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Hess Reports Estimated Results For The First Quarter Of 2014

Stocks in this article: HES

Hess Corporation (NYSE:HES) today reported net income of $386 million for the quarter ended March 31, 2014. Adjusted earnings, which exclude items affecting comparability, were $446 million or $1.38 per common share, compared with $669 million or $1.95 per share in the prior year quarter. The decrease in adjusted earnings was primarily due to the impact on operating earnings related to divesting E&P assets and downstream businesses.

After-tax income (loss) by major operating activity was as follows:

                                             

Three Months Ended

March 31, (unaudited)

      2014     

   

     2013     

(In millions,

except per share amounts)

Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ 508 $ 1,286
Corporate and Interest (89) (109)
Downstream Businesses   (33)   99
Net income attributable to Hess Corporation $ 386 $ 1,276
 
Net income per share (diluted) $ 1.20 $ 3.72
 
 

Adjusted Earnings (Losses)

Exploration and Production $ 514 $ 698
Corporate and Interest (81) (98)
Downstream Businesses   13   69
Adjusted earnings attributable to Hess Corporation $ 446 $ 669
 
Adjusted earnings per share (diluted) $ 1.38 $ 1.95
 
Weighted average number of shares (diluted)   322.6   342.6
 
Note: See page 6 for a table of items affecting comparability of earnings between periods.
 

John Hess, Chief Executive Officer of Hess, said: “Our results this quarter demonstrate continued execution of our plan to drive cash-generative growth and sustainable returns for our shareholders through a focused portfolio of world-class E&P assets. In the first quarter, our growth assets performed well, with higher production from Valhall and North Malay Basin. In addition, current Bakken production levels are in excess of 80,000 barrels of oil equivalent per day following completion of the Tioga gas plant expansion. Tubular Bells is on track for first oil in the third quarter and well results from the Utica shale play are encouraging. Overall, we remain very enthusiastic about the prospects for our company in 2014 and beyond.”

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