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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 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.
Hess Corporation (NYSE:HES) will host a conference call on January 26, 2022, at 10 a.m. Eastern Time to discuss its fourth-quarter 2021 earnings. Participants in the U.S. can join by calling 877-693-6685 and entering pass code 4683739, while international participants can dial 443-295-9223. A webcast will also be available. A replay of the call will be accessible from January 26 through February 5, 2022. Hess Corporation is a leading global independent energy company focused on crude oil and natural gas exploration and production.
Hess Corporation (NYSE: HES) announced that CEO John Hess will present at the Goldman Sachs Global Energy and Clean Technology Conference Virtual Conference on January 6, 2022, at 12:00 p.m. Eastern Time. The event includes a live audio webcast and replay available on Hess's website. As a leading independent energy company, Hess focuses on the exploration and production of crude oil and natural gas. For more information, visit Hess Corporation's website.
The Board of Directors of Hess Corporation (NYSE: HES) has announced a quarterly dividend of 25 cents per share. This dividend is scheduled for payment on December 30, 2021, to shareholders on record by the end of business on December 15, 2021. Hess Corporation is a prominent global independent energy company engaged in oil and gas exploration and production.
Hess Corporation (NYSE: HES) announced that CEO John Hess will speak at the Bank of America Securities 2021 Global Energy Conference on November 17, 2021, at 9:00 a.m. ET. An audio webcast of the presentation will be available for live viewing and later replay on Hess's website. Hess Corporation is a prominent independent energy company focused on crude oil and natural gas exploration and production.
Hess Corporation reported a net income of $115 million ($0.37 per share) for Q3 2021, a significant recovery from a net loss of $243 million in Q3 2020. Adjusted net income was $86 million, compared to an adjusted loss of $216 million the previous year. The company increased its recoverable resource estimate on the Stabroek Block to approximately 10 billion barrels of oil equivalent, with new discoveries announced. However, production was lower due to curtailments and hurricane impacts. Cash flow from operations rose to $615 million, up from $136 million in 2020, reflecting better realized pricing.
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