Hess Corporation Reports Third Quarter Results

NEW YORK – Hess Corporation (NYSE:HES) reported better-than-expected third quarter results on Wednesday, as higher production volumes offset lower realized selling prices.

The oil and gas producer posted adjusted earnings of $2.14 per share, surpassing analyst estimates of $1.85 per share. Revenue rose to $3.2 billion, topping expectations of $2.99 billion.

Net production increased 17% YoY to 461,000 barrels of oil equivalent per day (boepd), driven by a 57% jump in Guyana output to 170,000 barrels per day. Bakken production grew 8% to 206,000 boepd.

> “Our strong production growth, particularly in Guyana, drove our better-than-expected third quarter performance,” said CEO John Hess. “We continue to successfully execute our strategy and deliver industry-leading cash flow growth.”

However, realized crude oil selling prices fell to $77.06 per barrel from $81.53 a year ago.

Hess raised its 2024 capital expenditure forecast to $4.9 billion, up from $4.2 billion previously, citing plans to accelerate purchases of floating production vessels for Guyana projects.

The company also announced a 14% dividend increase to $0.50 per share quarterly.

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