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     125  0 Kommentare Hess Reports Estimated Results for the First Quarter of 2024

       Hess Corporation (NYSE: HES) today reported net income of $972 million, or $3.16 per share, in the first quarter of 2024, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023. The increase in after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes in the first quarter of 2024.

       After-tax income (loss) by major operating activity was as follows:

     

    Three Months Ended

    March 31,

    (unaudited)

     

     

    2024

     

    2023

     

    (In millions, except per share amounts)

    Net Income Attributable to Hess Corporation

    Exploration and Production

    $

    997

    $

    405

    Midstream

     

    67

     

    61

    Corporate, Interest and Other

     

    (92)

     

    (120)

    Net income attributable to Hess Corporation

    $

    972

    $

    346

    Net income per share (diluted)

    $

    3.16

    $

    1.13

     

     

     

    Weighted average number of shares (diluted)

     

    307.9

     

    307.3

    Exploration and Production:

       E&P net income was $997 million in the first quarter of 2024, compared with $405 million in the first quarter of 2023. The Corporation’s average realized crude oil selling price was $80.06 per barrel in the first quarter of 2024, compared with $74.23 per barrel, including the effect of hedging, in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the first quarter of 2024 was $22.97 per barrel, compared with $24.25 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.62 per mcf, compared with $4.39 per mcf in the first quarter of 2023.

       Net production was 476,000 boepd in the first quarter of 2024, compared with 374,000 boepd in the first quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the second quarter of 2024, E&P net production is expected to be in the range of 465,000 boepd to 475,000 boepd, reflecting planned maintenance in the Gulf of Mexico partially offset by growth in the Bakken.

       Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $10.79 per barrel of oil equivalent (boe) in the first quarter of 2024, compared with $12.96 per boe in the prior-year quarter, primarily due to higher production volumes.

    Operational Highlights for the First Quarter of 2024:

       Bakken (Onshore U.S.): Net production from the Bakken was 190,000 boepd in the first quarter of 2024, compared with 163,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity as well as higher NGL and natural gas volumes received under percentage of proceeds contracts due to lower commodity prices. NGL and natural gas volumes received under percentage of proceeds contracts were 19,000 boepd in the first quarter of 2024, compared with 14,000 boepd in the first quarter of 2023, due to increasing volumes received as consideration for gas processing fees. During the first quarter of 2024, the Corporation operated four rigs and drilled 31 wells, completed 21 wells, and brought 34 new wells online. The Corporation plans to continue operating four drilling rigs in 2024.

       Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico in the first quarter of 2024 was 31,000 boepd, compared with 33,000 boepd in the prior-year quarter.

       Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 190,0001 bopd in the first quarter of 2024, compared with 112,0001 bopd in the prior-year quarter. The third development on the block, Payara, which commenced production in November 2023, reached its initial production capacity of approximately 220,000 gross bopd in January 2024. In the first quarter of 2024, 15 cargos of crude oil were sold from Guyana, compared with nine cargos in the prior-year quarter. In the second quarter of 2024, 13 cargos of crude oil are expected to be sold.

       The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The sixth development, Whiptail, was sanctioned in April 2024 and is expected to add production capacity of approximately 250,000 gross bopd by the end of 2027.

       The successful Bluefin-1 exploration well encountered approximately 197 feet of high-quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,244 feet of water and is located approximately 5 miles southeast of the Sailfin-1 discovery.

       Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 65,000 boepd in the first quarter of 2024, compared with 66,000 boepd in the prior-year quarter.

    Midstream:

       The Midstream segment had net income of $67 million in the first quarter of 2024, compared with net income of $61 million in the prior-year quarter.

       In March 2024, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM), repurchased approximately 2.8 million HESM Opco Class B units held by Hess Corporation and Global Infrastructure Partners for $100 million, of which the Corporation received $38 million. The repurchase of the Class B units was financed by HESM Opco’s revolving credit facility. The Corporation continues to own approximately 37.8% of HESM on a consolidated basis.

