Список проголосовавших за комментарий " Hess Q4 earnings preview (57.65 +0.50)<p>Hess Energy is scheduled to report Q4 earnings tomorrow pre-market with a conference call to follow at 10:00 am ET the same day.</p><ul><li><strong>Capital IQ Consensus calls for Q4 EPS of ($1.08) & a rev decline of about 18.3% to $1.38 bln, compared to EPS of ($ 1.40) on rev of $1.69 bln in the same quarter last year.</strong></li></ul><p>FY17 production/capex guidance:</p><ul><li>Net 2017 production is forecast to avg between 300k-310k boepd, excluding Libya. Production is expected to increase 8-12% from the beginning of 2017 to the end of the year as a result of additional rigs in the Bakken, restart of drilling at Valhall, and the start-up of North Malay Basin in Q3.<ul><li>Bakken net production in 2017 is forecast to average between 95k-105k boepd.</li></ul></li><li>The co's FY17 capex budget is $2.25 bln, vs. $1.9 bln of actual capex in 2016.<ul><li>$700 mln (31%) for unconventional shale resources, $375 mln (17%) for production, $825 mln (37%) for developments, and $350 mln (15%) for exploration and appraisal activities.</li></ul></li></ul><p>Q3 recap</p><ul><li>Co reported a Q3 loss of $1.12 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of ($1.24); revenues fell 29.2% year/year to $1.20 bln vs the $1.21 bln Capital IQ Consensus.</li><li>The co reduced E&P capital and exploratory expenditures by 49% to $435 mln from $849 mln in the prior-year quarter.</li><li>Oil & gas production was 314k boepd; Bakken net production was 107k boepd.</li><li>«Our co continues to take steps to maintain a strong balance sheet and materially reduce our spending. We also are investing in growth projects including the world-class Liza oil discovery in Guyana that we believe will create significant value for our shareholders. Based on the positive results of the Liza-3 well, we now expect Liza to be at the upper end of the previously announced estimated recoverable resources range of 800 million to 1.4 billion barrels of oil equivalent.»</li></ul><p>Company Background</p><p>Hess is an independent energy company engaged in the exploration and production of crude oil and natural gas. Their portfolio is evenly split between unconventionals and conventionals; U.S. and international; and onshore and offshore. Three quarters of their production is liquids versus gas.</p><p>The co's portfolio is focused in five strategic areas: the Bakken Shale in North Dakota and the Utica Shale in Ohio; the Deepwater Gulf of Mexico; Valhall Field in Norway and South Arne Field in Denmark; offshore West Africa — Equatorial Guinea and Ghana; and offshore Malaysia in the Gulf of Thailand. <strong>These specific areas represent 83% of reserves and 95% of production.</strong></p><p>Technical Perspective</p><p>Technically, HES has been in a slump over the last 2-years, but recently emerged with some strength into the end of 2016. It's been giving back some of its December gains here to start a new year, but appears to be finding support around its 200-day and 50-day moving averages in the 56/58 vicinity. In response to earnings, Buyers are looking to resume the trend off the Nov/Dec lows with a push back over $60. Sellers will likely be quick to press back below the 54/56 zone in favor of the bigger picture slump.</p><p>Options Activity</p><p>Based on HES options, the current implied volatility stands at ~ 32%, which is 27% higher than historical volatility (over the past 30 days). Based on the HES Weekly Jan27 $58 straddle, the options market is currently pricing in a move of ~3% in either direction by weekly expiration (Friday).</p><p>Peers include: CEO, SNP, OXY, SU, EPD, CNQ, APA, CLR, CHK, CIE, DNR, KOS, STR, LPI, OAS, HK, GTE, GPOR, EEQ, CRZO, CRK, BCEI, TGA, MCF, PBT, SN, GBR, WPX, ROYL, FPP, MPET, USEG, EAC, GST</p><p>Shares of <strong>HES</strong> +1.0% ahead of tomorrow's earnings release.</p>"