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Hess Focusing on 'Cost Reductions' in 2018 After Q4 Loss, Investor Pressure
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Hess reported its Q4 and year end 2017 results.
Reported a net loss of $2,677 million, or $8.57 per common share, in Q4 2017, compared with a net loss of $4,892 million, or $15.65 per common share, in the fourth quarter of 2016 Production Down -8%: Net production, excluding Libya, was 282,000 boepd in the fourth quarter of 2017, compared to 307,000 boepd in the prior-year quarter. 2018 Cost Reduction ProgramWhile financials have improved YOY, the company is facing mounting pressure from investors to post a profit - which the company hasn't done since 2014. This resulted in Hess cutting ~13% of its workforce in January 2018. Since the end of 2014, total employee and contractor positions at Hess have been reduced by approximately 50 percent.
The company also sold off $3.25 billion…
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