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Hess Forecasts Production, Capex Decline in 2016
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Hess Corporation has reported an adjusted net loss, which excludes items affecting comparability, of $291 million or $1.03 per common share, for the third quarter of 2015 compared with adjusted net income of $377 million or $1.24 per share in the third quarter of 2014.
Preliminary 2016 Guidance:The Corporation will finalize its 2016 budget by the end of this year. We currently project Exploration and Production 2016 capital and exploratory expenditures will be in a range of $2.9 billion to $3.1 billion, an approximate 27 percent decrease from the forecasted 2015 amount.
As a result of the expected lower capital spend levels in 2016, we forecast production will decrease to a range of 330,000 boepd to 350,000 boepd. Bakken production is projected to be 95,000 boepd to 105,000 boepd in 2016.
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