Welcome to our dedicated page for Hess news (Ticker: HES), a resource for investors and traders seeking the latest updates and insights on Hess stock.
Hess Corporation (HES) is an American global independent energy company focused on the exploration and production of crude oil and natural gas. Hess operates key assets in some of the world's most prolific hydrocarbon basins, including the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia.
In addition to exploration and production, Hess Corporation is involved in the gathering, compressing, and processing of natural gas. The company reported net proved reserves of 1.4 billion barrels of oil equivalent at the end of 2023, showcasing its strong resource base. For the same period, Hess achieved an average net production of 391 thousand barrels of oil equivalent per day, with a production mix of 74% oil and natural gas liquids and 26% natural gas.
Hess Corporation has made significant advancements in its projects, particularly in Guyana, where the company has announced multiple major oil discoveries. These discoveries have positioned Guyana as a key growth driver for Hess. Moreover, the company's operations in the Bakken Shale continue to deliver strong performance due to their efficient extraction techniques and infrastructure investments.
Financially, Hess Corporation maintains a robust balance sheet and has strategically formed partnerships to enhance its operational capabilities. The company remains committed to responsible energy production and sustainability practices, aiming to reduce its environmental footprint while meeting global energy needs.
With a focus on technological innovation and operational excellence, Hess Corporation is well-positioned to continue its growth trajectory and contribute significantly to the global energy market.
- Key Assets: Bakken Shale, Guyana, Gulf of Mexico, Southeast Asia
- 2023 Net Proved Reserves: 1.4 billion barrels of oil equivalent
- 2023 Average Net Production: 391 thousand barrels of oil equivalent per day
- Production Mix: 74% oil and natural gas liquids, 26% natural gas
Hess Corporation (NYSE: HES) has completed the sale of its Little Knife and Murphy Creek acreage in North Dakota's Bakken region to Enerplus Corporation for $312 million, effective March 1, 2021. CEO John Hess emphasized that this transaction brings significant value forward and enhances the company's cash and liquidity position, given the acreage was not scheduled for drilling until after 2026. This strategic move is aimed at optimizing asset management and supporting Hess's financial health.
Hess Corporation (NYSE: HES) reported a net income of $252 million, or $0.82 per share, for Q1 2021, a significant recovery from a loss of $2,433 million in Q1 2020. Adjusted net income improved from a loss of $182 million to $252 million. The increase was driven by higher realized prices, successful sales of VLCC cargos, and reduced depreciation costs. Net production reached 315,000 boepd, although Bakken production declined. Hess plans to prioritize debt reduction and capital return to shareholders, reflecting a strategic focus on sustainable cash flow growth.
Hess Corporation (NYSE: HES) announced a significant oil discovery at the Uaru-2 well on the Stabroek Block offshore Guyana, contributing to an estimated 9 billion barrels of recoverable oil resources. The well, drilled in 5,659 feet of water, encountered 120 feet of high-quality oil-bearing sandstone. CEO John Hess indicated plans for at least six Floating Production Storage and Offloading (FPSOs) by 2027. Meanwhile, production from the Liza Phase 1 is expected to stabilize between 100,000-110,000 barrels per day due to maintenance, with Liza Phase 2 on track for early 2022 startup.
Hess Corporation (NYSE: HES) has announced a conference call on April 28, 2021, at 10 a.m. ET to discuss its Q1 2021 earnings release. U.S. participants can dial 877-693-6685, while international callers should use 443-295-9223, entering pass code 6296790. A webcast will also be available. The call will be replayed from March 28 through May 13, 2021. Hess is a global independent energy company engaged in crude oil and natural gas exploration and production. More details can be found on hess.com.
Hess Corporation (NYSE: HES) has agreed to sell its Little Knife and Murphy Creek acreage interests in North Dakota's Bakken for $312 million, effective March 1, 2021. The sale involves approximately 78,700 net acres, with net production averaging 4,500 barrels of oil equivalent per day. CEO John Hess stated that this transaction brings substantial value forward and enhances the company's liquidity. The deal is expected to close in May 2021, pending customary conditions.
Hess Corporation (NYSE: HES) announced that CEO John Hess will speak at the 49th Annual Scotia Howard Weil Energy Conference on March 23, 2021, at 10:00 a.m. Eastern Time. The company plans to share a presentation along with an audio webcast available on their website.
Hess Corporation (NYSE: HES) has announced the sale of its subsidiary Hess Denmark ApS, which owns a 61.5% interest in the South Arne Field, to Ineos E&P AS for $150 million, effective January 1, 2021. CEO John Hess highlighted that this move will enhance their cash position and allow for a greater focus on investments in Guyana. The South Arne Field averaged 5,800 barrels of oil equivalent per day in Q4 2020. The sale is expected to conclude in Q3 2021, pending customary approvals.
The Board of Directors of Hess Corporation declared a quarterly dividend of 25 cents per share. This dividend will be paid on March 31, 2021, to shareholders recorded by the close of business on March 17, 2021. As a leading global independent energy company, Hess is engaged in the exploration and production of crude oil and natural gas. For further details, visit hess.com.
Hess Corporation (NYSE: HES) announced that CEO John Hess will present at the Credit Suisse 26th Annual Energy Summit on March 1, 2021, at 8:10 a.m. ET. Investors can access a live audio webcast and a replay on Hess's website. As a leader in the energy sector, Hess is engaged in oil and natural gas exploration and production. Forward-looking statements will be included in the presentation, highlighting the company's outlook on financial performance.
Hess Corporation (NYSE: HES) announced a $1 million donation to the Houston Harris County 2021 Winter Storm Relief Fund and $1 million to the Houston Food Bank to assist communities affected by the severe winter storm and COVID-19 pandemic. The company will also match employee donations through its gift program. CEO John Hess expressed compassion for families impacted by the storm, while COO Greg Hill highlighted support for local leaders in Houston. The relief fund aids families with housing and repair needs, while the food bank provides essentials through community partners.
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