Hess Reports Estimated Results for the Fourth Quarter of 2024
Hess (NYSE: HES) reported strong Q4 2024 results with net income of $542 million ($1.76 per share), up from $413 million ($1.34 per share) in Q4 2023. Oil and gas net production increased 18% to 495,000 barrels of oil equivalent per day (boepd), driven by significant growth in Guyana (+52%) and Bakken (+7%) operations.
The company's E&P capital expenditures were $1,677 million, including $635 million for FPSO vessel purchases. Year-end proved reserves reached 1.44 billion barrels of oil equivalent with a 138% organic reserve replacement rate. Average realized crude oil selling price was $72.10 per barrel, down from $76.63 in the prior-year quarter.
For Q1 2025, E&P net production is expected to range between 465,000-475,000 boepd, reflecting planned maintenance in Guyana and winter weather impact in Bakken. The company maintained strong liquidity with $1.2 billion in cash and a debt to capitalization ratio of 28.3%.
Hess (NYSE: HES) ha riportato risultati solidi per il quarto trimestre del 2024, con un utile netto di 542 milioni di dollari (1,76 dollari per azione), in crescita rispetto ai 413 milioni di dollari (1,34 dollari per azione) del quarto trimestre del 2023. La produzione netta di petrolio e gas è aumentata dell'18%, raggiungendo 495.000 barili di equivalente petrolifero al giorno (boepd), grazie a una crescita significativa nelle operazioni in Guyana (+52%) e Bakken (+7%).
Le spese in conto capitale per esplorazione e produzione (E&P) dell'azienda sono state di 1.677 milioni di dollari, comprensive di 635 milioni di dollari per l'acquisto di navi FPSO. Le riserve provate a fine anno hanno raggiunto 1,44 miliardi di barili di equivalente petrolifero, con un tasso di sostituzione delle riserve organiche del 138%. Il prezzo medio realizzato per la vendita di petrolio greggio è stato di 72,10 dollari per barile, in calo rispetto ai 76,63 dollari del trimestre dell'anno precedente.
Per il primo trimestre del 2025, la produzione netta di E&P è prevista tra 465.000 e 475.000 boepd, a causa della manutenzione programmata in Guyana e dell'impatto del clima invernale in Bakken. L'azienda ha mantenuto una solida liquidità con 1,2 miliardi di dollari in contanti e un rapporto debito/capitalizzazione del 28,3%.
Hess (NYSE: HES) anunció resultados sólidos para el cuarto trimestre de 2024, con un ingreso neto de 542 millones de dólares (1.76 dólares por acción), un aumento desde los 413 millones de dólares (1.34 dólares por acción) en el cuarto trimestre de 2023. La producción neta de petróleo y gas aumentó un 18%, alcanzando 495,000 barriles equivalentes de petróleo por día (boepd), impulsada por un crecimiento significativo en las operaciones de Guyana (+52%) y Bakken (+7%).
Los gastos de capital de la empresa en E&P fueron de 1,677 millones de dólares, incluidos 635 millones de dólares para la compra de buques FPSO. Las reservas probadas al final del año alcanzaron 1.44 mil millones de barriles equivalentes de petróleo, con una tasa de reemplazo de reservas orgánicas del 138%. El precio promedio realizado de venta de petróleo crudo fue de 72.10 dólares por barril, disminuyendo desde los 76.63 dólares en el trimestre del año anterior.
Para el primer trimestre de 2025, se espera que la producción neta de E&P oscile entre 465,000 y 475,000 boepd, reflejando el mantenimiento programado en Guyana y el impacto del clima invernal en Bakken. La empresa mantuvo una sólida liquidez con 1.2 mil millones de dólares en efectivo y una relación de deuda sobre capitalización del 28.3%.
헤스(Hess) (NYSE: HES)는 2024년 4분기 실적을 발표하며 순이익이 5억 4천 2백만 달러 (주당 1.76달러)로 2023년 4분기 4억 1천 3백만 달러 (주당 1.34달러)에서 증가했다고 보고했습니다. 석유 및 가스의 순 생산량은 18% 증가하여 49만 5천 배럴의 석유당량(boepd)을 기록했으며, 이는 기아나(+52%)와 바켄(+7%)의 운영에서 상당한 성장을 이끌었습니다.
회사의 탐사 및 생산(E&P) 자본 지출은 16억 7천 7백만 달러였으며, 여기에는 FPSO 선박 구매를 위한 6억 3천 5백만 달러가 포함됩니다. 연말까지의 확정된 매장량은 14억 4천만 배럴의 석유당량에 도달하며, 유기적인 매장량 대체 비율은 138%에 달했습니다. 평균 실현 원유 판매 가격은 배럴당 72.10달러로, 지난해 동기 76.63달러에서 하락했습니다.
2025년 1분기 E&P의 순 생산량은 46만 5천에서 47만 5천 boepd 사이일 것으로 예상되며, 이는 기아나의 계획된 유지보수와 바켄의 겨울 날씨 영향으로 반영됩니다. 회사는 12억 달러의 현금을 보유하고 있으며 28.3%의 부채 대 자본 비율로 강력한 유동성을 유지했습니다.
Hess (NYSE: HES) a publié des résultats solides pour le quatrième trimestre 2024, avec un bénéfice net de 542 millions de dollars (1,76 dollar par action), en hausse par rapport à 413 millions de dollars (1,34 dollar par action) au quatrième trimestre 2023. La production nette de pétrole et de gaz a augmenté de 18 % pour atteindre 495 000 barils d'équivalent pétrole par jour (boepd), grâce à une croissance significative des opérations en Guyane (+52 %) et dans le Bakken (+7 %).
Les dépenses d'investissement de l'entreprise en exploration et production (E&P) se sont élevées à 1,677 million de dollars, dont 635 millions de dollars pour l'achat de navires FPSO. Les réserves prouvées à la fin de l'année ont atteint 1,44 milliard de barils d'équivalent pétrole, avec un taux de remplacement organique de 138 %. Le prix moyen réalisé de vente de pétrole brut était de 72,10 dollars le baril, en baisse par rapport à 76,63 dollars au trimestre de l'année précédente.
Pour le premier trimestre 2025, la production nette d'E&P devrait se situer entre 465 000 et 475 000 boepd, en raison de la maintenance programmée en Guyane et de l'impact des conditions hivernales dans le Bakken. L'entreprise a maintenu une solide liquidité avec 1,2 milliard de dollars en espèces et un ratio de dette par rapport à la capitalisation de 28,3 %.
