Friday, September 29, 2023

Hess Q4 earnings jump to US$624 million, as Guyana projects sales hike

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Hess Corporation – a 30% stakeholder in Guyana’s Stabroek Block – reported fourth-quarter earnings of US$624 million or $2.03 per common share compared to net income of US$265 million, or $0.85 per common share, in the same period last year.  

On an adjusted basis, Hess said it had a net income of US$548 million or $1.78 per common share in Q4 2022– the increase attributed to increased sales volumes in its Guyana projects in the fourth quarter.

Hess pumps over US$600M into Guyana, other key global assets for 2022 second quarter | OilNOW

“Our strategy is to grow our resource base, deliver a low cost of supply and generate industry leading cash flow growth – and at the same time maintain our industry leadership in environmental, social and governance performance and disclosure,” CEO John Hess said. “Our successful execution of this strategy has uniquely positioned our company to deliver significant value to shareholders by both growing intrinsic value and growing cash returns.”

Hess reported that its exploration and production (E&P) net income was US$$667 million in the fourth quarter, compared to US$309 million in the fourth quarter of 2021. On an adjusted basis, the E&P net income was $591 million.

Guyana is a “phenomenal province” with “excellent returns” – Hess | OilNOW

The Corporation’s net production, excluding Libya was 376,000 oil-equivalent barrels per day (boepd) in the last quarter, compared to  295,000 boepd in Q4 2021, primarily due to higher production in Guyana.

Hess’ oil and gas proved reserves as of December 2022, stood at 1.26 billion barrels of oil equivalent (boe), compared with 1.31 billion boe in 2021, the same period.

Proved reserve additions and net revisions in 2022 totaled 184 million boe, Hess reported, mainly from Guyana, which included sanctioning of the Yellowtail development, and the Bakken.

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