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) announced new discoveries at Barreleye, Lukanani, and Patwa on the Stabroek Block, increasing gross recoverable oil estimates to approximately 11 billion barrels. The Yellowtail development, with a capacity of 250,000 bopd, has been sanctioned, with first oil expected in 2025. First-quarter net income rose to $417 million from $252 million year-over-year, largely due to higher oil prices. However, production volumes decreased. The dividend was increased by 50% to $0.375 per share, and $500 million of debt was prepaid.
Hess Corporation (NYSE: HES) has announced an increase in the gross discovered recoverable resource estimate for the Stabroek Block offshore Guyana to approximately 11 billion barrels of oil equivalent, up from over 10 billion. This update includes three new discoveries: Barreleye, Lukanani, and Patwa. The Barreleye-1 well encountered 230 feet of hydrocarbon-bearing sandstone, with 52 feet of high-quality oil. Hess anticipates significant future production opportunities, with plans for at least six FPSOs to be operational on the block by 2027.
Hess Corporation (NYSE: HES) has announced a conference call scheduled for April 27, 2022, at 10 a.m. Eastern Time to discuss its first quarter 2022 earnings release. Participants in the U.S. can join by calling 877-693-6685 or 443-295-9223 from outside the U.S., using pass code 5695921. A replay will be available from April 27 to May 12, 2022. Hess Corporation is a leading independent energy company engaged in crude oil and natural gas exploration and production.
Hess Corporation (NYSE: HES) has announced the final investment decision for the development of Yellowtail offshore Guyana, following regulatory approval. Yellowtail will be the fourth and largest oil development on the Stabroek Block, producing approximately 250,000 gross barrels of oil per day starting in 2025. The project is expected to cost around US$2.3 billion net for Hess, with specified expenditures across 2022 to 2026. This initiative promises significant resource potential, contributing to the projected production capacity of over 1 million barrels per day by 2027.
Hess Corporation (NYSE: HES) announced that CEO John Hess will speak at the 50th Annual Scotia Howard Weil Energy Conference on March 22, 2022, at 3:30 p.m. Eastern Time. An audio webcast of the presentation will be available on Hess Corporation’s website for those unable to attend the live event. As a leading global independent energy company, Hess engages in crude oil and natural gas exploration and production. For more details about the company, visit hess.com.
H2U Technologies, Inc. closed an oversubscribed $11 million Series A funding round, supported by leading firms including Jericho Energy Ventures and Hess Corporation. This follows a $7 million tranche in 2021. H2U aims to advance green hydrogen production using innovative, low-cost catalysts and a unique Catalyst Discovery Engine™ that accelerates research by a million times. Funding will enhance their electrolyzer designs and support the build of proprietary technology. H2U addresses the urgent need to reduce reliance on expensive rare earths in hydrogen production.
Hess Corporation (NYSE: HES) declared a quarterly dividend of 37.5 cents per share, increasing by 50% from the prior 25 cents. The dividend will be payable on March 30, 2022, to stockholders of record by March 14, 2022. The company also announced the repayment of $500 million of its $1 billion term loan. Production guidance for Q1 has been lowered to 150,000 barrels of oil equivalent per day due to severe weather, while full-year guidance is adjusted to 325,000 to 330,000 barrels per day.
Hess Corporation (NYSE: HES) has commenced oil production from the Liza Phase 2 development on the Stabroek Block in Guyana, utilizing the Liza Unity floating production, storage, and offloading (FPSO) vessel. Production is projected to reach 220,000 gross barrels per day later this year. The Liza Unity, which holds the SUSTAIN-1 notation for sustainability, enhances Hess's capacity in the region. By 2027, six FPSOs are expected to be operational, potentially producing over 1 million barrels per day, indicating substantial growth in Hess's oil production capabilities.
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