Hess Archives - Energy Analytics Institute (EAI)

EXECUTIVE BRIEF: Chevron Venezuela, an asset swap and reading between the lines

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 29.Apr.2026, Words: 430) — Chevron Corporation’s decision to swap out of Venezuelan gas assets and consolidate around oil and heavy oil joint ventures (JVs) with state-owned PDVSA is a strategic bet on near- to medium-term cash flow over long-dated, high-risk gas […]

Guyana’s gas bottling and fertilizer plants central to cost-of-living strategy, says PM Phillips

GEORGETOWN, GUYANA (By DPI, 18.Jan.2026, Words: 435) — The proposed gas bottling and fertilizer plants in Wales are central to the government’s cost-of-living strategy, aimed at delivering cheaper cooking gas and lower food prices, prime minister Brigadier (ret’d) Mark Phillips said on Sunday. He was speaking on the ‘Starting Point’ […]

Guyana’s gas-to-energy project envisioned in 2 phases, according to PM Mark Phillips

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 18.Jan.2026, Words: 189) — Guyana’s gas-to-energy (GtE) project, which will source natural gas from the offshore Liza Destiny and Unity floating production, storage and offloading (FPSO) units, is expected to comprise 2 phases. This, according to Guyana’s prime minister Brigadier (ret’d) Mark […]

Exxon eyes Guyana production surpassing 900,000 boe/d with Yellowtail

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 31.Oct.2025, Words: 253) — ExxonMobil Corporation’s Yellowtail project offshore Guyana was brought online in the third quarter 2025, 4 months ahead of schedule. As the largest of 4 Guyana developments to date, Yellowtail is expected to add an initial annual average production […]

ExxonMobil Guyana expands capacity with $6.8bn offshore development Hammerhead

SPRING, TEXAS (By ExxonMobil, 22.Sep.2025, Words: 312) — ExxonMobil has made a final investment decision (FID) for the Hammerhead development offshore Guyana, after receiving the required regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029. The development will utilize a floating production […]

CNOOC announces Yellowtail project commences production offshore Guyana

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 8.Aug.2025, Words: 226) — CNOOC Limited confirmed the Yellowtail project offshore Guyana in the Stabroek block, where the Chinese company has a 25% working interest, has commenced production safely ahead of schedule. Yellowtail is located in Stabroek, which has water depths […]

Chevron reports 2Q:25 results, updates on Hess deal [pdf downloads]

HOUSTON, TEXAS (By Chevron, 1.Aug.2025, Words: 168) — Chevron Corporation reported earnings of $2.5 billion ($1.45 per share – diluted) for second quarter 2025, compared with $4.4 billion ($2.43 per share – diluted) in second quarter 2024. Included in the quarter was a net loss of $215 million related to […]

Chevron seals Hess deal as ExxonMobil’s Guyana challenge fails

(By Nilanjan Choudhury, Zacks, 21.Jul.2025, Words: 407) — Chevron Corporation (CVX) has finally completed its big purchase of Hess Corporation, a deal that was held up for almost two years! This happened after an international arbitration panel rejected a challenge from larger rival ExxonMobil XOM. ExxonMobil had argued that it had the first […]

Fact sheet: Guyana oil production offshore in 4Q:24 and projected for 2027 and 2030

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 20.Jul.2025, Words: 207) — Gross crude oil production offshore Guyana in the prolific Stabroek block averaged 652,000 barrels per day (b/d) in the fourth-quarter 2024 (4Q:24), according to block operator ExxonMobil Corporation Guyana Limited (EMGL). This production came from just the […]

Hess Corporation exits block 59 offshore Suriname

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 8.Jul.2025, Words: 364) — Hess (Suriname II) Exploration Limited will relinquish Block 59 in offshore Suriname on 8 Jul. 2025. The block will return to state-owned Staatsolie and become part of the open acreage. Hess fulfilled its minimum work obligations and […]

EAI brief: arbitrators in Exxon v Hess fight reach decision on Chevron’s $53bn merger

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 3.Jul.2025, Words: 215) — Chevron Corporation seems 1 step closer to pushing its proposed $53bn acquisition of Hess Corporation across the finish line. This, as Guyana is set to over take OPEC‘s Venezuela in terms of oil production. RELATED: EAI brief: Venezuela […]

ExxonMobil eyes 950,000 b/d this year offshore Guyana when fourth FPSO comes online

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 16.May.2025, Words: 306) — ExxonMobil Guyana Limited, which is producing around 650,000 barrels per day (b/d) offshore Guyana from 3 floating production storage and offloading (FPSO) vessels, has an eye on those volumes reaching 900,000 b/d later this year once its […]

