Hess Corp. reported a net loss of $97 million for fourth-quarter 2020, compared with a net loss of $222 million in fourth-quarter 2019.
On an adjusted basis, the company reported a net loss of $176 million in fourth-quarter 2020, compared with an adjusted net loss of $180 million in the prior-year quarter.
Adjusted after-tax results reflect reductions in operating costs, exploration expense and depreciation, depletion and amortization expenses compared with the fourth quarter of 2019, which were largely offset by lower realized crude oil selling prices in fourth-quarter 2020.
Exploration and production net loss was $39 million in fourth-quarter 2020, compared with a net loss of $64 million in fourth-quarter 2019. On an adjusted basis, E&P's fourth-quarter 2020 net loss was $118 million, compared with an adjusted net loss of $124 million in the prior-year quarter.
Net production, excluding Libya, was 309,000 boe/d in the quarter, compared with 316,000 boe/d in fourth-quarter 2019. Production from Libya resumed in fourth-quarter 2020 and averaged a net rate of 12,000 boe/d compared with 22,000 boe/d in fourth-quarter 2019.
Net production from the Bakken increased to 189,000 boe/d from 174,000 boe/d in the prior-year quarter. Net oil production was 97,000 b/d of oil compared with 106,000 b/d of oil in fourth-quarter 2019, primarily due to decreased drilling and completion activity as a result of reducing the number of operated rigs to one from six in May 2020.
Net production from the Gulf of Mexico was 32,000 boe/d, compared with 70,000 boe/d in the prior-year quarter reflecting downtime for hurricane-related maintenance in the quarter and lower production from Shenzi field, which was sold in November 2020 for net proceeds of $482 million. Net production from Shenzi was 3,000 boe/d in fourth-quarter 2020 compared with 12,000 boe/d in fourth quarter 2019.
At Stabroek block offshore Guyana (30%), the company’s net production from Liza field, which commenced in December 2019, averaged 26,000 b/d of oil in fourth-quarter 2020.
In Malaysia, net production at North Malay basin and JDA was 56,000 boe/d, compared with 64,000 boe/d in the prior-year quarter, reflecting COVID-19 impacts on economic activity in Malaysia and Thailand which reduced natural gas nominations.
