Hess Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total revenues and non - operating income of USD 1,387 million compared to USD 2,528 million a year ago. Loss from continuing operations before income taxes were USD 2,283 million compared to income from continuing operations before income taxes of USD 176 million a year ago. Loss from continuing operations was USD 1,791 million compared to USD 5 million a year ago. Net loss was USD 1,799 million compared to USD 7 million a year ago. Net loss attributable to the company was USD 1,821 million compared to USD 8 million a year ago. Net cash provided by operating activities was USD 623 million compared to USD 1,074 million a year ago. Adjusted net loss was USD 396 million or USD 1.40 per share compared to adjusted net income of USD 53 million or USD 0.18 per share in the prior-year quarter; lower realized selling prices reduced fourth quarter 2015 adjusted net income by approximately USD 420 million. On an adjusted basis, E&P incurred losses of USD 328 million in the fourth quarter of 2015 compared to a loss of USD 221 million in the third quarter of 2015. The changes in the after-tax components of adjusted results for E&P between the fourth quarter of 2015 and the third quarter of 2015 were as follows: Lower sales volumes reduced results by USD 46 million, lower realized selling prices reduced results by USD 33 million, higher exploration expenses reduced results by USD 21 million. All other items net to a reduction in results of USD 7 million for an overall reduction in fourth quarter adjusted results of USD 107 million. The E&P effective income tax rate, excluding items affecting comparability, was a benefit of 38% for the fourth quarter of 2015 compared with a benefit of 47% in the third quarter. On an unadjusted basis, the fourth quarter effective tax rate reflects the fact that goodwill impairment charge did not have an associated tax benefit. Net cash provided by operating activities in the fourth quarter, including an increase of USD 401 million from changes in working capital, was USD 623 million. Additions to property, plant and equipment were USD 935 million. Net borrowings were USD 93 million.

For the year, the company reported total revenues and non - operating income of USD 6,561 million compared to USD 11,439 million a year ago. Loss from continuing operations before income taxes were USD 4,258 million compared to income from continuing operations before income taxes of USD 2,436 million a year ago. Loss from continuing operations was USD 2,959 million compared to income from continuing operations of USD 1,692 million a year ago. Net loss was USD 3,007 million compared to net income of USD 2,374 million a year ago. Net loss attributable to the company was USD 3,056 million compared to net income attributable to the company of USD 2,317 million a year ago. Net cash provided by operating activities was USD 1,981 million compared to USD 4,457 million a year ago.

Furthermore, in the fourth quarter, production averaged 368,000 barrels of oil equivalent per day, exceeding October guidance of 360,000 barrels of oil equivalent per day for the same quarter. In the fourth quarter, as a result of lower drilling activity, net production averaged 109,000 barrels of oil equivalent per day, up 7% from the year-ago quarter.

In 2015, production averaged 375,000 barrels of oil equivalent per day at the top end of October guidance of 370,000 to 375,000 barrels of oil equivalent per day. In 2015, the company also reduced capital and exploratory expenditures by USD 400 million during the year and cash operating cost by more than USD 300 million.

In the first quarter of 2016, the company forecast companywide production to average between 340,000 and 350,000 barrels of oil equivalent per day.

For the year 2016, E&P capital and exploratory expenditures are expected to be USD 2.4 billion, down 40% from 2015 E&P capital and exploratory expenditures. In 2016, the company forecasts companywide production to average between 330,000 and 350,000 barrels of oil equivalent per day. Net production averaged approximately 40 million cubic feet per day through the early production system in 2015 and is expected to stay at this level through 2016. Production is forecast to average between 20,000 and 25,000 barrels of oil equivalent per day in 2016.

For the year 2017, Following completion of the full field development project in 2017, net production is planned to increase to 165 million cubic feet per day.