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) 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.
Hess Corporation (NYSE: HES) reported a fourth-quarter net income of $265 million or $0.85 per share, a significant improvement from a net loss of $97 million or $0.32 per share in Q4 2020. The company announced new discoveries at Fangtooth and Lau Lau, boosting recoverable resources at the Stabroek Block to over 10 billion barrels of oil equivalent. Net production was 295,000 boepd, with an expectation to increase to 330,000-340,000 boepd in 2022. Capital expenditures for E&P are projected at $2.6 billion, primarily for projects in Guyana and the Bakken.
Hess Corporation (NYSE: HES) announced a $2.6 billion capital and exploratory budget for 2022, with 80% allocated to Guyana and the Bakken. The forecasted net production is 330,000 to 340,000 barrels of oil equivalent per day. The budget allocates $1,150 million for production, $1,000 million for Guyana developments, and $450 million for exploration. Key initiatives include a three rig program in Bakken and significant investments in the Stabroek Block in Guyana.
Hess Corporation (NYSE: HES) announced two major oil discoveries at the Fangtooth-1 and Lau Lau-1 wells in the Stabroek Block, offshore Guyana, enhancing the estimated 10 billion barrels of recoverable resources. Fangtooth-1 revealed 164 feet of high-quality oil-bearing sandstone, while Lau Lau-1 showed 315 feet. CEO John Hess highlighted the potential for at least six FPSOs by 2027 with over 1 million barrels per day capacity. Additionally, the Liza Unity FPSO is set to begin production in Q1 2022, with the Prosperity FPSO planned for 2024.
FAQ
What is the current stock price of Hess Corporation (HES)?
What is the market cap of Hess Corporation (HES)?
What is Hess Corporation's core business?
Where are Hess Corporation's key assets located?
What were Hess Corporation's net proved reserves at the end of 2023?
What is the average net production of Hess Corporation in 2023?
What is the production mix of Hess Corporation?
What recent achievements has Hess Corporation made?
How does Hess Corporation maintain its financial health?
What are Hess Corporation's sustainability practices?
How does Hess Corporation contribute to the global energy market?
What is the significance of Hess Corporation's operations in Guyana?
