Hess Corporation today reported a net loss of £98 million in the second quarter of 2018, compared to a net loss of £341 million in the second quarter of 2017.
On an adjusted basis, Hess Corporation reported an after-tax net loss of £42.5 million in the second quarter of 2018.
The improved after-tax adjusted results reflect higher realised crude oil selling prices, lower operating costs and depreciation, depletion and amortization expense, partially offset by lower production volumes, primarily due to asset sales.
John Hess, chief executive, said.“We delivered strong operational performance in the quarter – exceeding our production guidance – and further focused our portfolio with the sale of our joint venture interests in the Utica.
“In June, we announced another significant oil discovery at Longtail, offshore Guyana, and in July we increased the estimate of gross discovered recoverable resources for the Stabroek Block to more than 4 billion barrels of oil equivalent.”
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