Hess Corporation Reports Net Loss of $1.8 Billion for Fourth-Quarter 2015, Targets $2.4 Billion Capex for 2016

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Researched by Industrial Info Resources (Sugar Land, Texas)--Citing low realized crude oil selling prices, oil and gas producer Hess Corporation (NYSE:HES) (New York, New York) reported a net loss of $1.8 billion for fourth-quarter 2015, compared to an $8 million loss the year before. The firm reported a loss of $3.1 billion for the whole year, compared to earnings of $2.3 billion for 2014. Industrial Info is tracking 20 Hess-related projects worth $6.6 billion.

Hess expects its capital and exploratory expenditures for 2016 to total $2.4 billion, 40% lower than last year.

"We take a long term view to managing our business and we will continue to invest in our growth projects and prospects, including exploration and appraisal activities," said Hess president and chief operating officer Greg Hill. "However, in response to the current low oil price environment, we have significantly decreased our 2016 capital and exploratory expenditures and we plan to reduce activity at all of our producing assets. Moreover, we will continue to pursue further cost reductions and efficiency gains across our portfolio."

Two Hess projects Industrial Info is tracking relate to the $6 billion Stampede Oil Production Platform in the Gulf of Mexico, 170-miles southeast of New Orleans in a water depth of 3,350 feet. Both projects, a $4 billion grassroot oil & gas production platform and a $2 billion subsea installation, are set to kick off construction in July 2017 and be completed in November.

Hess reported revenues of $1.4 billion for fourth-quarter 2015, down from $2.5 billion for the same period of 2014. Revenue for the entire year totaled $6.6 billion, compared to $11.4 billion for last year.

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