Hess Corporation reported net income of $386 million for the quarter ended March 31, 2014.
Adjusted earnings, which exclude items affecting comparability, were $446 million, compared with $669 million in the prior year quarter. The decrease in adjusted earnings was primarily due to the impact on operating earnings related to divesting E&P assets and downstream businesses.
The after-tax income (loss) by major operating activity was as follows:
First Quarter Highlights:
John Hess, Chief Executive Officer of Hess , said: “Our results this quarter demonstrate continued execution of our plan to drive cash-generative growth and sustainable returns for our shareholders through a focused portfolio of world-class E&P assets. In the first quarter, our growth assets performed well, with higher production from Valhall and North Malay Basin. In addition, current Bakken production levels are in excess of 80,000 barrels of oil equivalent per day following completion of the Tioga gas plant expansion. Tubular Bells is on track for first oil in the third quarter and well results from the Utica shale play are encouraging. Overall, we remain very enthusiastic about the prospects for our company in 2014 and beyond.”