Hess (NYSE: HES) hat starke Ergebnisse für das 4. Quartal 2024 gemeldet, mit einem Nettogewinn von 542 Millionen Dollar (1,76 Dollar pro Aktie), ein Anstieg von 413 Millionen Dollar (1,34 Dollar pro Aktie) im 4. Quartal 2023. Die Nettoproduktion von Öl und Gas stieg um 18 % auf 495.000 Barrel Öl in Öl-Äquivalent pro Tag (boepd), angetrieben durch erhebliches Wachstum in Guyana (+52 %) und Bakken (+7 %).
Die Investitionen in Erkundung und Produktion (E&P) des Unternehmens betrugen 1.677 Millionen Dollar, einschließlich 635 Millionen Dollar für den Kauf von FPSO-Schiffen. Die nachgewiesenen Reserven zum Jahresende erreichten 1,44 Milliarden Barrel Öl-Äquivalent mit einer organischen Reserveersatzrate von 138 %. Der durchschnittliche realisierte Preis für Rohöl lag bei 72,10 Dollar pro Barrel, ein Rückgang gegenüber 76,63 Dollar im Vorjahresquartal.
Für das 1. Quartal 2025 wird für die E&P-Netto-Produktion ein Bereich zwischen 465.000 und 475.000 boepd erwartet, was auf geplante Wartungsarbeiten in Guyana und die Auswirkungen des Winterwetters in Bakken zurückzuführen ist. Das Unternehmen hielt eine starke Liquidität mit 1,2 Milliarden Dollar in bar und einem Verhältnis von Schulden zu Kapitalisierung von 28,3 % aufrecht.
- Net income increased 31% YoY to $542 million in Q4 2024
- Oil and gas production grew 18% to 495,000 boepd
- Guyana production increased 52% to 195,000 bopd
- 138% organic reserve replacement rate achieved
- Operating costs decreased to $12.95 per boe from $13.29
- Average realized oil price declined to $72.10/barrel from $76.63/barrel YoY
- Q1 2025 production guidance shows sequential decline to 465,000-475,000 boepd
- $92 million exploration expense for unsuccessful Vancouver well
- Natural gas selling price decreased to $4.10/mcf from $4.51/mcf YoY
Insights
Hess delivered exceptional operational and financial performance in Q4 2024, with several noteworthy achievements indicating strong fundamental growth. Net income surged
The standout performer was Guyana, where production jumped
Financial health remains robust with
The
Fourth Quarter Financial and Operational Highlights:
-
Net income was
$542 million $1.76 $413 million $1.34 $501 million $1.63 -
Oil and gas net production was 495,000 barrels of oil equivalent per day (boepd), up
18% from 418,000 boepd in the fourth quarter of 2023 -
Bakken net production was 208,000 boepd, up
7% from 194,000 boepd in the fourth quarter of 2023 -
Guyana net production was 195,000 barrels of oil per day (bopd), up52% from 128,000 bopd in the fourth quarter of 2023 -
E&P capital and exploratory expenditures were
$1,677 million $635 million $1,480 million $380 million -
Year-end proved reserves are estimated to be 1.44 billion barrels of oil equivalent (boe); organic reserve replacement was
138% at a finding and development cost of$19.67
1. |
“Adjusted net income” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. As provided in the reconciliation, there were no items identified as affecting comparability of earnings between periods for the three months ended December 31, 2024, so net income in accordance with GAAP is shown for that period. |
After-tax income (loss) by major operating activity was as follows:
|
Three Months Ended December 31, (unaudited) |
|
Year Ended December 31, (unaudited) |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
(In millions, except per share amounts) |
|||||||||||||||
Net Income Attributable to Hess Corporation |
|
|
|
|
||||||||||||
Exploration and Production |
$ |
529 |
|
|
$ |
512 |
|
|
$ |
2,780 |
|
|
$ |
1,601 |
|
|
Midstream |
|
74 |
|
|
|
63 |
|
|
|
276 |
|
|
|
252 |
|
|
Corporate, Interest and Other |
|
(61 |
) |
|
|
(162 |
) |
|
|
(287 |
) |
|
|
(471 |
) |
|
Net income attributable to Hess Corporation |
$ |
542 |
|
|
$ |
413 |
|
|
$ |
2,769 |
|
|
$ |
1,382 |
|
|
Net income per share (diluted) |
$ |
1.76 |
|
|
$ |
1.34 |
|
|
$ |
8.98 |
|
|
$ |
4.49 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income Attributable to Hess Corporation |
|
|
|
|
||||||||||||
Exploration and Production |
$ |
529 |
|
|
$ |
531 |
|
|
$ |
2,994 |
|
|
$ |
1,702 |
|
|
Midstream |
|
74 |
|
|
|
63 |
|
|
|
276 |
|
|
|
252 |
|
|
Corporate, Interest and Other |
|
(61 |
) |
|
|
(93 |
) |
|
|
(287 |
) |
|
|
(402 |
) |
|
Adjusted net income attributable to Hess Corporation |
$ |
542 |
|
|
$ |
501 |
|
|
$ |
2,983 |
|
|
$ |
1,552 |
|
|
Adjusted net income per share (diluted) |
$ |
1.76 |
|
|
$ |
1.63 |
|
|
$ |
9.68 |
|
|
$ |
5.05 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of shares (diluted) |
|
308.5 |
|
|
|
307.9 |
|
|
|
308.3 |
|
|
|
307.6 |
|
|
Exploration and Production:
E&P net income was
Net production was 495,000 boepd in the fourth quarter of 2024, compared with 418,000 boepd, in the fourth quarter of 2023, primarily due to higher production in
Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were
Oil and Gas Reserves Estimates:
Oil and gas proved reserves at December 31, 2024, which are subject to final review, were 1.44 billion boe, compared with 1.37 billion boe at December 31, 2023. Net proved reserve additions and revisions in 2024 totaled 247 million boe, primarily from
Operational Highlights for the Fourth Quarter of 2024:
Bakken (Onshore
Gulf of
Guyana (Offshore): At the Stabroek Block (Hess –
The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in the fourth quarter of 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The sixth development, Whiptail, was sanctioned in April 2024 and is expected to add production capacity of approximately 250,000 gross bopd by the end of 2027. The application for the environmental permit for the seventh development, Hammerhead, has been filed with
Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 62,000 boepd in the fourth quarter of 2024, compared with 66,000 boepd in the prior-year quarter.