    Corporate, Interest and Other:

       After-tax expense for Corporate, Interest and Other was $92 million in the first quarter of 2024, compared with $120 million in the first quarter of 2023. Corporate and other expenses decreased by $11 million in the first quarter of 2024, primarily due to lower legal and professional fees. Interest expense decreased by $17 million in the first quarter of 2024, reflecting higher capitalized interest.

    Capital and Exploratory Expenditures:

       E&P capital and exploratory expenditures were $927 million in the first quarter of 2024, compared with $765 million in the prior-year quarter, primarily due to increased drilling activity in the Gulf of Mexico. Full year 2024 E&P capital and exploratory expenditures are expected to be approximately $4.2 billion.

       Midstream capital expenditures were $35 million in the first quarter of 2024 and $57 million in the prior-year quarter.

    Liquidity:

       Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.4 billion and debt and finance lease obligations totaling $5.6 billion at March 31, 2024. The Midstream segment had cash and cash equivalents of $5 million and total debt of $3.3 billion at March 31, 2024. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 31.9% at March 31, 2024 and 33.6% at December 31, 2023.

       Net cash provided by operating activities was $885 million in the first quarter of 2024, compared with $638 million in the first quarter of 2023. Net cash provided by operating activities before changes in operating assets and liabilities2 was $1,729 million in the first quarter of 2024, compared with $1,032 million in the prior-year quarter, primarily due to higher production volumes. Changes in operating assets and liabilities decreased cash flow from operating activities by $844 million in the first quarter of 2024, primarily due to an increase in accounts receivable related to Guyana oil liftings and a decrease in accrued liabilities which includes a payment in connection with the HONX, Inc. settlement. Changes in operating assets and liabilities decreased cash flow from operating activities by $394 million in the first quarter of 2023.

    1. Net production from Guyana included 33,000 bopd of tax barrels in the first quarter of 2024 and 15,000 bopd of tax barrels in the first quarter of 2023.

    2. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 5 and 6, respectively.

    Reconciliation of U.S. GAAP to Non-GAAP Measure:

       The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:

     

    Three Months Ended

    March 31,

    (unaudited)

     

    2024

    2023

     

    (In millions)

    Net cash provided by (used in) operating activities before changes in operating assets and liabilities

    $

    1,729

    $

    1,032

    Changes in operating assets and liabilities

     

    (844)

     

    (394)

    Net cash provided by (used in) operating activities

    $

    885

    $

    638

    Investor Conference Call:

       Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its first quarter 2024 results.

       Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.

    Forward-looking Statements

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron.

    Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).

    As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

    Non-GAAP financial measure

    The Corporation has used a non-GAAP financial measure in this earnings release. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. This measure is not, and should not be viewed as, a substitute for U.S. GAAP net cash provided by (used in) operating activities. A reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities is provided in the release.

    Cautionary Note to Investors

    We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Income Statement

     

     

     

     

     

    Revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    3,309

     

    $

    2,411

     

    $

    3,011

    Other, net

     

    32

     

     

    42

     

     

    24

    Total revenues and non-operating income

     

    3,341

     

     

    2,453

     

     

    3,035

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas

     

    622

     

     

    603

     

     

    886

    Operating costs and expenses

     

    412

     

     

    382

     

     

    473

    Production and severance taxes

     

    56

     

     

    48

     

     

    61

    Exploration expenses, including dry holes and lease impairment

     

    42

     

     

    66

     

     

    87

    General and administrative expenses

     

    124

     

     

    136

     

     

    168

    Interest expense

     

    113

     

     

    123

     

     

    116

    Depreciation, depletion and amortization

     

    557

     

     

    491

     

     

    559

    Total costs and expenses

     

    1,926

     

     

    1,849

     

     

    2,350

    Income before income taxes

     

    1,415

     

     

    604

     

     

    685

    Provision for income taxes

     

    348

     

     

    176

     

