Hess Corporation reported an estimated adjusted net loss of $291 million for the third quarter of 2015 compared with adjusted net income of $377million in the third quarter of 2014.
Lower realised selling prices reduced adjusted net income by approximately $745million after-tax compared with the prior-year quarter.
Third-quarter 2015 results benefitted from higher production and lower cash operating costs but were partially offset by higher depreciation, depletion, and amortisation expense, the company said.
On an unadjusted basis, Hess reported a net loss of $279million for the third quarter of 2015 and net income of $1billion in the prior-year quarter, which included after-tax gains from asset sales totaling $635million.
“During the third quarter we delivered strong operating performance while maintaining a robust financial and liquidity position, with further significant spending reductions underway,” chief executive John Hess said.
“We are well positioned in the current low price environment and are taking a disciplined approach to preserve our financial strength, competitively advantaged capabilities and long term growth options.”
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