Midstream:
The Midstream segment had net income of
Corporate, Interest and Other:
After-tax expense for Corporate, Interest and Other was
Capital and Exploratory Expenditures:
E&P capital and exploratory expenditures were
Midstream capital expenditures were
Liquidity:
Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of
Net cash provided by operating activities was
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
|
Three Months Ended December 31, (unaudited) |
|
Year Ended December 31, (unaudited) |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In millions) |
||||||||||||||
Exploration and Production |
$ |
— |
|
$ |
(19 |
) |
|
$ |
(214 |
) |
|
$ |
(101 |
) |
|
Midstream |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Corporate, Interest and Other |
|
— |
|
|
(69 |
) |
|
|
— |
|
|
|
(69 |
) |
|
Total items affecting comparability of earnings between periods |
$ |
— |
|
$ |
(88 |
) |
|
$ |
(214 |
) |
|
$ |
(170 |
) |
|
Fourth Quarter 2023: E&P results included a pre-tax charge of
Corporate and other results included a pre-tax charge of
2. |
Net production from |
|
3. |
“Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. |
Reconciliation of
The following table reconciles reported net income attributable to Hess Corporation and adjusted net income:
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In millions) |
||||||||||||||
Net income attributable to Hess Corporation |
$ |
542 |
|
$ |
413 |
|
|
$ |
2,769 |
|
|
$ |
1,382 |
|
|
Less: Total items affecting comparability of earnings between periods |
|
— |
|
|
(88 |
) |
|
|
(214 |
) |
|
|
(170 |
) |
|
Adjusted net income attributable to Hess Corporation |
$ |
542 |
|
$ |
501 |
|
|
$ |
2,983 |
|
|
$ |
1,552 |
|
|
The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In millions) |
||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities |
$ |
1,521 |
|
|
$ |
1,239 |
|
$ |
6,353 |
|
|
$ |
4,494 |
|
|
Changes in operating assets and liabilities |
|
(209 |
) |
|
|
105 |
|
|
(753 |
) |
|
|
(552 |
) |
|
Net cash provided by (used in) operating activities |
$ |
1,312 |
|
|
$ |
1,344 |
|
$ |
5,600 |
|
|
$ |
3,942 |
|
|
Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its fourth quarter 2024 results.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron.
Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).
As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Non-GAAP financial measures
The Corporation has used non-GAAP financial measures in this earnings release. “Adjusted net income” presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for
Cautionary Note to Investors
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
|||||||||
(IN MILLIONS) |
|||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
|
Third Quarter 2024 |
||||
Income Statement |
|
|
|
|
|
||||
Revenues and non-operating income |
|
|
|
|
|
||||
Sales and other operating revenues |
$ |
3,194 |
|
$ |
3,011 |
|
$ |
3,191 |
|
Gains on asset sales, net |
|
— |
|
|
— |
|
|
1 |
|
Other, net |
|
31 |
|
|
24 |
|
|
5 |
|
Total revenues and non-operating income |
|
3,225 |
|
|
3,035 |
|
|
3,197 |
|
Costs and expenses |
|
|
|
|
|
||||
Marketing, including purchased oil and gas |
|
653 |
|
|
886 |
|
|
713 |
|
Operating costs and expenses |
|
532 |
|
|
473 |
|
|
527 |
|
Production and severance taxes |
|
53 |
|
|
61 |
|
|
61 |
|
Exploration expenses, including dry holes and lease impairment |
|
139 |
|
|
87 |
|
|
44 |
|
General and administrative expenses |
|
135 |
|
|
168 |
|
|
118 |
|
Interest expense |
|
93 |
|
|
116 |
|
|
100 |
|
Depreciation, depletion and amortization |
|
692 |
|
|
559 |
|
|
638 |
|
Impairment |
|
— |
|
|
— |
|
|
132 |
|
Total costs and expenses |
|
2,297 |
|
|
2,350 |
|
|
2,333 |
|
Income before income taxes |
|
928 |
|
|
685 |
|
|
864 |
|
Provision for income taxes |
|
288 |
|
|
182 |
|
|
270 |
|
Net income |
|
640 |
|
|
503 |
|
|
594 |
|
Less: Net income attributable to noncontrolling interests |
|
98 |
|
|
90 |
|
|
96 |
|
Net income attributable to Hess Corporation |
$ |
542 |
|
$ |
413 |
|
$ |
498 |
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||
(IN MILLIONS) |
||||||
|
Year Ended December 31, |
|||||
Income Statement |
2024 |
|
2023 |
|||
Revenues and non-operating income |
|
|
|
|||
Sales and other operating revenues |
$ |
12,896 |
|
$ |
10,511 |
|
Gains on asset sales, net |
|
1 |
|
|
2 |
|
Other, net |
|
121 |
|
|
132 |
|
Total revenues and non-operating income |
|
13,018 |
|
|
10,645 |
|
Costs and expenses |
|
|
|
|||
Marketing, including purchased oil and gas |
|
2,620 |
|
|
2,732 |
|
Operating costs and expenses |
|
1,961 |
|
|
1,776 |
|
Production and severance taxes |
|
234 |
|
|
216 |
|
Exploration expenses, including dry holes and lease impairment |
|
326 |
|
|
317 |
|
General and administrative expenses |
|
492 |
|
|
