(Hess, 25.Oct.2023) — Hess Corporation (NYSE: HES) reported net income of $504mn, or $1.64 per share, in the third quarter of 2023, compared with net income of $515mn, or $1.67 per share, in the third quarter of 2022. On an adjusted basis, the corporation reported net income of $583mn, or $1.89 per share, in the third quarter of 2022. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized selling prices, partially offset by the net impact of higher production volumes, in the third quarter of 2023.
Key Development:
• On October 23rd the Corporation entered into an agreement to merge with Chevron. The transaction is expected to close in the first half of 2024
Third Quarter Financial and Operational Highlights:
• Net income was $504 million, or $1.64 per share, compared with net income of $515 million, or $1.67 per share, in the third quarter of 2022; adjusted net income1 in the third quarter of 2022 was $583 million, or $1.89 per share
• Oil and gas net production was 395,000 barrels of oil equivalent per day (boepd), up 13% from 351,000 boepd, proforma for asset sold, in the third quarter of 2022
• Bakken net production was 190,000 boepd, up 14% from 166,000 boepd in the third quarter of 2022; Guyana net production was 108,000 barrels of oil per day (bopd), compared with 98,000 bopd in the prior-year quarter
• E&P capital and exploratory expenditures were $998mn, compared with $701mn in the prior-year quarter
Updated 2023 Full Year Guidance:
• Net production is now forecast to be approximately 390,000 boepd, which is at the upper end of the previous guidance range of 385,000 boepd to 390,000 boepd
• E&P capital and exploratory expenditures are expected to be approximately $4.1bn, up from previous guidance of $3.7bn, reflecting the decision to purchase the Liza Unity floating production, storage and offloading vessel (FPSO) in the fourth quarter of 2023 instead of the first quarter of 2024
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