Better Q2 and raised extraction targets boost Hess

The US-based company finished the second quarter with better results than anticipated, boosting its equity.
Photo: Carsten Ingemann/MAG
Photo: Carsten Ingemann/MAG

US oil company Hess Corp came out of its second quarter 2019 better off than expected, sending its share price soaring 6.9 percent – the second-highest rise in S&P 500 on Wednesday.

The oil company, which has held some of the best equity in the sector during 2019, has decided to reduce this year's investments to USD 2.8 billion – USD 100 million less than previously announced – which sees positive reception on the market.

Also, the company raised the floor on its oil extraction target for the year to the interval 275,000-280,000 barrels of oil per day against previously 270,000-280,000 barrels, which based on the current oil price boosts revenue by more than USD 100 million.

Hess finished Q2 with an adjusted deficit per share of USD 0.09, while revenue landed at USD 1.66 billion. According to Bloomberg News, analysts had estimated earnings per share to land at USD -0.11 and revenue of USD 1.53 billion.

The adjusted net result for the period was a negative USD 28 million against an expected deficit of USD 31 million.

According to Bloomberg News, Hess Corp has gone up by 75 percent since the start of 2019 and is only surpassed by Anadarko, which is being acquired by Occidental Petroleum.

English Edit: Jonas Sahl Jørgensen

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