Hess Corporation reported unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues and non - operating income of USD 1,386 million compared to USD 1,387 million a year ago. Loss from continuing operations before income taxes were USD 1,709 million compared to USD 2,283 million a year ago. Loss from continuing operations was USD 4,898 million compared to USD 1,791 million a year ago. Net loss was USD 4,898 million compared to USD 1,799 million a year ago. Net loss attributable to the company was USD 4,892 million compared to USD 1,821 million a year ago. Net cash provided by operating activities was USD 326 million compared to USD 623 million a year ago. Capital expenditures incurred were USD 409 million compared to USD 941 million a year ago. Additions to property, plant and equipment was USD 487 million compared to USD 935 million a year ago. Adjusted net loss attributable to the company was USD 305 million or USD 1.01 per diluted share compared to USD 396 million or USD 1.40 per diluted share a year ago. Diluted net loss per common share was USD 15.65 against USD 6.43 a year ago.
For the year, the company reported total revenues and non - operating income of USD 4,844 million compared to USD 6,561 million a year ago. Loss from continuing operations before income taxes were USD 3,854 million compared to USD 4,258 million a year ago. Loss from continuing operations was USD 6,076 million compared to USD 2,959 million a year ago. Net loss was USD 6,076 million compared to USD 3,007 million a year ago. Net loss attributable to the company was USD 6,132 million compared to USD 3,056 million a year ago. Net cash provided by operating activities was USD 795 million compared to USD 1,981 million a year ago. Capital expenditures incurred were USD 1,921 million compared to USD 4,049 million a year ago. Additions to property, plant and equipment was USD 2,251 million compared to USD 4,321 million a year ago. Adjusted net loss attributable to the company was USD 1,489 million or USD 4.94 per diluted share compared to USD 1,113 million or USD 3.93 per diluted share a year ago. Diluted net loss per common share was USD 19.92 against USD 10.78 a year ago.

For the quarter, the company reported total crude oil production of 186,000 barrels against 233,000 barrels a year ago. Total natural gas liquids production was 40,000 barrels against 40,000 barrels a year ago. Total natural gas production was 512,000 mcf against 571,000 mcf a year ago. Barrels of oil equivalent were 311,000 against 368,000 a year ago. Excluding production from Libya and assets sold, pro forma net production in the fourth quarter of 2016 was 307,000 boepd, compared to 358,000 boepd in the fourth quarter of 2015. Lower volumes were primarily due to a reduced drilling program across portfolio, planned and unplanned downtime, and natural field declines. Production in Libya resumed in the fourth quarter at a net rate of 4,000 boepd.

For the year, the company reported total crude oil production of 191,000 barrels against 238,000 barrels a year ago. Total Natural gas liquids production was 44,000 barrels against 39,000 barrels a year ago. Total Natural gas production was 523,000 mcf against 585,000 mcf a year ago. Barrels of oil equivalent were 322,000 against 375,000 a year ago.

For the quarter, the company reported impairment charges of USD 67 million against USD 1,231 million a year ago.

For the year 2017, the company's oil and gas production excluding Libya is forecast to be in the range of 300,000 boepd to 310,000 boepd compared to full year 2016 net production of 321,000 boepd.

The company announced that the E&P effective tax rate, excluding Libya, is expected to be a benefit in the range of 11% to 15% for the first quarter of 2017, and 17% to 21% for the full year of 2017 versus a benefit of 42% in 2016. The company estimates interest expense to be in the range of USD 75 million to USD 80 million in the first quarter of 2017 and in the range of USD 295 million to USD 305 million for the full year of 2017.