![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber New York (UPI) Jan 25, 2017
Though production was lower during the fourth quarter, U.S. energy company Hess Corp. said 2017 was evolving so far as a year of transformation. "We see 2017 as the start of an exciting new chapter of value-driven growth for our company and our shareholders," CEO John Hess said in a statement. Hess started last year with an agenda focused on keeping a balanced portfolio through the weakened oil sector. It reported a net loss for the third quarter of $339 million, compared with a net loss of $279 million during the same period last year. Losses continued into the latter quarter of 2016 even as crude oil prices held steady above the range of $50 per barrel, after sinking to historic lows in the first quarter of last year. The company said it took an adjusted net loss for the fourth quarter of $305 million. Production, meanwhile, stagnated for the company. Total oil and gas production was 311,000 barrels of oil equivalent per day in the fourth quarter, down 15 percent year-on-year. The company reported a rough quarter in North Dakota in particular, with production off 13 percent from fourth quarter 2015. The company blamed a "severe winter" and a reduced drilling program in North Dakota for the declines during 2016. Elsewhere, the company reported recent gains overseas and a resumption of operations in Libya, where war sidelined operations for the better part of the last three years. Hess had a role in the Liza field in Guyana, which was considered the industry's largest find in a decade. Oil and natural gas companies are moving back into service after sidelining some of their operations because of lower oil prices last year. With Brent crude oil prices in the $50 range, Hess said it was planning to spend about $2.25 billion on exploration and production this year, up from the $1.9 billion designated for 2016. Hess during the fourth quarter realized a crude oil selling price of $45.97 per barrel, up 5 percent year-on-year.
![]() ![]()
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |