Welcome to our dedicated page for Hess Corporation news (Ticker: HES), a resource for investors and traders seeking the latest updates and insights on Hess Corporation 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) reported a net loss of $97 million ($0.32/share) in Q4 2020, an improvement from a $222 million loss in Q4 2019. Adjusted net loss was $176 million ($0.58/share), slightly better than the previous year's $180 million loss. The decline in realized crude oil prices was notable, averaging $39.45 per barrel compared to $55.05 in 2019. Cash operating costs per barrel decreased by 10% to $11.31. The company focused on cost reduction and high-return investments in Guyana and the Bakken, with net production at 309,000 boepd, down from 316,000 boepd year-over-year.
Hess Corporation (NYSE: HES) has announced a $1.9 billion capital and exploratory budget for 2021, focused primarily on Guyana and the Bakken, with over 80% allocated to these regions. The company forecasts a net production averaging 310,000 barrels of oil equivalent per day, excluding Libya, with the Bakken expected to contribute 170,000 barrels per day. Investments include $780 million for offshore Guyana developments and $450 million for exploration and appraisal activities, aiming to sustain production and enhance cash flow growth.
Hess Corporation (NYSE: HES) will hold a conference call on January 27, 2021, at 10 a.m. ET to discuss its fourth quarter 2020 earnings release. U.S. participants can call 877-693-6685, while international callers can reach 443-295-9223, using pass code 3282638. The call will also be available via webcast. A replay can be accessed from January 27 through February 11, 2021, using the same pass code. Hess is a leading independent energy company specializing in crude oil and natural gas exploration and production.
The Board of Directors of Hess Corporation has declared a quarterly dividend of 25 cents per share. This dividend is payable on December 30, 2020, to shareholders on record as of December 15, 2020. As a leading global independent energy company, Hess is actively involved in crude oil and natural gas exploration and production.
Hess Corporation (NYSE: HES) announced that CEO John Hess will present at the Bank of America Securities 2020 Global Energy Conference on November 10, 2020, at 10:00 a.m. Eastern Time. The event will include a live audio webcast, with a replay available on Hess Corporation's website. Hess is recognized as a leading independent energy company focusing on crude oil and natural gas exploration.
Hess Corporation (NYSE: HES) has finalized the sale of its 28% working interest in the Shenzi Field in the Gulf of Mexico to BHP for $505 million, effective July 1, 2020. CEO John Hess remarked that this transaction enhances cash liquidity in a low price environment and will fund significant investments in Guyana. The sale underscores Hess's strategic efforts to optimize their asset portfolio.
Hess Corporation (NYSE: HES) reported a net loss of $243 million or $0.80 per share for Q3 2020, compared to a $212 million loss in Q3 2019. Adjusted net loss was $216 million, down from $105 million a year earlier, primarily due to lower crude prices and increased exploration expenses. Average realized oil prices fell to $36.17 per barrel. Production rose by 11% to 321,000 boepd, driven by the Bakken region and Guyana. Despite the challenges, the company aims for a breakeven price below $40 per barrel by mid-decade, bolstered by low-cost projects in Guyana.
Hess Corporation (NYSE: HES) has scheduled a conference call for October 28, 2020, at 10 a.m. Eastern Time to discuss its third quarter 2020 earnings. Participants can dial in via two numbers, depending on their location, and a replay of the call will be available until November 11, 2020. Hess is a global independent energy company focused on the exploration and production of crude oil and natural gas. More details are available on their website.
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