     

    182

    Net income

     

    1,067

     

     

    428

     

     

    503

    Less: Net income attributable to noncontrolling interests

     

    95

     

     

    82

     

     

    90

    Net income attributable to Hess Corporation

    $

    972

     

    $

    346

     

    $

    413

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     

     

    March 31,

    2024

     

    December 31,

    2023

    Balance Sheet Information

     

     

     

    Assets

     

     

     

    Cash and cash equivalents

    $

    1,438

     

    $

    1,688

    Other current assets

     

    2,186

     

     

    1,742

    Property, plant and equipment – net

     

    17,827

     

     

    17,432

    Operating lease right-of-use assets – net

     

    658

     

     

    720

    Finance lease right-of-use assets – net

     

    104

     

     

    108

    Other long-term assets

     

    2,506

     

     

    2,317

    Total assets

    $

    24,719

     

    $

    24,007

    Liabilities and equity

     

     

     

    Current portion of long-term debt

    $

    314

     

    $

    311

    Current portion of operating and finance lease obligations

     

    365

     

     

    370

    Other current liabilities

     

    2,272

     

     

    2,589

    Long-term debt

     

    8,415

     

     

    8,302

    Long-term operating lease obligations

     

    398

     

     

    459

    Long-term finance lease obligations

     

    151

     

     

    156

    Other long-term liabilities

     

    2,273

     

     

    2,218

    Total equity excluding accumulated other comprehensive income (loss)

     

    10,002

     

     

    9,120

    Accumulated other comprehensive income (loss)

     

    (134)

     

     

    (134)

    Noncontrolling interests

     

    663

     

     

    616

    Total liabilities and equity

    $

    24,719

     

    $

    24,007

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     

     

    March 31,

    2024

     

    December 31,

    2023

    Total Debt

     

     

     

    Hess Corporation

    $

    5,404

     

    $

    5,402

    Midstream (a)

     

    3,325

     

     

    3,211

    Hess Consolidated

    $

    8,729

     

    $

    8,613

    (a) Midstream debt is non-recourse to Hess Corporation.

     
     

    March 31,

    2024

     

    December 31,

    2023

    Debt to Capitalization Ratio (a)

     

     

     

    Hess Consolidated

    45.8 %

     

    47.8 %

    Hess Corporation as defined in debt covenants

    31.9 %

     

    33.6 %

    (a) Includes finance lease obligations.

     
     

    Three Months Ended

    March 31,

     

     

    2024

     

     

    2023

    Interest Expense

     

     

     

    Gross interest expense – Hess Corporation

    $

    87

     

    $

    86

    Less: Capitalized interest – Hess Corporation

     

    (23)

     

     

    (5)

    Interest expense – Hess Corporation

     

    64

     

     

    81

    Interest expense – Midstream (a)

     

    49

     

     

    42

    Interest expense – Hess Consolidated

    $

    113

     

    $

    123

    (a) Midstream interest expense is reported in the Midstream operating segment.

     
    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Cash Flow Information

     

     

     

     

     

     

     

     

     

     

     

    Cash Flows from Operating Activities

     

     

     

     

     

    Net income

    $

    1,067

     

    $

    428

     

    $

    503

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

     

     

     

     

    Depreciation, depletion and amortization

     

    557

     

     

    491

     

     

    559

    Exploratory dry hole costs

     

     

     

    31

     

     

    50

    Exploration lease impairment

     

    3

     

     

    5

     

     

    3

    Pension settlement loss

     

     

     

     

     

    17

    Stock compensation expense

     

    39

     

     

    35

     

     

    18

    Noncash (gains) losses on commodity derivatives, net

     

     

     

     

     

    52

    Provision (benefit) for deferred income taxes and other tax accruals

     

    63

     

     

    42

     

     

    37

    Net cash provided by (used in) operating activities before changes in operating assets and liabilities

     

    1,729

     

     

    1,032

     

     

    1,239

    Changes in operating assets and liabilities

     