527 |
|
Interest expense |
|
412 |
|
|
478 |
|
Depreciation, depletion and amortization |
|
2,487 |
|
|
2,046 |
|
Impairment |
|
132 |
|
|
82 |
|
Total costs and expenses |
|
8,664 |
|
|
8,174 |
|
Income before income taxes |
|
4,354 |
|
|
2,471 |
|
Provision for income taxes |
|
1,202 |
|
|
733 |
|
Net income |
|
3,152 |
|
|
1,738 |
|
Less: Net income attributable to noncontrolling interests |
|
383 |
|
|
356 |
|
Net income attributable to Hess Corporation |
$ |
2,769 |
|
$ |
1,382 |
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||
(IN MILLIONS) |
||||||||
|
December 31,
|
|
December 31,
|
|||||
Balance Sheet Information |
|
|
|
|||||
Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
1,171 |
|
|
$ |
1,688 |
|
|
Other current assets |
|
2,002 |
|
|
|
1,742 |
|
|
Property, plant and equipment – net |
|
19,921 |
|
|
|
17,432 |
|
|
Operating lease right-of-use assets – net |
|
652 |
|
|
|
720 |
|
|
Finance lease right-of-use assets – net |
|
90 |
|
|
|
108 |
|
|
Other long-term assets |
|
2,715 |
|
|
|
2,317 |
|
|
Total assets |
$ |
26,551 |
|
|
$ |
24,007 |
|
|
Liabilities and equity |
|
|
|
|||||
Current portion of long-term debt |
$ |
23 |
|
|
$ |
311 |
|
|
Current portion of operating and finance lease obligations |
|
346 |
|
|
|
370 |
|
|
Other current liabilities |
|
2,457 |
|
|
|
2,589 |
|
|
Long-term debt |
|
8,555 |
|
|
|
8,302 |
|
|
Long-term operating lease obligations |
|
404 |
|
|
|
459 |
|
|
Long-term finance lease obligations |
|
132 |
|
|
|
156 |
|
|
Other long-term liabilities |
|
2,631 |
|
|
|
2,218 |
|
|
Total equity excluding other comprehensive income (loss) |
|
11,424 |
|
|
|
9,120 |
|
|
Accumulated other comprehensive income (loss) |
|
(208 |
) |
|
|
(134 |
) |
|
Noncontrolling interests |
|
787 |
|
|
|
616 |
|
|
Total liabilities and equity |
$ |
26,551 |
|
|
$ |
24,007 |
|
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||
(IN MILLIONS) |
||||||
|
December 31,
|
|
December 31,
|
|||
Total Debt |
|
|
|
|||
Hess Corporation |
$ |
5,106 |
|
$ |
5,402 |
|
Midstream (a) |
|
3,472 |
|
|
3,211 |
|
Hess Consolidated |
$ |
8,578 |
|
$ |
8,613 |
|
(a) Midstream debt is non-recourse to Hess Corporation. |
||||||
|
December 31,
|
|
December 31,
|
|
Debt to Capitalization Ratio (a) |
|
|
|
|
Hess Consolidated |
|
|
|
|
Hess Corporation as defined in debt covenants |
|
|
|
|
(a) Includes finance lease obligations. |
||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Interest Expense |
|
|
|
|
|
|
|
|||||||||
Gross interest expense – Hess Corporation |
$ |
83 |
|
|
$ |
88 |
|
|
$ |
340 |
|
|
$ |
347 |
|
|
Less: Capitalized interest – Hess Corporation |
|
(42 |
) |
|
|
(19 |
) |
|
|
(132 |
) |
|
|
(48 |
) |
|
Interest expense – Hess Corporation |
|
41 |
|
|
|
69 |
|
|
|
208 |
|
|
|
299 |
|
|
Interest expense – Midstream (a) |
|
52 |
|
|
|
47 |
|
|
|
204 |
|
|
|
179 |
|
|
Interest expense – Hess Consolidated |
$ |
93 |
|
|
$ |
116 |
|
|
$ |
412 |
|
|
$ |
478 |
|
|
(a) Midstream interest expense is reported in the Midstream operating segment. |
||||||||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||||||
(IN MILLIONS) |
||||||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
|
Third Quarter 2024 |
|||||||
Cash Flow Information |
|
|
|
|
|
|||||||
Cash Flows from Operating Activities |
|
|
|
|
|
|||||||
Net income |
$ |
640 |
|
|
$ |
503 |
|
|
$ |
594 |
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|||||||
(Gains) losses on asset sales, net |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Depreciation, depletion and amortization |
|
692 |
|
|
|
559 |
|
|
|
638 |
|
|
Impairment |
|
— |
|
|
|
— |
|
|
|
132 |
|
|
Exploratory dry hole costs |
|
92 |
|
|
|
50 |
|
|
|
4 |
|
|
Exploration lease impairment |
|
6 |
|
|
|
3 |
|
|
|
6 |
|
|
Pension prior service cost |
|
— |
|
|
|
— |
|
|
|
35 |
|
|
Pension settlement loss |
|
— |
|
|
|
17 |
|
|
|
— |
|
|
Stock compensation expense |
|
21 |
|
|
|
18 |
|
|
|
20 |
|
|
Noncash (gains) losses on commodity derivatives, net |
|
— |
|
|
|
52 |
|
|
|
— |
|
|
Provision (benefit) for deferred income taxes and other tax accruals |
|
70 |
|
|
|
37 |
|
|
|
83 |
|
|
Net cash provided by (used in) operating activities before changes in operating assets and liabilities |
|
1,521 |
|
|
|
1,239 |
|
|
|
1,511 |
|
|
Changes in operating assets and liabilities |
|
(209 |
) |
|
|
105 |
|
|
|
(1 |
) |
|
Net cash provided by (used in) operating activities |
|
1,312 |
|
|
|
1,344 |
|
|
|
1,510 |
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|||||||
Additions to property, plant and equipment - E&P |
|
(1,661 |
) |
|
|
(1,380 |
) |
|
|
(990 |
) |
|
Additions to property, plant and equipment - Midstream |
|
(95 |
) |
|
|
(64 |
) |
|
|
(92 |
) |
|
Proceeds from asset sales, net of cash sold |
|
15 |
|
|
|
— |
|
|
|
1 |
|
|
Other, net |
|
— |
|
|
|
