First Quarter highlights:
- Net income was US$ 386 million, compared to US$ 1276 million in the first quarter of 2013.
- Adjusted earnings were US$ 446 million or US$ 1.38 per share.
- Cash flow from operations before working capital changes was US$ 1.41 billion in the first quarter of 2014.
- Oil and gas production was 318,000 barrels of oil equivalent per day (boepd) in the first quarter and 389 000 boepd in the year-ago quarter. Pro forma production, excluding Libya, was 297 000 boepd in the first quarter of 2014, up 11percent from 268 000 boepd in 2013.
- The Tioga gas plant expansion project commenced start-up operations with first gas in late March.
- The Corporation purchased 12.6 million common shares during the first quarter, for a cost of approximately US$ 1.0 billion, bringing total shares repurchased under the programme to 31.9 million for a total cost of approximately US$ 2.54 billion.
Summary
Hess Corporation has reported net income of US$ 386 million for the quarter ended March 31, 2014. Adjusted earnings, which exclude items affecting comparability, were US$ 446 million or US$ 1.38 per common share, compared with US$ 669 million or US$ 1.95 per share in the prior year quarter. The decrease in adjusted earnings was primarily due to the impact on operating earnings related to divesting E&P assets and downstream businesses.
Adapted from a press release by David Bizley