Hess Corporation posted net income of US$430 million, or US$1.39 per share, for the first quarter of 2025. This marks a sharp decline from US$972 million, or US$3.16 per share, in the same period last year.
On an adjusted basis, net income was US$559 million, or US$1.81 per share. The drop in earnings was driven by lower realized oil prices and sales volumes.
Hess maintains potential for up to 10 FPSOs offshore Guyana | OilNOW
The company said its Exploration and Production (E&P) segment recorded net income of US$434 million, down from US$997 million in Q1 2024. Adjusted E&P income stood at US$563 million.
Hess realized an average crude oil price of US$71.22 per barrel, down from US$80.06 last year. NGL prices rose slightly to US$24.08 per barrel from US$22.97, while natural gas prices increased to US$4.89 per mcf from US$4.62.
Production averaged 476,000 barrels of oil equivalent per day (boep/d), flat year-over-year. For Q2 2025, Hess expects production to rise to between 480,000 and 490,000 boep/d.
Hess to return 94% of net undeveloped acreage to Guyana and Suriname by 2028 | OilNOW
Cash operating costs rose to US$12.27 per boe from US$10.79, largely due to increased maintenance in North Dakota. These costs are expected to climb further in the second quarter, reflecting greater workover activity in the Gulf of Mexico and Southeast Asia.
Hess has a 30% stake in Guyana’s Stabroek block. Exxon has 45%, and CNOOC holds 25%.