(3 |
) |
|
|
(5 |
) |
|
Net cash provided by (used in) investing activities |
|
(1,741 |
) |
|
|
(1,447 |
) |
|
|
(1,086 |
) |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|||||||
Net borrowings (repayments) of debt with maturities of 90 days or less |
|
(15 |
) |
|
|
64 |
|
|
|
30 |
|
|
Debt with maturities of greater than 90 days: |
|
|
|
|
|
|||||||
Borrowings |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Repayments |
|
(5 |
) |
|
|
(3 |
) |
|
|
(303 |
) |
|
Cash dividends paid |
|
(154 |
) |
|
|
(134 |
) |
|
|
(154 |
) |
|
Noncontrolling interests, net |
|
(92 |
) |
|
|
(151 |
) |
|
|
(154 |
) |
|
Employee stock options exercised |
|
8 |
|
|
|
— |
|
|
|
— |
|
|
Payments on finance lease obligations |
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
Other, net |
|
(3 |
) |
|
|
— |
|
|
|
(1 |
) |
|
Net cash provided by (used in) financing activities |
|
(264 |
) |
|
|
(227 |
) |
|
|
(585 |
) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
(693 |
) |
|
|
(330 |
) |
|
|
(161 |
) |
|
Cash and Cash Equivalents at Beginning of Period |
|
1,864 |
|
|
|
2,018 |
|
|
|
2,025 |
|
|
Cash and Cash Equivalents at End of Period |
$ |
1,171 |
|
|
$ |
1,688 |
|
|
$ |
1,864 |
|
|
|
|
|
|
|
|
|||||||
Additions to Property, Plant and Equipment included within Investing Activities |
||||||||||||
Capital expenditures incurred |
$ |
(1,720 |
) |
|
$ |
(1,518 |
) |
|
$ |
(1,166 |
) |
|
Increase (decrease) in related liabilities |
|
(36 |
) |
|
|
74 |
|
|
|
84 |
|
|
Additions to property, plant and equipment |
$ |
(1,756 |
) |
|
$ |
(1,444 |
) |
|
$ |
(1,082 |
) |
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
||||||||
(IN MILLIONS) |
||||||||
|
Year Ended December 31, |
|||||||
|
2024 |
|
2023 |
|||||
Cash Flow Information |
|
|
|
|||||
Cash Flows from Operating Activities |
|
|
|
|||||
Net income |
$ |
3,152 |
|
|
$ |
1,738 |
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|||||
(Gains) losses on asset sales, net |
|
(1 |
) |
|
|
(2 |
) |
|
Depreciation, depletion and amortization |
|
2,487 |
|
|
|
2,046 |
|
|
Impairment |
|
132 |
|
|
|
82 |
|
|
Exploratory dry hole costs |
|
159 |
|
|
|
147 |
|
|
Exploration lease impairment |
|
22 |
|
|
|
27 |
|
|
Pension prior service cost |
|
35 |
|
|
|
— |
|
|
Pension settlement loss |
|
— |
|
|
|
17 |
|
|
Stock compensation expense |
|
100 |
|
|
|
87 |
|
|
Noncash (gains) losses on commodity derivatives, net |
|
— |
|
|
|
156 |
|
|
Provision (benefit) for deferred income taxes and other tax accruals |
|
267 |
|
|
|
196 |
|
|
Net cash provided by (used in) operating activities before changes in operating assets and liabilities |
|
6,353 |
|
|
|
4,494 |
|
|
Changes in operating assets and liabilities |
|
(753 |
) |
|
|
(552 |
) |
|
Net cash provided by (used in) operating activities |
|
5,600 |
|
|
|
3,942 |
|
|
Cash Flows from Investing Activities |
|
|
|
|||||
Additions to property, plant and equipment - E&P |
|
(4,640 |
) |
|
|
(3,884 |
) |
|
Additions to property, plant and equipment - Midstream |
|
(306 |
) |
|
|
(224 |
) |
|
Proceeds from asset sales, net of cash sold |
|
16 |
|
|
|
3 |
|
|
Other, net |
|
(7 |
) |
|
|
(8 |
) |
|
Net cash provided by (used in) investing activities |
|
(4,937 |
) |
|
|
(4,113 |
) |
|
Cash Flows from Financing Activities |
|
|
|
|||||
Net borrowings (repayments) of debt with maturities of 90 days or less |
|
(325 |
) |
|
|
322 |
|
|
Debt with maturities of greater than 90 days: |
|
|
|
|||||
Borrowings |
|
600 |
|
|
|
— |
|
|
Repayments |
|
(313 |
) |
|
|
(3 |
) |
|
Cash dividends paid |
|
(579 |
) |
|
|
(539 |
) |
|
Common stock acquired and retired |
|
— |
|
|
|
(20 |
) |
|
Proceeds from sale of Class A shares of Hess Midstream LP |
|
— |
|
|
|
167 |
|
|
Noncontrolling interests, net |
|
(551 |
) |
|
|
(550 |
) |
|
Employee stock options exercised |
|
21 |
|
|
|
10 |
|
|
Payments on finance lease obligations |
|
(11 |
) |
|
|
(10 |
) |
|
Other, net |
|
(22 |
) |
|
|
(4 |
) |
|
Net cash provided by (used in) financing activities |
|
(1,180 |
) |
|
|
(627 |
) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
(517 |
) |
|
|
(798 |
) |
|
Cash and Cash Equivalents at Beginning of Year |
|
1,688 |
|
|
|
2,486 |
|
|
Cash and Cash Equivalents at End of Year |
$ |
1,171 |
|
|
$ |
1,688 |
|
|
|
|
|
|
|||||
Additions to Property, Plant and Equipment included within Investing Activities |
||||||||
Capital expenditures incurred |
$ |
(5,002 |
) |
|
$ |
(4,279 |
) |
|
Increase (decrease) in related liabilities |
|
56 |
|
|
|
171 |
|
|
Additions to property, plant and equipment |
$ |
(4,946 |
) |
|
$ |
(4,108 |
) |
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
|||||||||
(IN MILLIONS) |
|||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
|
Third Quarter 2024 |
||||
Capital and Exploratory Expenditures |
|
|
|
|
|
