Hess Corp Stock Price, News & Analysis

Hess Corporation (NYSE: HES) has finalized the sale of its subsidiary Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field, to Ineos E&P AS for $150 million, effective January 1, 2021. This divestiture aims to concentrate Hess's portfolio and enhance its cash position. The proceeds are earmarked for investments in the promising Guyana region. CEO John Hess emphasized the strategic focus on high-value opportunities as the rationale for this sale.

Hess Corporation (NYSE: HES) reported a net loss of $73 million ($0.24 per share) for Q2 2021, a significant improvement from a $320 million loss in Q2 2020. Adjusted net income rose to $74 million as higher oil prices boosted revenue. Key operational highlights include a realized crude oil price of $59.79 per barrel, with total production of 307,000 boepd. The company continues to focus on debt reduction, having paid off $500 million of its $1 billion loan, while investments in Guyana remain promising with new oil discoveries. Cash provided by operating activities was $785 million.

Hess Corporation (NYSE: HES) announced a significant oil discovery at the Whiptail-1 well on the Stabroek Block offshore Guyana, encountering 246 feet of net pay in high-quality oil reservoirs. The Whiptail-2 well, drilling nearby, has encountered 167 feet of net pay. CEO John Hess highlighted that this discovery could enhance the estimated 9 billion barrels of recoverable resources. Ongoing development includes Liza Phase 2 and the Payara Field, with production targets set for 2022 and 2024, respectively.

Hess Corporation (NYSE: HES) will host a conference call on July 28, 2021, at 10 a.m. ET to discuss its second quarter earnings. Participants in the U.S. can dial 877-693-6685, while international participants can call 443-295-9223, using pass code 4770318. A webcast option is also available. A replay will be accessible from July 28 to August 12, 2021. Hess is a major player in energy, focused on crude oil and natural gas exploration and production, with detailed information available on its website.

Hess Corporation (NYSE: HES) announced a $1.4 million grant to the Jackie Robinson Foundation, reinforcing its commitment to diversity, equity, and inclusion. This grant allocates $1 million for the upcoming Jackie Robinson Museum in New York City and $400,000 for scholarships and support services for underrepresented college students. Starting in 2022, Hess plans to offer internship opportunities to these scholars, enhancing their educational experience. CEO John Hess emphasized the company's dedication to social investment and leadership development through education.

Hess Corporation (NYSE: HES) has committed $9 million over three years to support educational programs for children in economically disadvantaged communities in Houston. This initiative, part of the Learning for Life Partnership, aims to benefit around 13,000 students across 22 schools in areas like Third Ward and Magnolia Park-Manchester. The funding will go to various nonprofits and encompass STEM education, mentorship, and scholarships. This framework expands upon Hess's previous $7.4 million investment in education over the last eight years, demonstrating a commitment to community enhancement.

Hess Corporation (NYSE: HES) will have its CEO, John Hess, participate in a Fireside Chat at the J.P. Morgan 2021 Energy, Power & Renewables Conference on June 23 at 8:50 a.m. Eastern Time. This session will be available via a live audio webcast, with a replay accessible on the Hess Corporation website. The company emphasizes that forward-looking statements made during the event are subject to various risk factors.

Hess Corporation (NYSE: HES) announced a significant offshore oil discovery at the Longtail-3 well on the Stabroek Block, encountering 230 feet of net pay. This well is located near the original Longtail-1 site and underscores Hess's strong operational capacity in the region. Additionally, the Mako-2 appraisal well confirmed robust reservoir characteristics, supporting plans for a potential fifth FPSO. Hess's gross discovered recoverable resource estimate now stands at approximately 9 billion barrels of oil equivalent, reinforcing development prospects on the Stabroek Block.