Hess Corp. (HES) Plans Formation, IPO of MLP

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Go back to Hess Corp. (HES) Plans Formation, IPO of MLP

Hess Corp. (HES) Tops Q2 EPS by 20c; Adds $2.5B to Buyback

July 30, 2014 7:31 AM EDT

Hess Corp. (NYSE: HES) reported Q2 EPS of $1.38, $0.20 better than the analyst estimate of $1.18. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $2.63 billion.

In conjunction with the announcement of the Corporations sale of its retail business, the existing share repurchase program was increased to $6.5 billion from $4 billion. In the second quarter of 2014, the Corporation repurchased approximately 8.3 million shares of common stock at a cost of approximately $768 million for an average cost per share of $91.85. Since initiation of the buyback program in August 2013, total shares repurchased through June 30, 2014 were... More