    (844)

     

     

    (394)

     

     

    105

    Net cash provided by (used in) operating activities

     

    885

     

     

    638

     

     

    1,344

    Cash Flows from Investing Activities

     

     

     

     

     

    Additions to property, plant and equipment - E&P

     

    (902)

     

     

    (773)

     

     

    (1,380)

    Additions to property, plant and equipment - Midstream

     

    (55)

     

     

    (64)

     

     

    (64)

    Other, net

     

    (1)

     

     

    (4)

     

     

    (3)

    Net cash provided by (used in) investing activities

     

    (958)

     

     

    (841)

     

     

    (1,447)

    Cash Flows from Financing Activities

     

     

     

     

     

    Net borrowings (repayments) of debt with maturities of 90 days or less

     

    115

     

     

    103

     

     

    64

    Debt with maturities of greater than 90 days:

     

     

     

     

     

    Borrowings

     

     

     

     

     

    Repayments

     

    (3)

     

     

     

     

    (3)

    Cash dividends paid

     

    (137)

     

     

    (137)

     

     

    (134)

    Common stock acquired and retired

     

     

     

    (20)

     

     

    Noncontrolling interests, net

     

    (151)

     

     

    (131)

     

     

    (151)

    Employee stock options exercised

     

    11

     

     

    3

     

     

    Payments on finance lease obligations

     

    (3)

     

     

    (2)

     

     

    (3)

    Other, net

     

    (9)

     

     

    1

     

     

    Net cash provided by (used in) financing activities

     

    (177)

     

     

    (183)

     

     

    (227)

    Net Increase (Decrease) in Cash and Cash Equivalents

     

    (250)

     

     

    (386)

     

     

    (330)

    Cash and Cash Equivalents at Beginning of Period

     

    1,688

     

     

    2,486

     

     

    2,018

    Cash and Cash Equivalents at End of Period

    $

    1,438

     

    $

    2,100

     

    $

    1,688

     

     

     

     

     

     

    Additions to Property, Plant and Equipment included within Investing Activities

    Capital expenditures incurred

    $

    (923)

     

    $

    (792)

     

    $

    (1,518)

    Increase (decrease) in related liabilities

     

    (34)

     

     

    (45)

     

     

    74

    Additions to property, plant and equipment

    $

    (957)

     

    $

    (837)

     

    $

    (1,444)

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Capital and Exploratory Expenditures

     

     

     

     

     

    E&P Capital and exploratory expenditures

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    288

     

    $

    232

     

    $

    313

    Offshore and Other

     

    159

     

     

    29

     

     

    64

    Total United States

     

    447

     

     

    261

     

     

    377

    Guyana

     

    447

     

     

    454

     

     

    1,047

    Malaysia and JDA

     

    28

     

     

    47

     

     

    55

    Other

     

    5

     

     

    3

     

     

    1

    E&P Capital and exploratory expenditures

    $

    927

     

    $

    765

     

    $

    1,480

     

     

     

     

     

     

    Total exploration expenses charged to income included above

    $

    39

     

    $

    30

     

    $

    34

     

     

     

     

     

     

    Midstream Capital expenditures

    $

    35

     

    $

    57

     

    $

    72

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

    (IN MILLIONS)

     

     

    First Quarter 2024

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,523

     

    $

    1,780

     

    $

    3,303

    Other, net

     

    10

     

     

    1

     

     

    11

    Total revenues and non-operating income

     

    1,533

     

     

    1,781

     

     

    3,314

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    589

     

     

    51

     

     

    640

    Operating costs and expenses

     

    205

     

     

    133

     

     

    338

    Production and severance taxes

     

    54

     

     

    2

     

     

    56

    Midstream tariffs

     

    328

     

     

     

     

    328

    Exploration expenses, including dry holes and lease impairment

     

    34

     

     

    8

     

     

    42

    General and administrative expenses

     

    64

     

     

    8

     

     

