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BRIEF-Hess announces 2017 E&P capital and exploratory budget
January 12, 2017 / 2:04 PM / 8 months ago

BRIEF-Hess announces 2017 E&P capital and exploratory budget

Jan 12 (Reuters) - Hess Corp :

* Hess announces 2017 E&P capital and exploratory budget; provides earnings update for fourth quarter 2016

* Hess Corp - company’s 2017 e&p capital and exploratory budget will be $2.25 billion

* Hess Corp - net 2017 production is forecast to average between 300,000 and 310,000 barrels of oil equivalent per day

* Hess Corp - company’s q4 results will include a noncash charge of approximately $3.8 billion

* Hess Corp - 2017 production is expected to increase 8-12 percent from beginning of 2017 to end of year

* Hess Corp - q4 2016 results will also include additional after-tax charges affecting comparability of earnings of approximately $140 million

* Hess Corp - bakken net production in 2017 is forecast to average between 95,000 and 105,000 boepd

* Hess Corp - noncash charge to establish valuation allowances against net deferred tax assets as of dec 31, 2016 following a 3-year cumulative loss

* Hess Corp - q4 2016 results will include an after-tax charge of approximately $700 million to fully impair carrying value of interests in equus Source text for Eikon: Further company coverage:

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