||||
E&P Capital and exploratory expenditures |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
$ |
331 |
|
$ |
313 |
|
$ |
342 |
|
Offshore and Other |
|
104 |
|
|
64 |
|
|
77 |
|
Total |
|
435 |
|
|
377 |
|
|
419 |
|
|
|
1,209 |
|
|
1,047 |
|
|
634 |
|
|
|
27 |
|
|
55 |
|
|
49 |
|
Other |
|
6 |
|
|
1 |
|
|
2 |
|
E&P Capital and exploratory expenditures |
$ |
1,677 |
|
$ |
1,480 |
|
$ |
1,104 |
|
|
|
|
|
|
|
||||
Total exploration expenses charged to income included above |
$ |
41 |
|
$ |
34 |
|
$ |
34 |
|
|
|
|
|
|
|
||||
Midstream Capital expenditures |
$ |
84 |
|
$ |
72 |
|
$ |
96 |
|
|
Year Ended December 31, |
|||||
|
2024 |
|
2023 |
|||
Capital and Exploratory Expenditures |
|
|
|
|||
E&P Capital and exploratory expenditures |
|
|
|
|||
|
|
|
|
|||
|
$ |
1,279 |
|
$ |
1,138 |
|
Offshore and Other |
|
478 |
|
|
290 |
|
Total |
|
1,757 |
|
|
1,428 |
|
|
|
2,932 |
|
|
2,518 |
|
|
|
147 |
|
|
189 |
|
Other (a) |
|
23 |
|
|
41 |
|
E&P Capital and exploratory expenditures |
$ |
4,859 |
|
$ |
4,176 |
|
|
|
|
|
|||
Total exploration expenses charged to income included above |
$ |
145 |
|
$ |
143 |
|
|
|
|
|
|||
Midstream Capital expenditures |
$ |
288 |
|
$ |
246 |
|
(a) Other in 2023 includes capital and exploratory expenditures associated with |
||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) |
||||||||||
(IN MILLIONS) |
||||||||||
|
Fourth Quarter 2024 |
|||||||||
Income Statement |
|
|
International |
|
Total |
|||||
Total revenues and non-operating income |
|
|
|
|
|
|||||
Sales and other operating revenues |
$ |
1,546 |
|
|
$ |
1,642 |
|
$ |
3,188 |
|
Other, net |
|
12 |
|
|
|
— |
|
|
12 |
|
Total revenues and non-operating income |
|
1,558 |
|
|
|
1,642 |
|
|
3,200 |
|
Costs and expenses |
|
|
|
|
|
|||||
Marketing, including purchased oil and gas (a) |
|
628 |
|
|
|
46 |
|
|
674 |
|
Operating costs and expenses |
|
258 |
|
|
|
186 |
|
|
444 |
|
Production and severance taxes |
|
52 |
|
|
|
1 |
|
|
53 |
|
Midstream tariffs |
|
364 |
|
|
|
— |
|
|
364 |
|
Exploration expenses, including dry holes and lease impairment |
|
124 |
|
|
|
15 |
|
|
139 |
|
General and administrative expenses |
|
81 |
|
|
|
11 |
|
|
92 |
|
Depreciation, depletion and amortization |
|
282 |
|
|
|
358 |
|
|
640 |
|
Total costs and expenses |
|
1,789 |
|
|
|
617 |
|
|
2,406 |
|
Results of operations before income taxes |
|
(231 |
) |
|
|
1,025 |
|
|
794 |
|
Provision for income taxes |
|
— |
|
|
|
265 |
|
|
265 |
|
Net income (loss) attributable to Hess Corporation |
$ |
(231 |
) |
|
$ |
760 |
|
$ |
529 |
|
|
|
|
|
|
|
|||||
|
Fourth Quarter 2023 |
|||||||||
Income Statement |
|
|
International |
|
Total |
|||||
Total revenues and non-operating income |
|
|
|
|
|
|||||
Sales and other operating revenues |
$ |
1,766 |
|
|
$ |
1,240 |
|
$ |
3,006 |
|
Other, net |
|
11 |
|
|
|
5 |
|
|
16 |
|
Total revenues and non-operating income |
|
1,777 |
|
|
|
1,245 |
|
|
3,022 |
|
Costs and expenses |
|
|
|
|
|
|||||
Marketing, including purchased oil and gas (a) |
|
867 |
|
|
|
40 |
|
|
907 |
|
Operating costs and expenses |
|
229 |
|
|
|
159 |
|
|
388 |
|
Production and severance taxes |
|
56 |
|
|
|
5 |
|
|
61 |
|
Midstream tariffs |
|
328 |
|
|
|
— |
|
|
328 |
|
Exploration expenses, including dry holes and lease impairment |
|
82 |
|
|
|
5 |
|
|
87 |
|
General and administrative expenses |
|
53 |
|
|
|
8 |
|
|
61 |
|
Depreciation, depletion and amortization |
|
255 |
|
|
|
253 |
|
|
508 |
|
Total costs and expenses |
|
1,870 |
|
|
|
470 |
|
|
2,340 |
|
Results of operations before income taxes |
|
(93 |
) |
|
|
775 |
|
|
682 |
|
Provision for income taxes |
|
— |
|
|
|
170 |
|
|
170 |
|
Net income (loss) attributable to Hess Corporation |
$ |
(93 |
) |
(b) |
$ |
605 |
(c) |
$ |
512 |
|
(a) Includes amounts charged from the Midstream segment. |
||||||||||
(b) Includes after-tax losses from realized crude oil hedging activities of |
||||||||||
(c) Includes after-tax losses from realized crude oil hedging activities of |
||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) |
||||||||||||
(IN MILLIONS) |
||||||||||||
|
Third Quarter 2024 |
|||||||||||
Income Statement |
|
|
International |
|
Total |
|||||||
Total revenues and non-operating income |
|
|
|
|
|
|||||||
Sales and other operating revenues |
$ |
1,674 |
|
|
$ |
1,509 |
|
|
$ |
3,183 |
|
|
Gains on asset sales, net |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
Other, net |
|
8 |
|
|
|
(25 |
) |
|
|
(17 |
) |
|
Total revenues and non-operating income |
|
1,683 |
|
|
|
1,484 |
|
|
|
3,167 |
|
|
Costs and expenses |
|
|
|
|
|
|||||||
Marketing, including purchased oil and gas (a) |
|
689 |
|
|
|
41 |
|
|
|
730 |
|
|
Operating costs and expenses |
|
263 |
|
|
|
180 |
|
|
|
443 |
|
|
Production and severance taxes |
|
55 |
|
|
|
6 |
|
|
|
61 |
|
|
Midstream tariffs |
