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Hess Corporation - HES STOCK NEWS

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
News

Hess Reports Estimated Results for the Fourth Quarter of 2023

Rhea-AI Summary
Hess Corporation (NYSE: HES) reported net income of $413 million, or $1.34 per share, in the fourth quarter of 2023, compared with $497 million, or $1.61 per share, in the fourth quarter of 2022. Adjusted net income was $501 million, or $1.63 per share, compared with $522 million, or $1.69 per share, in the prior-year quarter. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized gas and natural gas liquids (NGL) selling prices, partially offset by higher production volumes, in the fourth quarter of 2023.
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Hess Schedules Earnings Release Date

Rhea-AI Summary
Hess Corporation (NYSE: HES) will release its fourth quarter earnings on January 31, with supplemental information available on its website. The company will not hold a conference call due to the pending acquisition by Chevron, subject to approvals and closing conditions. Hess is a global independent energy company focused on oil and gas exploration and production.
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Hess Recognized for Sustainability Performance

Rhea-AI Summary
Hess Corporation (NYSE: HES) has earned a place on the prestigious Dow Jones Sustainability World Index (DJSI World) and the North America Index for the 14th consecutive year. It is the only North American oil and gas company listed on DJSI World and one of only four North American oil and gas companies included in DJSI North America. Additionally, the company achieved a Level 4 rating on the Transition Pathway Initiative (TPI) for the third consecutive year, demonstrating its commitment to managing climate-related risks and opportunities. Hess also secured a spot on Newsweek & Statista’s America’s Most Responsible Companies List for the fifth consecutive year and has been named a 5-year champion, reflecting its strong environmental, social, and governance impact.
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Hess Announces Regular Quarterly Dividend On Common Stock

Rhea-AI Summary
Hess Corporation (NYSE: HES) declares a regular quarterly dividend of 43.75 cents per share, payable on December 29, 2023. The company is a global independent energy company engaged in the exploration and production of crude oil and natural gas.
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Hess Announces First Production from Payara Development, Offshore Guyana

Rhea-AI Summary
Hess Corporation (NYSE: HES) announces the startup of production from the Payara development on the Stabroek Block offshore Guyana, adding 220,000 gross barrels of oil per day of production capacity. The production capacity on the block has increased to approximately 620,000 gross barrels of oil per day. The Prosperity floating production, storage, and offloading (FPSO) vessel is utilized for the Payara development, with expectations to reach its initial production of 220,000 gross barrels of oil per day over the first half of 2024 as new wells are brought online.
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Hess Reports Estimated Results for the Third Quarter of 2023

Rhea-AI Summary
Hess Corporation reports net income of $504 million in Q3 2023, down from $515 million in Q3 2022. The company's net production increased to 395,000 boepd, up 13% from the previous year. Full-year guidance for net production is also raised to 390,000 boepd. Capital and exploratory expenditures are expected to be approximately $4.1 billion.
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Hess Cancels Earnings Release Conference Call

Rhea-AI Summary
Hess Corporation will no longer hold its Q3 conference call due to its agreement to be acquired by Chevron. Hess will issue its earnings press release and post supplemental earnings information on its website.
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Chevron Announces Agreement to Acquire Hess

Rhea-AI Summary
Chevron Corporation has announced an agreement to acquire all outstanding shares of Hess Corporation in an all-stock transaction valued at $53 billion. The acquisition is expected to strengthen Chevron's portfolio and diversify its assets, with the addition of Hess' Bakken assets and the Stabroek block in Guyana. The combined company is projected to experience production and free cash flow growth beyond Chevron's current five-year guidance. John Hess, CEO of Hess, is expected to join Chevron's Board of Directors. The transaction is subject to shareholder and regulatory approvals and is anticipated to close in the first half of 2024.
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Hess Schedules Earnings Release Conference Call

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Hess Corporation to hold conference call on October 25, 2023 to discuss third quarter earnings release
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Hess Announces Regular Quarterly Dividend On Common Stock

Rhea-AI Summary
Hess Corporation declares a quarterly dividend of 43.75 cents per share, positive for investors.
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FAQ

What is the current stock price of Hess Corporation (HES)?

The current stock price of Hess Corporation (HES) is $146.68 as of January 14, 2025.

What is the market cap of Hess Corporation (HES)?

The market cap of Hess Corporation (HES) is approximately 44.5B.

What is Hess Corporation's core business?

Hess Corporation focuses on the exploration and production of crude oil and natural gas, including gathering, compressing, and processing natural gas.

Where are Hess Corporation's key assets located?

Hess Corporation's key assets are located in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia.

What were Hess Corporation's net proved reserves at the end of 2023?

At the end of 2023, Hess Corporation reported net proved reserves of 1.4 billion barrels of oil equivalent.

What is the average net production of Hess Corporation in 2023?

Hess Corporation's average net production in 2023 was 391 thousand barrels of oil equivalent per day.

What is the production mix of Hess Corporation?

Hess Corporation's production mix is 74% oil and natural gas liquids and 26% natural gas.

What recent achievements has Hess Corporation made?

Hess Corporation has announced multiple major oil discoveries in Guyana and continues to deliver strong performance in the Bakken Shale.

How does Hess Corporation maintain its financial health?

Hess Corporation maintains a robust balance sheet and has strategically formed partnerships to enhance its operational capabilities.

What are Hess Corporation's sustainability practices?

Hess Corporation is committed to responsible energy production and sustainability practices, aiming to reduce its environmental footprint.

How does Hess Corporation contribute to the global energy market?

With a focus on technological innovation and operational excellence, Hess Corporation contributes significantly to the global energy market.

What is the significance of Hess Corporation's operations in Guyana?

The major oil discoveries in Guyana have positioned it as a key growth driver for Hess Corporation.
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Hess Corporation

NYSE:HES

HES Rankings

#293 Ranked by Market Cap
#1657 Ranked by Dividends

HES Stock Data

44.51B
278.89M
9.46%
80.51%
1.68%
Oil & Gas E&P
Petroleum Refining
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United States of America
NEW YORK