Hess posted its third annual earnings loss in a row as quarterly results were once again hit by one off charges. But it was a big quarter for deleveraging and repositioning the business. Excess cash will be allocated to buy-backs and debt reduction. Hess will hold back on distributing too much as it awaits clarity on increasing commitments offshore Guyana. Investment will now primarily be allocated to its two growth engines, the Bakken and Guyana, while growth momentum should start to build in the second half of 2018.