Hess Corporation (HES) reported second-quarter 2017 earnings below expectations before the market opened. Stock off 4% with realized prices and debt concerns.
Hess Corporation (HES) reported second-quarter 2017 earnings before the market. Hess is an independent American oil and gas explorer and producer.
Like many energy companies $HES had positive earnings surprise last quarter with the rise in oil prices. Since then we have seen oil fall back around $7-8 on the WTI contract. Today’s reults bring back concerns.
Earnings Loss of $ -1.46 earnings per share for the quarter, missing analyst consensus estimate consensus of $-1.31. and down from $-1.10 EPS same quarter last year. Revenue of $1.228 billion compared to analysts expectations of $1185 billion, down -3.2% compared to the same quarter last year.
Reaction: Hess Corp. NYSE: HES Open 43.89 -1.48 (-3.26%)
Hess operates in two key U.S. shale plays, the North Dakota Bakken and Three Forks formations, producing shale oil and gas, and the Ohio Utica Basin, where they primarily produce natural gas and natural gas liquids (NGLs).
Hess is the sixth-largest producer in the Gulf of Mexico and also has offshore assets in Europe, Asia Pacific and West Africa. They operate major offshore projects by Gulf of Mexico partners and by the Malaysian national oil company.
Source: HES, Criterion
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