Hess Reports Estimated Results for the Third Quarter of 2019

NEW YORK--(BUSINESS WIRE)--

Key Developments:

  • The Liza Destiny floating production, storage and offloading vessel (FPSO) arrived at the Stabroek Block (Hess - 30 percent), offshore Guyana, in late August; production from Phase 1 is now targeted to startup in December 2019
  • A 14th discovery was announced on the Stabroek Block at the Tripletail-1 exploration well located approximately 3 miles northeast of the Longtail discovery; the Tripletail discovery adds to the previously announced estimate of gross discovered recoverable resources on the Stabroek Block of more than 6 billion barrels of oil equivalent
  • A discovery was announced at the Esox-1 exploration well in the Gulf of Mexico that will be a tie-back to the Tubular Bells production facilities; first oil is expected in the first quarter of 2020
  • Hess Corporation will receive approximately $275 million in cash and will own approximately 134 million units, or 47 percent, of Hess Midstream upon closing of its proposed acquisition of Hess Infrastructure Partners LP, expected in the fourth quarter of 2019

Financial and Operational Highlights:

  • Net loss was $205 million, or $0.68 per common share, compared with a net loss of $42 million, or $0.18 per common share, in the third quarter of 2018
  • Adjusted net loss1 was $98 million, or $0.32 per common share, compared with adjusted net income of $29 million, or $0.06 per common share, in the third quarter of last year
  • Oil and gas net production averaged 290,000 barrels of oil equivalent per day ....
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