Hess reports estimated results for the third quarter of 2024

  • Oct, Wed, 2024
  • ICTS


Hess release

Third Quarter Financial and Operational Highlights:

• In September, the Corporation announced a 14% increase in its quarterly dividend, to $0.50 per share ($2.00 per share annualized)

• Net income was $498 million, or $1.62 per share, in the third quarter of 2024, compared with net income of $504 million, or $1.64 per share, in the third quarter of 2023

• Adjusted net income1 was $660 million, or $2.14 per share, in the third quarter of 2024, compared with net income of $504 million, or $1.64 per share, in the third quarter of 2023

• E&P oil and gas net production was 461,000 barrels of oil equivalent per day (boepd), up 17% from 395,000 boepd in the third quarter of 2023

• Bakken net production was 206,000 boepd, up 8% from 190,000 boepd in the third quarter of 2023

• Guyana net production was 170,000 barrels of oil per day (bopd), up 57% from 108,000 bopd in the third quarter of 2023

• E&P capital and exploratory expenditures were $1,104 million, compared with $998 million in the prior-year quarter

Updated 2024 Full Year Guidance:

• E&P capital and exploratory expenditures are expected to be approximately $4.9 billion, up from previous guidance of $4.2 billion, reflecting the decision to accelerate the purchase of the Liza Destiny and Prosperity floating production, storage and offloading vessels (FPSOs) to the fourth quarter of 2024 instead of in 2025

The full earnings release is available here.



Source link