Exxon eyes $10bn Yellowtail start-up and Hammerhead FID in 2025

PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 2.May.2025, Words: 257) — Spring, Texas-based ExxonMobil Corporation looks to startup its 250,000 barrel per day (b/d) Yellowtail project — the company’s fourth project offshore Guyana in the Stabroek block — in the second-half 2025 (2H:25) while it also expects to take […]

ExxonMobil Guyana awards MODEC contract for Hammerhead FPSO to be moored in Stabroek

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 21.Apr.2025, Words: 320) — ExxonMobil Guyana Limited awarded MODEC, Inc. a contract to develop a floating production, storage, and offloading (FPSO) vessel for the Hammerhead project offshore Guyana in the prolific Stabroek block. The contract is a limited notice to proceed […]

ONE GUYANA FPSO reaches Guyana, joins Destiny, Unity and Prosperity in Stabroek

PANAMA CITY, PANAMA (By Piero Stewart, Energy Analytics Institute, 16.Apr.2025, Words: 235) — The ONE GUYANA floating, production, storage and offloading (FPSO) unit, the fourth to operate in the prolific offshore Stabroek block, has reached Guyanese waters. The FPSO will join the Destiny, Unity and Prosperity FPSOs already producing in […]

EnerMech inks pre-commissioning deal for ONE GUYANA FPSO by SBM Offshore

PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 3.Mar.2025) — EnerMech, which specializes in integrated solutions for complex projects around the world, has been selected to carry out pre-commissioning work on the ONE GUYANA FPSO for Guyana Deepwater Operations, SBM Offshore‘s subsidiary in Guyana. The FPSO or floating production storage […]

Exxon Applies for Longtail Environmental Permits: Reuters

PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 13.Feb.2025) — Spring, Texas-based ExxonMobil Corporation has reportedly applied for environmental permits related to its Longtail development located offshore Guyana in the Stabroek Block, according to Reuters. The consortium is eying another well in Stabroek, Reuters reported 13 Feb. 2025, citing Exxon […]

Chevron Starts Several Projects in the Gulf of America [PDF Download]

HOUSTON, TEXAS (Editors at Energy Analytics Institute, 31.Jan.2025) — Chevron Corporation reported earnings of $3.2bn in the fourth-quarter 2024 (4Q:24) compared with $2.3bn in the 4Q:23. Results in the 4Q:24 included severance charges of $715mn and impairment charges of $400mn. Chevron said foreign currency affects increased earnings by $722mn. Chevron […]

Hess Reports Massive 52% Increase in Net Guyana Production

PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 29.Jan.2025) — Hess Corporation reported net oil production offshore Guyana in the Stabroek Block of 195,000 barrels per day (b/d) in the fourth-quarter 2024 (4Q:24), compared with 128,000 b/d in the 4Q:23. The higher production was primarily due to start-up of Payara, […]

Fact sheet: $30.25/bbl breakeven for first 4 Stabroek developments offshore Guyana

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 9.Jan.2025, Words: 581) — Not even crude oil prices down to $35/bbl will impact the ability of 4 projects offshore Guyana to produce positive returns. To be more exact, the first 4 projects in the prolific Stabroek Block being developed by […]

SBM Offshore completes $1.5bn FPSO Jaguar financing

CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 21.Nov.2024) — SBM Offshore completed the project financing of the floating production storage and offloading (FPSO) vessel Jaguar for a price of $1.5bn. The project financing was fully secured by a consortium of 16 international financial institutions, SBM said 21 Nov. 2024 in […]

Exxon, Hess and CNOOC Hit 500 MMbbls Milestone Offshore Guyana

HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 13.Nov.2024) — ExxonMobil Guyana Limited and its Stabroek Block co-venturers, Hess Corporation and CNOOC reached an offshore oil production milestone of 500 million barrels of oil in under 5 years. “Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, […]

Chevron Reports 3Q:24 Details, Updates on Hess Merger (PDF Downloads)

(Chevron, 1.Nov.2024) — Chevron Corporation reported earnings of $4.5bn ($2.48 per share – diluted) for third quarter 2024, compared with $6.5bn ($3.48 per share – diluted) in third quarter 2023. Foreign currency effects decreased earnings by $44mn. Adjusted earnings of $4.5bn ($2.51 per share – diluted) in third quarter 2024 […]

Hess says net production in Guyana in 3Q:24 rose 57% year-over-year

HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 30.Oct.2024) — New York City-based Hess Corporation said its net production in the prolific Stabroek block offshore Guyana was 170,000 b/d in the third-quarter 2024 (3Q:24), up 57% year-over-year (YOY) compared to 108,000 b/d in the 3Q:23. Higher production in the 3Q:24 […]

