Hess Corp. Q4 Pro Forma Net Production Up 4% - Quick Facts

(RTTNews) - Hess Corp. (HES) reported that, excluding production from assets sold and Libya, pro forma net production in the fourth quarter of 2015 was 358,000 boepd, up 4 percent from 343,000 boepd in the fourth quarter of 2014. Exploration and Production capital and exploratory expenditures were $943 million in the fourth quarter of 2015 down from $1.575 billion in the prior-year quarter reflecting reduced activities primarily in the United States, Norway and Equatorial Guinea.

Full year E&P capital and exploratory expenditures were $4.0 billion, down 25 percent from $5.3 billion in 2014.

The Corporation expects 2016 net production, excluding Libya, to average between 330,000 boepd and 350,000 boepd compared with 2015 net production of 368,000 boepd, excluding Libya and asset sales. Full year 2016 E&P capital and exploratory expenditures are forecast to be $2.4 billion or 40 percent lower than 2015.