from $41.95 per barrel in the year-ago quarter
- The average realized natural gas liquids selling price in the second quarter of 2017 was $14.85 per barrel, versus $9.03 per barrel in the prior-year quarter, while the average realized natural gas selling price was $3.19 per mcf, compared with $3.58 per mcf in the second quarter of 2016
2017 Revised Full Year Guidance:
- Net production guidance, excluding Libya, increased to 305,000 to 310,000 boepd, the upper end of previous guidance, even with the loss of 8,000 boepd of production associated with the sale of our enhanced oil recovery assets in the Permian Basin scheduled to close August 1st
- E&P capital and exploratory expenditures are projected to be $2.15 billion, down from original guidance of $2.25 billion
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