    72

    Depreciation, depletion and amortization

     

    244

     

     

    263

     

     

    507

    Total costs and expenses

     

    1,518

     

     

    465

     

     

    1,983

    Results of operations before income taxes

     

    15

     

     

    1,316

     

     

    1,331

    Provision for income taxes

     

     

     

    334

     

     

    334

    Net income (loss) attributable to Hess Corporation

    $

    15

     

    $

    982

     

    $

    997

     

     

     

     

     

     

     

    First Quarter 2023

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,365

     

    $

    1,044

     

    $

    2,409

    Other, net

     

    9

     

     

    5

     

     

    14

    Total revenues and non-operating income

     

    1,374

     

     

    1,049

     

     

    2,423

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    584

     

     

    35

     

     

    619

    Operating costs and expenses

     

    205

     

     

    118

     

     

    323

    Production and severance taxes

     

    46

     

     

    2

     

     

    48

    Midstream tariffs

     

    283

     

     

     

     

    283

    Exploration expenses, including dry holes and lease impairment

     

    20

     

     

    46

     

     

    66

    General and administrative expenses

     

    54

     

     

    12

     

     

    66

    Depreciation, depletion and amortization

     

    203

     

     

    240

     

     

    443

    Total costs and expenses

     

    1,395

     

     

    453

     

     

    1,848

    Results of operations before income taxes

     

    (21)

     

     

    596

     

     

    575

    Provision for income taxes

     

     

     

    170

     

     

    170

    Net income (loss) attributable to Hess Corporation

    $

    (21)

    (b)

    $

    426

    (c)

    $

    405

    (a) Includes amounts charged from the Midstream segment.

    (b) Includes after-tax losses from realized crude oil hedging activities of $27 million (noncash premium amortization: $27 million; cash settlement: $0 million).

    (c) Includes after-tax losses from realized crude oil hedging activities of $7 million (noncash premium amortization: $7 million; cash settlement: $0 million).

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

    (IN MILLIONS)

     

     

    Fourth Quarter 2023

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,766

     

    $

    1,240

     

    $

    3,006

    Other, net

     

    11

     

     

    5

     

     

    16

    Total revenues and non-operating income

     

    1,777

     

     

    1,245

     

     

    3,022

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    867

     

     

    40

     

     

    907

    Operating costs and expenses

     

    229

     

     

    159

     

     

    388

    Production and severance taxes

     

    56

     

     

    5

     

     

    61

    Midstream tariffs

     

    328

     

     

     

     

    328

    Exploration expenses, including dry holes and lease impairment

     

    82

     

     

    5

     

     

    87

    General and administrative expenses

     

    53

     

     

    8

     

     

    61

    Depreciation, depletion and amortization

     

    255

     

     

    253

     

     

    508

    Total costs and expenses

     

    1,870

     

     

    470

     

     

    2,340

    Results of operations before income taxes

     

    (93)

     

     

    775

     

     

    682

    Provision for income taxes

     

     

     

    170

     

     

    170

    Net income (loss) attributable to Hess Corporation

    $

    (93)

    (b)

    $

    605

    (c)

    $

    512

    (a) Includes amounts charged from the Midstream segment.

    (b) Includes after-tax losses from realized crude oil hedging activities of $34 million (noncash premium amortization: $34 million; cash settlement: $0 million).

    (c) Includes after-tax losses from realized crude oil hedging activities of $18 million (noncash premium amortization: $18 million; cash settlement: $0 million).

