On Thursday, Shares of Hess Corp. (NYSE:HES), lost -1.63% to $56.14.
Hess Corporation, stated an adjusted net loss, which excludes items affecting comparability, of $291 million or $1.03 per common share, for the third quarter of 2015 contrast with adjusted net income of $377 million or $1.24 per share in the third quarter of 2014. Lower realized selling prices reduced adjusted net income by about $745 million after-tax contrast with the preceding-year quarter. Third quarter 2015 results benefitted from higher production and lower cash operating costs but were partially offset by higher depreciation, depletion, and amortization expense. On an unadjusted basis, the Corporation stated a net loss of $279 million for the third quarter of 2015 and net income of $1,008 million in the preceding-year quarter, which comprised after-tax gains from asset sales totaling $635 million.
“During the third quarter we delivered strong operating performance while maintaining a robust financial and liquidity position, with further noteworthy spending reductions underway,” Chief Executive Officer John Hess said. “We are well positioned in the current low price environment and are taking a disciplined approach to preserve our financial strength, competitively advantaged capabilities and long term growth options.”
Hess Corporation (Hess) is an exploration and production (E&P) company that develops, produces, purchases, transports and sells crude oil and natural gas. Its production operations are located primarily in the United States, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand, Malaysia and Norway.
Shares of Cenovus Energy Inc (USA) (NYSE:CVE), inclined 2.95% to $15.00, during its last trading session.
Cenovus Energy, continues to make noteworthy progress in reducing its costs while delivering strong operational performance and oil sands production growth. The company is benefiting from the decisive steps taken over the past year to improvement its financial resilience in the face of what is predictable to be a prolonged period of lower oil prices.
“We’re delivering on the commitments we made at the outset of 2015 to improve Cenovus’s position as a low-cost producer,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “We’ve realized substantial, sustainable cost reductions, maintained capital discipline and strengthened our balance sheet. We will continue to look for additional opportunities to reduce costs, become more efficient and enhance shareholder value.”
Third quarter highlights
- Maintained financial strength with about $4.4 billion of cash and cash equivalents on the balance sheet and a net debt to capitalization ratio of 13%
- Achieved cost reductions that were better than forecast, bringing total anticipated savings for 2015 to about $400 million
- On track to achieve $100 million in forecast annual savings, starting in 2016, from workforce reductions
- Reduced oil sands per-unit operating costs by 23% from the third quarter of 2014 and total crude oil per-unit operating expenses by 22%
- Generated cash flow of $444 million, down 55% from the same period a year earlier
- Recognized for strong performance in corporate responsibility as the only North American oil and gas producer to be comprised in this year’s Dow Jones Sustainability (DJSI) World Index
Cenovus Energy Inc. is a Canadian integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with refining operations in the United States.
Finally, Shares of McKesson Corporation (NYSE:MCK), ended its last trade with 2.57% gain, and closed at $186.28.
McKesson Corporation, stated that revenues for the second quarter ended September 30, 2015 were $48.8 billion, up 10% contrast to $44.2 billion a year ago. On a constant currency basis, revenues raised 14% over the preceding year. On the basis of U.S. generally accepted accounting principles, second-quarter earnings per diluted share from ongoing operations was $2.65 contrast to $2.05 a year ago.
Second-quarter Adjusted Earnings per diluted share was $3.31, up 19% contrast to $2.79 a year ago. On a constant currency basis, Adjusted Earnings per diluted share raised 20% over the preceding year. Second-quarter results comprise a pre-tax gain of $51 million, or 14 cents per diluted share, related to the sale of the ZEE Medical business within the Distribution Solutions segment. Second-quarter results also reflect lower than predictable tax expense driven by a discrete tax benefit of $25 million, or 11 cents per diluted share.
For the first half of the fiscal year, McKesson generated cash from operations of $1.3 billion, and ended the quarter with cash and cash equivalents of $5.4 billion. During the first half of the fiscal year, McKesson repurchased nearly $500 million of its common stock, repaid $498 million in long-term debt, had internal capital spending of $274 million and paid $114 million in dividends.
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two business segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.