Hess Corporation - HES STOCK NEWS

Hess (NYSE: HES) reported strong financial results for Q2 2024. Net income rose to $757 million ($2.46 per share), up from $119 million ($0.39 per share) in Q2 2023. Adjusted net income reached $809 million ($2.62 per share), compared to $201 million ($0.65 per share) last year. The company saw significant production growth, with total net production increasing 28% to 494,000 boepd. Notably, Guyana production surged 75% to 192,000 bopd. Bakken production also improved by 17% to 212,000 boepd. The company's average realized crude oil price increased to $80.29 per barrel, up from $71.13 in Q2 2023. Hess maintains a strong liquidity position with $1.9 billion in cash and cash equivalents. The company's success in Guyana continues, with multiple development projects progressing as planned.

Hess (NYSE: HES) will release its second-quarter earnings on Wednesday, July 31. Concurrently, the company will post additional earnings information on its website. Hess will not host an earnings call due to a definitive agreement for acquisition by Chevron, announced on October 23, 2023. This acquisition is pending shareholder and regulatory approvals and other customary closing conditions. Hess is a prominent global independent energy company focusing on crude oil and natural gas exploration and production.

Hess (NYSE: HES) announced that its stockholders have approved the proposed merger with Chevron During a special meeting, a majority of Hess's outstanding shares voted in favor of the merger. CEO John Hess highlighted that the merger will create a leading integrated energy company capable of delivering significant shareholder value. The final voting results will be documented in a Form 8-K filed with the U.S. SEC. The merger does not require approval from Chevron's stockholders but remains subject to other closing conditions, including regulatory approvals and arbitration outcomes related to the Stabroek Block joint operating agreement. Both companies aim to complete the merger promptly.

The Board of Directors of Hess (NYSE: HES) has declared a regular quarterly dividend of 43.75 cents per share. This dividend will be payable on June 28, 2024, to shareholders of record as of June 14, 2024. Hess is a global independent energy company focused on the exploration and production of crude oil and natural gas. For more information, visit the company's website or view the press release on Business Wire.

Hess reported impressive first-quarter financial results with net income of $972 million, or $3.16 per share, compared to $346 million, or $1.13 per share, in the same period last year. The company sanctioned the development of Whiptail, expected to add 250,000 barrels of oil per day by 2027. Exploration and Production (E&P) net income saw a significant increase to $997 million, with higher production volumes in Guyana and the Bakken. The Bakken net production was up by 17%, while Guyana saw a 70% increase in production. Despite a decrease in Gulf of Mexico production, overall production was up by 27%. The Midstream segment reported a net income of $67 million. E&P capital expenditures were $927 million, and full-year expenditures are expected to be around $4.2 billion. The company had cash and cash equivalents of $1.4 billion and debt of $5.6 billion at the end of the quarter.

Hess announces final investment decision for Whiptail development on Stabroek Block, targeting 1.3 million barrels of oil per day by 2027.

Hess (HES) will release its first quarter earnings on April 25, following a definitive agreement with Chevron for acquisition. The company, a global independent energy player, will not conduct a conference call due to the impending acquisition.

Hess Corporation (HES) declares a quarterly dividend of 43.75 cents per share for shareholders, reinforcing its position as a global independent energy company. The dividend will be paid on March 28, 2024, to holders of record on March 18, 2024.

Hess Corporation (NYSE:HES) has been recognized for climate change stewardship in CDP’s Climate Change Scores for 2023, outperforming the sector, regional, and global averages. The company has earned Leadership status for 15 consecutive years, based on climate related governance, disclosure practices, and risk management.