Hess Corporation reported a net income of US$542 million, or US$1.76 per share, for the fourth quarter of 2024, up from US$413 million, or US$1.34 per share, in the same period of 2023.
On an adjusted basis, net income stood at US$501 million, or US$1.63 per share, reflecting increased production volumes despite lower realized selling prices and higher exploration expenses.
Hess’ Exploration and Production (E&P) segment reported a net income of US$529 million in Q4 2024, up from US$512 million in Q4 2023. The company’s average realized crude oil selling price, including hedging, was US$72.10 per barrel in Q4, down from US$76.63 per barrel in the same period in 2023.
John Hess says political risk in Guyana “low” as elections approach | OilNOW
Net production averaged 495,000 barrels of oil equivalent per day (boe/d), an increase from 418,000 boe/d in Q4 2023, primarily due to higher output from Guyana and the Bakken. The company expects first-quarter 2025 production to be between 465,000 and 475,000 boe/d, impacted by maintenance in Guyana and the winter weather in the Bakken.
At year-end 2024, Hess’ oil and gas proved reserves stood at 1.44 billion boe, up from 1.37 billion boe at the end of 2023. Net reserve additions and revisions totaled 247 million boe, with a reserve replacement ratio of 138% at a finding and development cost of $19.67 per boe.
In the Bakken, Q4 2024 net production reached 208,000 boe/d, up from 194,000 boe/d a year earlier. Hess operated four rigs, drilling 35 wells, completing 26, and bringing 29 online. The company plans to maintain four drilling rigs in 2025, with production forecasted between 195,000 and 200,000 boe/d in Q1 2025.
Hess clears FTC hurdle, CEO to focus on Guyana relations post-merger | OilNOW
In the Gulf of Mexico, net production remained steady at 30,000 boe/d. However, the Vancouver exploration well in Green Canyon Block 287 did not yield commercial hydrocarbons, contributing to a US$92 million exploration expense.
Hess’ net production from the Stabroek Block (30% stake) in Guyana surged to 195,000 barrels per day (b/d) in Q4 2024, compared with 128,000 b/d a year earlier, following the November 2023 startup of the Payara development. Production in Guyana is expected to range between 180,000 and 185,000 b/d in Q1 2025, factoring in planned maintenance and tax barrel reductions.
The company sold 16 crude oil cargos from Guyana in Q4 2024, up from 10 in the previous year. It anticipates selling 14 cargos in Q1 2025.
Hess reports Q3 gains with Guyana leading production growth | OilNOW
Hess continues expanding its footprint in Guyana with multiple developments.
The Yellowtail project, sanctioned in April 2022, is expected to produce 250,000 gross b/d by Q4 2025. The Uaru project (sanctioned in April 2023) is also targeting 250,000 gross b/d, with first production in 2026. The Whiptail development, approved in April 2024, aims to add another 250,000 gross b/d by late 2027.
The company has filed for environmental permits for the seventh development, Hammerhead, which could have a production capacity of 120,000 to 180,000 gross b/d by 2029, pending regulatory approval.
