Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Hess Misses on Q4 EPS, Sells Utica Acreage

Quite a bit more non-adjusted profit is pumping from Hess (NYSE: HES  ) , according to the company's just-released preliminary Q4 results. For the quarter, revenue was $5.6 billion, down from the $5.9 billion in the same period the previous year. Attributable net income, however, saw a notable jump to $1.9 billion ($5.76 per diluted share), from Q4 2012's $374 million ($1.10).

Much of the bottom-line improvement came from sales of numerous assets, which has so far brought in roughly $7.8 billion in total proceeds.

On an adjusted basis, however, the company's net landed at $319 million ($0.96 per diluted share) from the year-ago tally of $409 million ($1.20). Analysts had been projecting $1.08 for this most recent quarter. 

Hess isn't finished selling parts of its business. Today, the company also announced that it signed an agreement to divest around 74,000 acres of its dry gas acreage in the massive Utica Shale play covering the northeastern U.S. and Canada. The buying party was not revealed, but Hess did say that the price was $924 million. It will receive roughly two-thirds of the money at the end of the current quarter, and the balance in Q3 of this year.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2815902, ~/Articles/ArticleHandler.aspx, 8/29/2015 12:55:55 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

Today's Market

updated 15 hours ago Sponsored by:
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 1.21 0.06%
NASD 4,828.33 15.62 0.32%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

8/28/2015 4:01 PM
HES $57.46 Up +1.70 +3.05%
Hess Corp. CAPS Rating: *****