Hess: 4Q18

Hess earnings, 4Q18, as it pertains to the Bakken and earnings in general:

• Earnings
• 4Q18: net loss, $4 million or 5 cents/share
• 4Q17: net los of $2,677 million -- or $2.677 billion, or $8.57/share
• adjusted net loss
• 4Q18: $77 million; 31 cents/share
• 4Q17: $304 million, $1.01/share
• production, crude oil/natural gas, average:
• Libya: 267K boepd
• Bakken: 126K boepd, p 15% from 110,000 boepd one year ago

Expectations:

• non-GAAP EPS of -31 cents beats by 6 cents; GAAP EPS of 5 cents (I assume that's a minus five cents) beats by 38 cents
• Hess +0.4% pre-market after beating Wall Street estimates for Q4 earnings and revenues, driven by higher output in the Bakken shale region and off the U.S. Gulf of Mexico
• Hess says total Q4 production fell 5.3% Y/Y to 267K boe/day from 282K boe/day in the year-ago quarter, but Bakken net production totaled 126K boe/day, up 15% Y/Y from 110K boe/day.
• the company forecasts FY 2019 output of 270K-280K boe/day vs. 2018 net production, excluding Libya and assets sold, of 248K boe/day, with 2019 E&P capital and exploratory expenditures seen at $2.9 billion
• Hess says its average realized selling price, excluding hedging, rose to $58.11/bbl in the quarter from $57.32/bbl a year earlier
• oil and gas proved reserves at year-end 2018 totaled 1.19 billion boe vs. 1.15 billion boe at year-end 2017