|
349 |
|
|
|
— |
|
|
|
349 |
|
|
Exploration expenses, including dry holes and lease impairment |
|
36 |
|
|
|
8 |
|
|
|
44 |
|
|
General and administrative expenses |
|
76 |
|
|
|
7 |
|
|
|
83 |
|
|
Depreciation, depletion and amortization |
|
323 |
|
|
|
262 |
|
|
|
585 |
|
|
Impairment |
|
127 |
|
|
|
5 |
|
|
|
132 |
|
|
Total costs and expenses |
|
1,918 |
|
|
|
509 |
|
|
|
2,427 |
|
|
Results of operations before income taxes |
|
(235 |
) |
|
|
975 |
|
|
|
740 |
|
|
Provision for income taxes |
|
— |
|
|
|
251 |
|
|
|
251 |
|
|
Net income (loss) attributable to Hess Corporation |
$ |
(235 |
) |
|
$ |
724 |
|
|
$ |
489 |
|
|
(a) Includes amounts charged from the Midstream segment. |
||||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) |
|||||||||||
(IN MILLIONS) |
|||||||||||
|
Year Ended December 31, 2024 |
||||||||||
Income Statement |
|
|
International |
|
Total |
||||||
Total revenues and non-operating income |
|
|
|
|
|
||||||
Sales and other operating revenues |
$ |
6,283 |
|
|
$ |
6,586 |
|
|
$ |
12,869 |
|
Gains on asset sales, net |
|
1 |
|
|
|
— |
|
|
|
1 |
|
Other, net |
|
42 |
|
|
|
(5 |
) |
|
|
37 |
|
Total revenues and non-operating income |
|
6,326 |
|
|
|
6,581 |
|
|
|
12,907 |
|
Costs and expenses |
|
|
|
|
|
||||||
Marketing, including purchased oil and gas (a) |
|
2,523 |
|
|
|
172 |
|
|
|
2,695 |
|
Operating costs and expenses |
|
955 |
|
|
|
676 |
|
|
|
1,631 |
|
Production and severance taxes |
|
222 |
|
|
|
12 |
|
|
|
234 |
|
Midstream tariffs |
|
1,376 |
|
|
|
— |
|
|
|
1,376 |
|
Exploration expenses, including dry holes and lease impairment |
|
219 |
|
|
|
107 |
|
|
|
326 |
|
General and administrative expenses |
|
286 |
|
|
|
35 |
|
|
|
321 |
|
Depreciation, depletion and amortization |
|
1,115 |
|
|
|
1,167 |
|
|
|
2,282 |
|
Impairment |
|
127 |
|
|
|
5 |
|
|
|
132 |
|
Total costs and expenses |
|
6,823 |
|
|
|
2,174 |
|
|
|
8,997 |
|
Results of operations before income taxes |
|
(497 |
) |
|
|
4,407 |
|
|
|
3,910 |
|
Provision for income taxes |
|
— |
|
|
|
1,130 |
|
|
|
1,130 |
|
Net income (loss) attributable to Hess Corporation |
$ |
(497 |
) |
|
$ |
3,277 |
|
|
$ |
2,780 |
|
|
Year Ended December 31, 2023 |
|||||||||
Income Statement |
|
|
International |
|
Total |
|||||
Total revenues and non-operating income |
|
|
|
|
|
|||||
Sales and other operating revenues |
$ |
6,081 |
|
|
$ |
4,419 |
|
$ |
10,500 |
|
Other, net |
|
30 |
|
|
|
20 |
|
|
50 |
|
Total revenues and non-operating income |
|
6,111 |
|
|
|
4,439 |
|
|
10,550 |
|
Costs and expenses |
|
|
|
|
|
|||||
Marketing, including purchased oil and gas (a) |
|
2,681 |
|
|
|
128 |
|
|
2,809 |
|
Operating costs and expenses |
|
901 |
|
|
|
578 |
|
|
1,479 |
|
Production and severance taxes |
|
206 |
|
|
|
10 |
|
|
216 |
|
Midstream tariffs |
|
1,245 |
|
|
|
— |
|
|
1,245 |
|
Exploration expenses, including dry holes and lease impairment |
|
170 |
|
|
|
147 |
|
|
317 |
|
General and administrative expenses |
|
213 |
|
|
|
41 |
|
|
254 |
|
Depreciation, depletion and amortization |
|
904 |
|
|
|
948 |
|
|
1,852 |
|
Impairment |
|
82 |
|
|
|
— |
|
|
82 |
|
Total costs and expenses |
|
6,402 |
|
|
|
1,852 |
|
|
8,254 |
|
Results of operations before income taxes |
|
(291 |
) |
|
|
2,587 |
|
|
2,296 |
|
Provision for income taxes |
|
— |
|
|
|
695 |
|
|
695 |
|
Net income (loss) attributable to Hess Corporation |
$ |
(291 |
) |
(b) |
$ |
1,892 |
(c) |
$ |
1,601 |
|
(a) Includes amounts charged from the Midstream segment. |
||||||||||
(b) Includes after-tax losses from realized crude oil hedging activities of |
||||||||||
(c) Includes after-tax losses from realized crude oil hedging activities of |
||||||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||
EXPLORATION AND PRODUCTION OPERATING DATA |
||||||
|
Fourth
|
|
Fourth
|
|
Third
|
|
Net Production Per Day (in thousands) |
|
|
|
|
|
|
Crude oil - barrels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93 |
|
89 |
|
91 |
|
Offshore |
22 |
|
21 |
|
28 |
|
Total |
115 |
|
110 |
|
119 |
|
|
195 |
|
128 |
|
170 |
|
|
5 |
|
6 |
|
4 |
|
Total |
315 |
|
244 |
|
293 |
|
|
|
|
|
|
|
|
Natural gas liquids - barrels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76 |
|
71 |
|
75 |
|
Offshore |
3 |
|
2 |
|
3 |
|
Total |
79 |
|
73 |
|
78 |
|
|
|
|
|
|
|
|
Natural gas - mcf |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232 |
|
204 |
|
238 |
|
Offshore |
30 |
|
42 |
|
42 |
|
Total |
262 |
|
246 |
|
280 |
|
|
345 |
|
362 |
|
258 |
|
Total |
607 |
|
608 |
|
538 |
|
|
|
|
|
|
|
|
Barrels of oil equivalent |
495 |
|
418 |
|
461 |
|
(a) Production from |
||||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||
EXPLORATION AND PRODUCTION OPERATING DATA |
||||
|
Year Ended
|
|||
|
2024 |
|
2023 |
|
Net Production Per Day (in thousands) |
|
|
|
|
Crude oil - barrels |
