BEIJING/SINGAPORE, March 25 (Reuters) - China's national offshore energy producer CNOOC Ltd reported a 15.9% rise in 2019 profit on Wednesday, its best performance in five years thanks to higher oil and gas output and persistent cost control. CNOOC, one of the industry's lowest-cost explorers and producers, had planned to lift capital spending this year to its highest level since 2014 but the plan might be clouded by the coronavirus outbreak and plunging oil prices. "As the coronavirus outbreak increases uncertainties in global economy and oil prices fall sharply ... the company will implement more stringent cost controls and more prudent investment decisions," said the company statement.

Hess (HES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Oil prices have fallen significantly as a result of the coronavirus, and smart money is now looking for the best value stocks in the energy sector

Moody's Investors Service has downgraded the corporate family rating (CFR) of Saka Energi Indonesia (P.T.) to B1 from Ba2. At the same time, Moody's has downgraded the rating on its senior unsecured notes to B1 from Ba2. The outlook on the ratings has changed to negative from rating under review.

Hess' (HES) first-quarter results are supported by higher oil and gas production from the prolific Bakken play and improvement in Midstream profits due to increased throughput volumes.

Exxon Mobil Corp said on Tuesday the start of production at its Payara project in Guyana, its third major development in the world's newest offshore oil hotspot, could be delayed as the company scales back spending due to the crude price crash. Payara's startup had been slated for "as early as 2023" and was expected to eventually produce some 220,000 barrels per day of crude, according to Exxon's website. The firm and its partners Hess Corp and China's CNOOC Ltd have discovered more than 8 billion barrels of recoverable oil in the South American country, which has no history of production.

Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices. Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt, layoffs and possible bankruptcies. Analysts see a 58.9% year-over-year decline in energy earnings for the first quarter, steeper even than the 37.7% decline they projected at the start of the month, according to IBES data from Refinitiv.

Today is shaping up negative for Hess Corporation (NYSE:HES) shareholders, with the analysts delivering a substantial...

Hess schedules Q1 2020 earnings release conference call.

HES earnings call for the period ending March 31, 2020.

Shares of Hess Corp. slumped 5.7% and Occidental Petroleum Corp. dropped 3.6% in premarket trading Monday, as crude oil prices took another dive and oil driller Diamond Offshore Drilling Inc. declared bankruptcy. Continuous crude oil futures tumbled 22.6% in early trading amid continued demand and supply concerns, putting them on course to snap a three-day win streak in which they soared 31%. Meanwhile, Diamond had disclosed that Hess was its biggest customer in 2019, accounting for 28.9% of its annual revenue, while Occidental was its second-biggest customer at 20.6%. Among it's other biggest customers, the U.S.-listed shares of Petroleo Brasileiro S.A. rose 3.4% and BP PLC gained 0.4%. Diamond Offshore said it had sufficient capital to fund operations during its bankruptcy reorganization. Diamond's stock plummeted 61% before being halted for news. Futures for the S&P 500 rose 1.2%.

On the one hand, Hess' stock is down 26.8% so far this year, and its dividend yield is now about 2%. On the other hand, oil prices have collapsed and demand has evaporated. Let's dig deeper to see if Hess looks like a buy at its current prices.

​Shares of Applied Materials fall on weak earnings Continue reading...

Q1 2020 Hess Corp Earnings Call

Hess (HES) delivered earnings and revenue surprises of 7.69% and -8.98%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Higher production is likely to reflect on Hess' (HES) first-quarter results. However, lower commodity price realizations are likely to have offset the positives.

Linde plc (LIN), Phillips 66 (PSX) and Marathon Petroleum (MPC) reported better-than-expected March quarter bottom line numbers.

(Bloomberg) -- Hess Corp. is chartering a trio of supertankers to hold more than half of its North Dakota crude production as rapidly filling storage forces some drillers to curtail output.The U.S. oil explorer said it has enlisted three very-large crude carriers that will each store about 2 million barrels of oil produced in May, June and July from the Bakken shale field in North Dakota. Based on the company’s first-quarter production, Hess will be putting about 56% of its Bakken output on VLCCs over the next three months.Hess expects to sell those volumes in the fourth quarter of this year, the company said Thursday in its first-quarter earnings statement. The VLCC that will hold Hess’s May production is already in the Gulf of Mexico, according to a representative for the company. The other two will arrive later.As cities remain locked down in response to the Covid-19 pandemic, oil producers are being forced to shut in or curtail output. Companies have announced 616,000 barrels of oil per day worth of May shut-ins, according to Rystad Energy. In June, that rises to 655,000 barrels a day.(Updates with portion of total output beginning in first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Hess Corporation...

Hess Reports Estimated Results for the First Quarter Of 2020