Hess Reports Higher 3Q:24 Adj. Net Income, Higher Bakken Output (PDF Download)

(Hess, 30.Oct.2024) — Hess Corporation reported net income of $498mn, or $1.62 per share, in the third quarter of 2024, compared with net income of $504mn, or $1.64 per share, in the third quarter of 2023. On an adjusted basis, the corporation reported net income of $660mn, or $2.14 per […]

Hess gets HSR clearance for Chevron merger

NEW YORK CITY, NEW YORK (Hess Corp., 30.Sep.2024, Words: 381) — Hess Corporation announced that the Federal Trade Commission (FTC) antitrust review of the Chevron-Hess merger has been completed, satisfying one of the closing conditions for the transaction. “We are very pleased that our merger with Chevron has cleared this significant regulatory hurdle,” said CEO John Hess. […]

Chevron Agrees Hess CEO Will Not Join Board in Deal with US Regulator, Bloomberg Reports

(Reuters, 26.Sep.2024) — U.S. energy major Chevron has agreed Hess CEO John Hess will not join its board in an agreement with the U.S. Federal Trade Commission to proceed with the $53 billion takeover deal, Bloomberg News reported on Thursday citing people familiar with the matter. The proposed all-stock acquisition, […]

FTC set to greenlight Chevron’s $53bn buy of Hess

HOUSTON, TEXAS (By Reuters, 24.Sep.2024, Words: 429) — The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron‘s purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil‘s challenge to the $53 billion deal as its final hurdle. The […]

Exxon plans new Guyana oil project to lift output into 2030s

(Bloomberg, 18.Jul.2024) — Exxon Mobil Corp. took the first step toward its seventh oil project in Guyana, a clear signal the supermajor intends to expand crude output from the South American nation into the next decade. The Hammerhead project will pump as much as 180,000 barrels a day as soon as […]

Exxon-Hess Arbitration Panel Incomplete, Hess Sale to Chevron Stalled

(Reuters, 20.Jun.2024) — A contract arbitration panel that could block or green-light the $53 billion sale of Hess Corp to Chevron remains incomplete three months after the case was filed, stalling a decision on whether Exxon Mobil has a right of first refusal over Hess’ Guyana operations. The third and final arbitrator has not […]

Fulcrum LNG Named to Help Guyana Develop its Gas Resources

(Reuters, 20.Jun.2024) — U.S. firm Fulcrum LNG was selected to help Guyana develop a plan to design, finance, construct and operate a natural gas processing facility in the South American country, President Irfaan Ali said on Thursday. The company’s proposal was selected from among 17 submitted to Guyana for the […]

Hess Corp. Receives Stockholder Approval for Proposed $53bn Merger with Chevron

(Hess Corporation, 28.May.2024) — Hess Corporation (NYSE: HES) has received the necessary approval of its stockholders for closing the company’s merger with Chevron Corporation. At the special meeting of Hess stockholders held today, a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the […]

Glass Lewis Urges Hess Shareholders to Vote for Chevron Deal

(Hess, 20.May.2024) — Hess Corporation (NYSE: HES) announced that independent proxy voting and corporate governance advisory firm Glass, Lewis & Co. has recommended that Hess shareholders vote FOR the proposed merger with Chevron. In its report, Glass Lewis notes “the strategic and financial merits of the proposed merger are sound and reasonable” and that […]

Hess Reports Net Production of 190,000 boe/d from Guyana

(Hess, 25.Apr.2024) — Hess Corporation reported that is net Guyana production was 190,000 b/d in the first quarter of 2024, up 70% from 112,000 b/d in the first quarter of 2023, while net Bakken production was 190,000 boe/d, up 17% from 163,000 boe/d in the first quarter of 2023. ____________________

ExxonMobil Guyana Takes $12.7bn FID with Sixth Project Whiptail

SPRING, TEXAS (ExxonMobil, 12.Apr.2024) — ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add 250,000 barrels of daily capacity by the end of 2027. “Our sixth […]

Hess Updates Employees on Chevron Merger

(Hess, 7.Mar.2024) — Today, ExxonMobil announced that it is filing for arbitration regarding the applicability of a right of first refusal (ROFR) / pre-emption provision in the Stabroek joint operating agreement. We believe that the ROFR / pre-emption provision does not apply to the Chevron-Hess merger. We remain fully committed to […]

