$HES • Hess (NYSE:HES) +2.6% premarket after
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Posted On: 07/25/2018 8:27:20 AM
$HES
• Hess (NYSE:HES) +2.6% premarket after posting a smaller than expected Q2 loss and a 30% Y/Y revenue increase that easily topped analyst expectations, as it benefited from higher crude oil prices.
• Hess says Q2 net income from exploration and production totaled $31M after a net loss of $354M in the year-earlier quarter, as the average realized crude oil selling price, including the effect of hedging, was $62.65/bbl in the quarter vs. $45.95/bbl a year ago.
• E&P cash operating costs were $13.37/boe, down 8% from $14.60/boe in the prior-year quarter due to increased low-cost production from North Malay Basin, cost savings initiatives and sales of higher cost assets.
• Hess (NYSE:HES) +2.6% premarket after posting a smaller than expected Q2 loss and a 30% Y/Y revenue increase that easily topped analyst expectations, as it benefited from higher crude oil prices.
• Hess says Q2 net income from exploration and production totaled $31M after a net loss of $354M in the year-earlier quarter, as the average realized crude oil selling price, including the effect of hedging, was $62.65/bbl in the quarter vs. $45.95/bbl a year ago.
• E&P cash operating costs were $13.37/boe, down 8% from $14.60/boe in the prior-year quarter due to increased low-cost production from North Malay Basin, cost savings initiatives and sales of higher cost assets.
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