|
|
|
|
|
|
|
|
|
|
91 |
|
83 |
|
Offshore |
23 |
|
22 |
|
Total |
114 |
|
105 |
|
|
186 |
|
115 |
|
|
5 |
|
5 |
|
Total |
305 |
|
225 |
|
|
|
|
|
|
Natural gas liquids - barrels |
|
|
|
|
|
|
|
|
|
|
74 |
|
67 |
|
Offshore |
2 |
|
2 |
|
Total |
76 |
|
69 |
|
|
|
|
|
|
Natural gas - mcf |
|
|
|
|
|
|
|
|
|
|
232 |
|
191 |
|
Offshore |
35 |
|
43 |
|
Total |
267 |
|
234 |
|
|
332 |
|
368 |
|
Total |
599 |
|
602 |
|
|
|
|
|
|
Barrels of oil equivalent |
481 |
|
394 |
|
(a) Production from |
||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||
EXPLORATION AND PRODUCTION OPERATING DATA |
||||||
|
Fourth
|
|
Fourth
|
|
Third
|
|
Sales Volumes Per Day (in thousands) (a) |
|
|
|
|
|
|
Crude oil – barrels |
319 |
|
245 |
|
295 |
|
Natural gas liquids – barrels |
80 |
|
74 |
|
77 |
|
Natural gas – mcf |
607 |
|
608 |
|
538 |
|
Barrels of oil equivalent |
500 |
|
420 |
|
462 |
|
|
|
|
|
|
|
|
Sales Volumes (in thousands) (a) |
|
|
|
|
|
|
Crude oil – barrels |
29,369 |
|
22,521 |
|
27,185 |
|
Natural gas liquids – barrels |
7,363 |
|
6,839 |
|
7,113 |
|
Natural gas – mcf |
55,880 |
|
55,957 |
|
49,492 |
|
Barrels of oil equivalent |
46,045 |
|
38,686 |
|
42,547 |
|
|
Year Ended
|
|||
|
2024 |
|
2023 |
|
Sales Volumes Per Day (in thousands) (a) |
|
|
|
|
Crude oil – barrels |
304 |
|
225 |
|
Natural gas liquids – barrels |
77 |
|
69 |
|
Natural gas – mcf |
599 |
|
602 |
|
Barrels of oil equivalent |
481 |
|
394 |
|
|
|
|
|
|
Sales Volumes (in thousands) (a) |
|
|
|
|
Crude oil – barrels |
111,284 |
|
81,941 |
|
Natural gas liquids – barrels |
28,051 |
|
25,184 |
|
Natural gas – mcf |
219,269 |
|
219,750 |
|
Barrels of oil equivalent |
175,880 |
|
143,750 |
|
(a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported. |
||||
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||||||
EXPLORATION AND PRODUCTION OPERATING DATA |
|||||||||
|
Fourth
|
|
Fourth
|
|
Third
|
||||
Average Selling Prices |
|
|
|
|
|
||||
Crude oil - per barrel (including hedging) |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
$ |
68.10 |
|
$ |
70.69 |
|
$ |
72.74 |
|
Offshore |
|
69.94 |
|
|
73.68 |
|
|
75.32 |
|
Total |
|
68.47 |
|
|
71.28 |
|
|
73.35 |
|
|
|
74.19 |
|
|
81.50 |
|
|
79.51 |
|
|
|
72.07 |
|
|
73.44 |
|
|
80.24 |
|
Worldwide |
|
72.10 |
|
|
76.63 |
|
|
77.06 |
|
|
|
|
|
|
|
||||
Crude oil - per barrel (excluding hedging) |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
$ |
68.10 |
|
$ |
74.03 |
|
$ |
72.74 |
|
Offshore |
|
69.94 |
|
|
76.98 |
|
|
75.32 |
|
Total |
|
68.47 |
|
|
74.62 |
|
|
73.35 |
|
|
|
74.19 |
|
|
83.09 |
|
|
79.51 |
|
|
|
72.07 |
|
|
73.44 |
|
|
80.24 |
|
Worldwide |
|
72.10 |
|
|
78.95 |
|
|
77.06 |
|
|
|
|
|
|
|
||||
Natural gas liquids - per barrel |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
$ |
23.03 |
|
$ |
20.95 |
|
$ |
20.87 |
|
Offshore |
|
23.74 |
|
|
19.26 |
|
|
21.67 |
|
Worldwide |
|
23.05 |
|
|
20.92 |
|
|
20.91 |
|
|
|
|
|
|
|
||||
Natural gas - per mcf |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
$ |
1.22 |
|
$ |
1.52 |
|
$ |
0.97 |
|
Offshore |
|
1.91 |
|
|
2.26 |
|
|
1.65 |
|
Total |
|
1.30 |
|
|
1.65 |
|
|
1.07 |
|
|
|
6.24 |
|
|
6.45 |
|
|
6.78 |
|
Worldwide |
|
4.10 |
|
|
4.51 |
|
|
3.81 |
|
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
||||||
EXPLORATION AND PRODUCTION OPERATING DATA |
||||||
|
Year Ended
|
|||||
|
2024 |
|
2023 |
|||
Average Selling Prices |
|
|
|
|||
Crude oil - per barrel (including hedging) |
|
|
|
|||
|
|
|
|
|||
|
$ |
72.11 |
|
$ |
70.44 |
|
Offshore |
|
75.07 |
|
|
72.06 |
|
Total |
|
72.70 |
|
|
70.80 |
|
|
|
80.04 |
|
|
80.72 |
|
|
|
77.76 |
|
|
75.51 |
|
Worldwide |
|
77.28 |
|
|
75.97 |
|
|
|
|
|
|||
Crude oil - per barrel (excluding hedging) |
|
|
|
|||
|
|
|
|
|||
|
$ |
72.11 |
|
$ |
73.80 |
|
Offshore |
|
75.07 |
|
|
75.39 |
|
Total |
|
72.70 |
|
|
74.15 |
|
|
|
80.04 |
|
|
82.20 |
|
|
|
77.76 |
|
|
75.51 |
|
Worldwide |
|
77.28 |
|
|
78.29 |
|
|
|
|
|
|||
Natural gas liquids - per barrel |
|
|
|
|||
|
|
|
|
|||
|
$ |
21.75 |
|
$ |
20.77 |
|
Offshore |
|
21.73 |
|
|
20.87 |
|
Worldwide |
|
21.75 |
|
|
20.77 |
|
|
|
|
|
|||
Natural gas - per mcf |
|
|
|
|||
|
|
|
|
|||
|
$ |
1.17 |
|
$ |
1.68 |
|
Offshore |
|
1.78 |
|
|
2.16 |
|
Total |
|
1.25 |
|
|
1.76 |
|
|
|
6.57 |
|
|
5.95 |
|
Worldwide |
|
4.20 |
|
|
4.32 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129499682/en/
For Hess Corporation
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contacts:
Lorrie Hecker
(212) 536-8250
Nick Rust
FGS Global
(917) 439-0307
Source: Hess Corporation
FAQ
What was Hess 's net income for Q4 2024?
How much did HES's oil production increase in Q4 2024?
What is HES's production guidance for Q1 2025?
What was HES's proved reserves position at the end of 2024?
How did HES's realized oil prices change in Q4 2024?
