Hess posts bigger-than-expected quarterly loss on lower gas prices [Reuters]
Hess Corporation (HES)
Last hess corporation earnings: 1/29 07:30 am
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Source: Reuters
Hess posts bigger-than-expected quarterly loss on lower gas prices (Reuters) - U.S. oil and gas producer Hess Corp ( HES.N ) on Wednesday reported a bigger-than-expected quarterly loss, as lower prices for its natural gas and natural gas liquids more than offset higher production at its Bakken shale assets in North Dakota. The company said average selling prices for natural gas fell 27.8% in the fourth quarter, while natural gas liquids prices fell 34.5%. A long and steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has pushed prices for the fuel toward a near two-decade low. The New York-based company said production from Bakken rose 38% to 174,000 barrels of oil equivalent per day (boe/d) pushing total production, excluding Libya, up 18.4% to 316,000 boe/d. The company said on Tuesday it would spend 11% more in 2020 as it bets on its Bakken shale play and offshore Guyana, where it is part of a consortium led by oil major Exxon Mobil Corp ( XOM
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HES
News
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HES
Earnings
- 4/25/24 - Beat
HES
Sec Filings
- 5/2/24 - Form 425
- 5/2/24 - Form 8-K
- 4/29/24 - Form 425
- HES's page on the SEC website