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Stock Market & Financial Investment News

News Breaks
December 16, 2013
08:37 EDTHESHess Corp. now sees Q4 production 310,000 boe/pd
Worldwide realized selling prices for crude oil for the first two months of the fourth quarter of 2013 averaged $98.65 per barrel compared to $104.95 per barrel in the full third quarter, primarily driven by an $11 decrease in U.S. crude oil price realizations, reflecting the widening in crude oil spreads between Brent and West Texas Intermediate (WTI) and Brent and Louisiana Light Sweet. This decrease in realized crude oil selling prices is expected to result in fourth quarter earnings, excluding non-recurring items, being lower than the third quarter. Fourth quarter 2013 production is now forecast to average 310,000 barrels of oil equivalent per day versus previous guidance of 320,000 boepd. The decrease reflects the earlier than expected close of the sale of interest in the Natuna A Field in Indonesia and higher production downtime due to maintenance activities. Fourth quarter 2013 total unit costs are expected to be in line with the previous guidance of $48 to $50 per barrel. The E&P effective tax rate, excluding non-recurring items for the fourth quarter, is still expected to be in the range of 39 to 41 percent. During the first two months of the fourth quarter of 2013, the company purchased approximately 9.1 million shares of common stock, bringing cumulative purchases through November 30 to 15.6 million shares at a weighted average price of $79.37 per share. The weighted average number of shares was approximately 336.2 million for the first two months of the fourth quarter. Thus far in the fourth quarter, Hess has closed the sale of its U.S. East Coast and St. Lucia terminal network for $850M, its Energy Marketing business for $1.2B and its Natuna A asset in Indonesia for $650M. The company also recently announced the sale of its interest in the Pangkah asset in Indonesia for $650M, bringing total after tax proceeds from announced and completed asset sales to $7.8B year-to-date.
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April 23, 2014
08:00 EDTHESHess Corp. announces sale of Thailand assets for $1B to PTTEP
Hess Corporation announced it has sold its interests in both the Sinphuhorm and Pailin Fields located in Thailand to PTT Exploration and Production Public Company Limited for a total after-tax consideration of approximately $1B, effective July 1, 2013. Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to Hess in 2013. Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4B authorization.
06:21 EDTHESPTTEP to buy Hess Corp.'s Thailand assets for $1B
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