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Hess Corp (HES) Reports Wider-than-Expected Loss in Q1
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Hess Corporation (HES - Free Report) reported adjusted first-quarter 2017 loss from continuing operations of $1.07 per share, wider than the Zacks Consensus Estimate of a loss of $1.06. The wider loss can be attributed to the plunge in gas prices.
Nonetheless, the reported figure narrowed substantially from the year-ago quarter loss of $1.72.
Revenues plunged more than 28% year over year from $1,275 million to $993 million. The top line also missed the Zacks Consensus Estimate of $1,347 million.
First-Quarter Operational Performance
In the reported quarter, the company’s Exploration and Production (E&P) business incurred adjusted loss of $233 million, narrower than the year-earlier loss of $453 million.
Quarterly hydrocarbon production totaled 311 thousand barrels of oil equivalent per day (MBOE/d), down approximately 1% year over year.
Crude oil production was 190 thousand barrels per day compared with 208 thousand barrels per day in the year-ago quarter. Natural gas liquids production totaled 40 thousand barrels as against 47 thousand barrels a year ago. Natural gas output was 484 thousand cubic feet (Mcf) compared with 571 Mcf in the prior-year quarter.
Worldwide crude oil realization per barrel of $48.58 (including the impact of hedging) increased 70.5% year over year. Worldwide natural gas prices plummeted 6.4% year over year to $3.20 per Mcf.
Hess Corporation Price, Consensus and EPS Surprise
Quarterly net cash flow from operations was $349 million at the end of the quarter. Hess’ capital expenditures decreased 27.7% to $393 million from $543 million in the prior-year quarter.
As of Mar 31, 2017, the company had approximately $2,686 million in cash and $6,669 million in long-term debt. The debt-to-capitalization ratio at the end of the quarter was 30.8%.
Zacks Rank
Currently, Hess carries a Zacks Rank #3 (Hold). Some better-ranked from the same space are Diamond Offshore Drilling Inc. (DO - Free Report) , Cenovus Energy Inc. (CVE - Free Report) and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamond Offshore Drilling posted a positive earnings surprise of 341.67% in the preceding quarter. It surpassed estimates in all of the four trailing quarters with an average positive earnings surprise of 353.28%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It topped estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
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Hess Corp (HES) Reports Wider-than-Expected Loss in Q1
Hess Corporation (HES - Free Report) reported adjusted first-quarter 2017 loss from continuing operations of $1.07 per share, wider than the Zacks Consensus Estimate of a loss of $1.06. The wider loss can be attributed to the plunge in gas prices.
Nonetheless, the reported figure narrowed substantially from the year-ago quarter loss of $1.72.
Revenues plunged more than 28% year over year from $1,275 million to $993 million. The top line also missed the Zacks Consensus Estimate of $1,347 million.
First-Quarter Operational Performance
In the reported quarter, the company’s Exploration and Production (E&P) business incurred adjusted loss of $233 million, narrower than the year-earlier loss of $453 million.
Quarterly hydrocarbon production totaled 311 thousand barrels of oil equivalent per day (MBOE/d), down approximately 1% year over year.
Crude oil production was 190 thousand barrels per day compared with 208 thousand barrels per day in the year-ago quarter. Natural gas liquids production totaled 40 thousand barrels as against 47 thousand barrels a year ago. Natural gas output was 484 thousand cubic feet (Mcf) compared with 571 Mcf in the prior-year quarter.
Worldwide crude oil realization per barrel of $48.58 (including the impact of hedging) increased 70.5% year over year. Worldwide natural gas prices plummeted 6.4% year over year to $3.20 per Mcf.
Hess Corporation Price, Consensus and EPS Surprise
Hess Corporation Price, Consensus and EPS Surprise | Hess Corporation Quote
Financials
Quarterly net cash flow from operations was $349 million at the end of the quarter. Hess’ capital expenditures decreased 27.7% to $393 million from $543 million in the prior-year quarter.
As of Mar 31, 2017, the company had approximately $2,686 million in cash and $6,669 million in long-term debt. The debt-to-capitalization ratio at the end of the quarter was 30.8%.
Zacks Rank
Currently, Hess carries a Zacks Rank #3 (Hold). Some better-ranked from the same space are Diamond Offshore Drilling Inc. (DO - Free Report) , Cenovus Energy Inc. (CVE - Free Report) and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamond Offshore Drilling posted a positive earnings surprise of 341.67% in the preceding quarter. It surpassed estimates in all of the four trailing quarters with an average positive earnings surprise of 353.28%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It topped estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
Looking for Ideas with Even Greater Upside?
Today's investment ideas are short-term, directly based on our proven 1 to 3 month indicator. In addition, I invite you to consider our long-term opportunities. These rare trades look to start fast with strong Zacks Ranks, but carry through with double and triple-digit profit potential. Starting now, you can look inside our home run, value, and stocks under $10 portfolios, plus more. Click here for a peek at this private information >>