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 (HES) has reported a first quarter 2023 net income of $346 million, or $1.13 per share, down from $417 million, or $1.34 per share, in Q1 2022. Adjusted net income from the previous year was $404 million, or $1.30 per share. The decrease in net income is attributed to lower realized oil prices despite higher production volumes, which increased to 374,000 barrels of oil equivalent per day (boepd), up 36% year-over-year. A notable dividend increase of 17% has also been announced, bringing it to $0.4375 per share. Significant developments include the arrival of the Prosperity FPSO in Guyana and a new oil discovery at the Lancetfish-1 well. Full-year net production guidance has been raised to between 365,000 and 375,000 boepd due to strong operational performance.
Hess Corporation (NYSE: HES) will hold a conference call on April 26, 2023, at 10 a.m. Eastern Time to discuss its Q1 2023 earnings. Participants must register in advance to receive a unique PIN and dial-in number. The call will also be accessible via a webcast. As a leading independent energy company, Hess specializes in crude oil and natural gas production.
Hess Corporation (NYSE: HES) has announced a $50 million donation to the Salk Institute’s Harnessing Plants Initiative (HPI) over the next five years to combat climate change. This funding will enhance research capabilities, including faculty recruitment and establishing the Hess Center for Plant Science. Previous donations include $12.5 million in 2020 and $3 million in 2021. CEO John Hess emphasized the initiative's potential impact on global carbon capture and net-zero emissions. The Salk Institute's leadership praised Hess for their support, noting that it addresses urgent climate challenges and fosters groundbreaking plant science research.
Halliburton Company (NYSE: HAL) announced that Hess Corporation (NYSE: HES) selected its DecisionSpace® 365 Well Construction applications, powered by iEnergy® Hybrid Cloud, for more efficient well planning and construction. The applications create a digital twin of the well construction process, enabling real-time collaboration between operators and service providers. Hess aims to enhance operational performance sustainably while reducing costs. Halliburton's technology integrates artificial intelligence and machine learning for better oversight across the well construction lifecycle.
The Board of Directors of Hess Corporation (NYSE: HES) has declared a quarterly dividend of 43.75 cents per share, payable on March 30, 2023, to shareholders on record by March 13, 2023. This marks a significant 17% increase from the fourth quarter of 2022, equating to an additional 25 cents per share on an annualized basis. Hess Corporation is a global independent energy company involved in the exploration and production of crude oil and natural gas, emphasizing its commitment to delivering shareholder value through consistent dividend growth.
Hess Corporation (HES) reported a robust fourth quarter for 2022, with net income soaring to $624 million or $2.03 per share, up from $265 million or $0.85 per share in 2021. This growth was primarily attributed to higher sales volumes in Guyana, notably from the Stabroek Block, which now holds estimated recoverable resources exceeding 11 billion barrels of oil equivalent. The Fangtooth SE-1 well, highlighting exploration success, encountered 200 feet of oil-bearing sandstone. The company also returned $405 million to shareholders in Q4 through dividends and share buybacks. Looking ahead, Hess forecasts 355,000 to 365,000 boepd production in 2023.
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