February 5, 2018 / 1:31 PM / 15 days ago

BRIEF-Hess Posts Q4 Adjusted Loss Per Share $1.01

Feb 5 (Reuters) - Hess Corp:

* HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2017

* Q4 ADJUSTED LOSS PER SHARE $1.01

* Q4 LOSS PER SHARE $8.57

* QTRLY NET PRODUCTION AVERAGED 282,000 BARRELS OF OIL EQUIVALENT PER DAY (BOEPD), EXCLUDING LIBYA

* QTRLY TOTAL REVENUES AND NON-OPERATING INCOME $1,296 MILLION VERSUS $1,386 MILLION LAST YEAR

* FOR 2018 E&P CAPITAL AND EXPLORATORY EXPENDITURES ARE EXPECTED TO BE $2.1 BILLION

* HAVE BEGUN IMPLEMENTATION OF AN ORGANIZATION RESTRUCTURING AND COST REDUCTION EFFORT TARGETING ANNUAL SAVINGS OF $150 MILLION

* Q4 REVENUE VIEW $1.31 BILLION -- THOMSON REUTERS I/B/E/S

* QTRLY ‍NET PRODUCTION FROM BAKKEN INCREASED 16 PERCENT TO 110,000 BOEPD FROM 95,000 BOEPD IN YEAR-AGO QUARTER​

* IN ADDITION TO DIRECT HEADCOUNT REDUCTIONS, CO ELIMINATED APPROXIMATELY 400 EMPLOYEE AND CONTRACTOR POSITIONS IN JANUARY

* QTRLY ‍NET PRODUCTION FROM GULF OF MEXICO WAS 40,000 BOEPD, COMPARED TO 61,000 BOEPD IN PRIOR-YEAR QUARTER​

* EXPECT TO RECORD EMPLOYEE SEVERANCE OF $40 MILLION TO $50 MILLION IN Q1

* E&P CAPITAL AND EXPLORATORY EXPENDITURES ARE EXPECTED TO BE $2.1 BILLION IN 2018

* ‍BENEFIT FROM $150 MILLION ANNUALIZED COST REDUCTION WILL BEGIN TO BE REALIZED OVER SECOND HALF OF 2018​

* OIL AND GAS PRODUCTION IS FORECAST TO BE IN RANGE OF 245,000 TO 255,000 BOEPD IN 2018

* Q4 2017 RESULTS REFLECT NET AFTER-TAX CHARGES TOTALING $2,373 MILLION

* Q4 AFTER-TAX CHARGES INCLUDE CHARGE OF $1.7 BILLION TO REDUCE CARRYING VALUE OF INTERESTS IN STAMPEDE, TUBULAR BELLS FIELDS IN GULF OF MEXICO

* Q4 REVENUE VIEW $1.31 BILLION -- THOMSON REUTERS I/B/E/S

* EXPECTS NO U.S. FEDERAL CASH TAX ON DEEMED REPATRIATION OF UNREMITTED EARNINGS OF FOREIGN SUBSIDIARIES UNDER NEW LAW

* DECREASE IN CORPORATE TAX RATE RESULTED IN A $1,475 MILLION REDUCTION TO U.S. NET DEFERRED TAX ASSET AS OF DEC 31, 2017

* HAVE BEGUN IMPLEMENTATION OF AN ORGANIZATION RESTRUCTURING AND COST REDUCTION EFFORT TARGETING ANNUAL SAVINGS OF $150 MILLION Source text for Eikon: Further company coverage:

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