Exxon Signals Potential Counter Offer for Hess’s Guyana Assets

(Reuters, 6.Mar.2024) — Exxon Mobil Corp on Wednesday said it filed a contract arbitration claim related to Hess Corp‘s proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp‘s pending deal for the assets. The arbitration case seeks to preserve Exxon’s right to evaluate making a bid […]

Exxon’s Curveball Move in Guyana Alters Chevron-Hess Deal Prospects

(Reuters, 28.Feb.2024) — Exxon Mobil‘s surprise challenge to Chevron‘s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon (XOM.N) said Monday it […]

Guyana not against Exxon acquiring Hess, VP Jagdeo says

GEORGETOWN, GUYANA (Reuters, 28.Feb.2024, Words: 95) — Guyana’s vice president Bharrat Jagdeo on Wednesday said the country will accept whatever is the result from discussions between Exxon Mobil Corp, Chevron Corp and Hess Corp regarding participation in the Stabroek block. Guyana is ready to welcome Chevron into the country, but would also accept […]

Chevron Deal to Buy Hess at Risk as Exxon, CNOOC Eye Guyana Stake

(MarketWatch, 27.Feb.2024) — Chevron warned it may not complete its planned buyout of Hess as Exxon Mobil and the China National Offshore Oil Corporation are saying the planned deal would trigger their right to boost their stakes in a Guyana venture. The warning came in a Securities and Exchange Commission […]

Exxon Raises Questions About Chevron’s $53bn Deal for Hess

(The New York Times, 27.Feb.2024) — America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess for $53 billion, announced in October. Chevron this […]

Chevron Corp. Files S-4, Updates on Stabroek JOA

(Energy Analytics Institute, 26.Feb.2024) — Chevron Corporation believes that the $53bn merger with Hess Corporation presents the California-based energy giant with the opportunity to diversify its portfolio by acquiring Hess’ 30% interest offshore Guyana in the Stabroek block. The block has industry leading cash margins, a strong production growth outlook, potential […]

Guyana Is Trying to Keep Its Oil Blessing From Becoming a Curse

(Bloomberg, 15.Feb.2024) — Guyana has undergone a huge transformation in the near decade since a massive oil discovery off its shores. That’s on full display at the Georgetown Marriott hotel. By sundown, oil executives in branded shirts step out of vans and mingle with tables of development bank officials, already debriefing over yucca […]

Hess Reports 4Q:23 Results, Updates on Payara [PDF Download]

(Hess, 31.Jan.2024) — Hess Corporation (NYSE: HES) reported net income of $413mn, or $1.34 per share, in the fourth quarter of 2023, compared with net income of $497mn, or $1.61 per share, in the fourth quarter of 2022. On an adjusted basis, the corporation reported net income of $501mn, or […]

Recording-Setting Transactions in 4Q:23 Worth for Upstream M&A

(Enverus, 23.Jan.2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, is releasing its summary of Q4 and full-year 2023 upstream merger and acquisition (M&A) activity. Q4 recorded a massive $144bn in upstream M&A, the largest quarter EIR has tracked. That pushed full-year 2023 value to more than $190bn, also […]

Tensions Soar Between Guyana and Venezuela over Essequibo

(AP, 9.Dec.2023) — A century-old territorial dispute deepened by the discovery of oil is boiling over between neighbors Guyana and Venezuela. Steeped in patriotism, the Venezuelan government is seizing on the fight to boost support ahead of a presidential election among a population fed up with a decadelong crisis that has pushed […]

Guyana Greenlights Oil Drilling in Waters Claimed by Venezuela

(AFP, 27.Oct.2023) — The new find, as well as some of the drilling concessions, are in a disputed area whose possible annexation Venezuela is putting to a national referendum. Guyana, much smaller than its neighbor, has the world’s highest reserves of crude per capita. US oil giant ExxonMobil made the discovery of […]

Hess Reports 3Q:23 Operational Highlights [PDF Download]

(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 […]

Welligence says Hess Corporation gives Chevron Atlantic margin exposure

PANAMA CITY, PANAMA (Energy Analytics Institute, 23.Oct.2023, Words: 203) — US-based Chevron Corporation will acquire Hess Corporation for $60bn (including net debt), the second giant transaction of Oct. 2023 following the $65bn move by ExxonMobil to acquire Pioneer Natural Resources Company, both in all-stock transactions, Welligence Energy Analytics wrote 23 […]

Chevron to Acquire Hess in $53bn All-Stock Deal

(Chevron, 23.Oct.2023) — Chevron Corporation (NYSE: CVX) has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53bn, or $171 per share based on Chevron’s closing price on 20 October 2023. Under the terms […]