Hess Corp. (HES) Tops Q3 EPS by 16c

Hess Corp. (NYSE: HES) reported Q3 EPS of $1.24, $0.16 better than the analyst estimate of $1.08. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.58 billion.

Highlights:

• Oil and gas production was 318,000 barrels of oil equivalent per day (boepd) in the third quarter of 2014, compared with 310,000 boepd in the year-ago quarter. Pro forma production was 314,000 boepd in the third quarter of 2014, up 17 percent from 269,000 boepd in 2013
• Net cash provided by operating activities was $1.3 billion
• Oil and gas production in the Bakken increased 21 percent from the year-ago quarter to 86,000 boepd, while well costs were reduced by 8 percent to an average of $7.2 million per operated well in the third quarter of 2014
• The Corporation completed the sale of its retail business for $2.8 billion. Third quarter-end cash and cash equivalents were $4.1 billion
• The Corporation returned $979 million to shareholders during the quarter through share repurchases of $903 million and dividends of $76 million. Cumulative shares repurchased under the program through September 30, 2014 total 49.4 million at a total cost of approximately $4.2 billion
• Hess Midstream Partners LP filed a registration statement with the U.S. Securities and Exchange Commission for a proposed 2015 initial public offering

Asset Sales:

In September 2014, the Corporation completed the sale of its retail marketing business for cash proceeds of $2.8 billion and its interest in an exploration asset in the United Kingdom North Sea for $53 million. In October, the Corporation signed an agreement to sell its interest in HETCO, its energy trading joint venture.

For earnings history and earnings-related data on Hess Corp. (HES) click here.

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