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NEW YORK, Jan. 31, 2018 -- Hess today announced its 2018 E&P capital and exploratory budget will be $2.1 billion, the same as 2017.

Hess today reported a net loss of $2,677 million, or $8.57 per common share, in the fourth quarter of 2017, compared with a net loss of $4,892 million, or $15.65 per common share, in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2,373 million, including a non-cash accounting charge of $1,700 million to reduce the carrying value of Hess’ interests in the Stampede and Tubular Bells Fields in the Gulf of Mexico, as a result of a lower long-term crude oil price outlook.

Hess Corporation announced today that John Hess, Chief Executive Officer, will present at the Credit Suisse 23rd Annual Energy Summit in Vail on Wednesday, February 14 at 8:40 a.m. Mountain Time.

U.S. oil company Hess has started first production from its operated Stampede development in the Gulf of Mexico, reports Offshore Energy Today.

Hess announced a seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. The Pacora-1 well is located approximately four miles west of the Payara-1 well, and follows previous discoveries on the Stabroek block at Liza, Payara, Liza Deep , Snoek, Turbot and Ranger.

The Hess Board of Directors has authorized the purchase of $1.0 billion of Hess common stock by the end of 2018. The newly authorized program is in addition to the $500 million share repurchase program Hess announced in late 2017.

Building on the many years of experience it built in its Permian Basin enhanced oil recovery (EOR) operations, Hess began an EOR R&D project in 2015 in the Bakken Shale. In 2016 the company drilled a gas injection and a production well targeting the Middle Bakken at Ross Field in Mountrail County, N.D., in the company's Red Sky acreage as part of the project.

During the past three years of low oil prices, worldwide investment in oil and gas was insufficient to meet future demand, Hess CEO John Hess told a CERAWeek 2018 audience of industry leaders, government officials and policymakers March 12 in Houston.

Hess Corporation (NYSE: HES) announced today that it will hold a conference call on Wednesday, April 25, 2018 at 10 a.m. Eastern Daylight Time to discuss its first quarter 2018 earnings release.

“Our focus for 2018 is on execution and we believe we are off to a very strong start to the year,” Chief Executive Officer John Hess said. “In the first quarter, we increased cash returns to shareholders, reduced debt, exceeded our production guidance, continued to lower our costs and announced two significant oil discoveries offshore Guyana – Ranger and Pacora.”