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Net Production Per Day (in thousands)

     

     

     

     

     

    Crude oil - barrels

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    88

     

    76

     

    89

    Offshore

    22

     

    24

     

    21

    Total United States

    110

     

    100

     

    110

    Guyana (a)

    190

     

    112

     

    128

    Malaysia and JDA

    5

     

    4

     

    6

    Total

    305

     

    216

     

    244

     

     

     

     

     

     

    Natural gas liquids - barrels

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    69

     

    61

     

    71

    Offshore

    2

     

    1

     

    2

    Total United States

    71

     

    62

     

    73

     

     

     

     

     

     

    Natural gas - mcf

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    200

     

    158

     

    204

    Offshore

    41

     

    47

     

    42

    Total United States

    241

     

    205

     

    246

    Malaysia and JDA

    358

     

    369

     

    362

    Total

    599

     

    574

     

    608

     

     

     

     

     

     

    Barrels of oil equivalent

    476

     

    374

     

    418

    (a) Production from Guyana includes 33,000 bopd of tax barrels in the first quarter of 2024, 15,000 bopd of tax barrels in the first quarter of 2023 and 16,000 bopd of tax barrels in the fourth quarter of 2023.

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Sales Volumes Per Day (in thousands) (a)

     

     

     

     

     

    Crude oil – barrels

    308

     

    213

     

    245

    Natural gas liquids – barrels

    73

     

    64

     

    74

    Natural gas – mcf

    599

     

    574

     

    608

    Barrels of oil equivalent

    481

     

    373

     

    420

     

     

     

     

     

     

    Sales Volumes (in thousands) (a)

     

     

     

     

     

    Crude oil – barrels

    28,053

     

    19,161

     

    22,521

    Natural gas liquids – barrels

    6,650

     

    5,761

     

    6,839

    Natural gas – mcf

    54,495

     

    51,692

     

    55,957

    Barrels of oil equivalent

    43,786

     

    33,537

     

    38,686

    (a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     

     

    First

    Quarter

    2024

     

    First

    Quarter

    2023

     

    Fourth

    Quarter

    2023

    Average Selling Prices

     

     

     

     

     

     

     

     

     

     

     

    Crude oil - per barrel (including hedging)

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    71.75

     

    $

    68.63

     

    $

    70.69

    Offshore

     

    75.86

     

     

    68.12

     

     

    73.68

    Total United States

     

    72.58

     

     

    68.50

     

     

    71.28

    Guyana

     

    84.27

     

     

    79.15

     

     

    81.50

    Malaysia and JDA

     

    81.10

     

     

    72.91

     

     

    73.44

    Worldwide

     

    80.06

     

     

    74.23

     

     

    76.63

     

     

     

     

     

     

    Crude oil - per barrel (excluding hedging)

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    71.75

     

    $

    71.78

     

    $

    74.03

    Offshore

     

    75.86

     

     

    71.27

     

     

    76.98

    Total United States

     

    72.58

     

     

    71.65

     

     

    74.62

    Guyana

     

    84.27

     

     

    79.86

     

     

    83.09

    Malaysia and JDA

     

    81.10

     

     

    72.91

     

     

    73.44

    Worldwide

     

    80.06

     

     

    76.02

     

     

    78.95

     

     

     

     

     

     

    Natural gas liquids - per barrel

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    23.03

     

    $

    24.25

     

    $

    20.95

    Offshore

     

    21.36

     

     

    24.28

     

     

    19.26

    Worldwide

     

    22.97

     

     

    24.25

     

     

    20.92

     

     

     

     

     

     

    Natural gas - per mcf

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    1.80

     

    $

    2.54

     

    $

    1.52

    Offshore

     

    2.11

     

     

    2.42

     

     

    2.26

    Total United States

     

    1.85

     

     

    2.51

     

     

    1.65

    Malaysia and JDA

     

    6.49

     

     

    5.44

     

     

    6.45

    Worldwide

     

    4.62

     

     

    4.39

     

     

    4.51

     


    The Hess Stock at the time of publication of the news with a fall of -0,36 % to 148,2USD on Tradegate stock exchange (25. April 2024, 09:30 Uhr).


    Business Wire (engl.)
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    Hess Reports Estimated Results for the First Quarter of 2024    Hess Corporation (NYSE: HES) today reported net income of $972 million, or $3.16 per share, in the first quarter of 2024, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023. The increase in after-tax …

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