Key Development:
- Sanctioned development of Whiptail, the sixth development on
the Stabroek Block, offshore Guyana; expected to add gross
production capacity of approximately 250,000 barrels of oil per day
(bopd) by the end of 2027
First Quarter Financial and Operational Highlights:
- Net income was $972 million, or $3.16 per share, compared
with net income of $346 million, or $1.13 per share, in the first
quarter of 2023
- Oil and gas net production was 476,000 barrels of oil
equivalent per day (boepd), up 27% from 374,000 boepd
in the first quarter of 2023
- Bakken net production was 190,000 boepd, up 17% from 163,000
boepd in the first quarter of 2023; Guyana net production was
190,000 bopd, up 70% from 112,000 bopd in the prior-year
quarter
- E&P capital and exploratory expenditures were $927
million, compared with $765 million in the prior-year
quarter
Hess Corporation (NYSE: HES) today reported
net income of $972 million, or $3.16 per share, in the first
quarter of 2024, compared with net income of $346 million, or $1.13
per share, in the first quarter of 2023. The increase in after-tax
earnings compared with the prior-year quarter primarily reflects
higher production volumes in the first quarter of 2024.
After-tax income (loss) by major operating
activity was as follows:
Three Months Ended
March 31,
(unaudited)
2024
2023
(In millions, except per share
amounts)
Net Income
Attributable to Hess Corporation
Exploration and Production
$
997
$
405
Midstream
67
61
Corporate, Interest and Other
(92)
(120)
Net income attributable to Hess
Corporation
$
972
$
346
Net income per share (diluted)
$
3.16
$
1.13
Weighted average number of shares
(diluted)
307.9
307.3
Exploration and Production:
E&P net income was $997 million in the
first quarter of 2024, compared with $405 million in the first
quarter of 2023. The Corporation’s average realized crude oil
selling price was $80.06 per barrel in the first quarter of 2024,
compared with $74.23 per barrel, including the effect of hedging,
in the prior-year quarter. The average realized natural gas liquids
(NGL) selling price in the first quarter of 2024 was $22.97 per
barrel, compared with $24.25 per barrel in the prior-year quarter,
while the average realized natural gas selling price was $4.62 per
mcf, compared with $4.39 per mcf in the first quarter of 2023.
Net production was 476,000 boepd in the first
quarter of 2024, compared with 374,000 boepd in the first quarter
of 2023, primarily due to higher production in Guyana and the
Bakken. In the second quarter of 2024, E&P net production is
expected to be in the range of 465,000 boepd to 475,000 boepd,
reflecting planned maintenance in the Gulf of Mexico partially
offset by growth in the Bakken.
Cash operating costs, which include operating
costs and expenses, production and severance taxes, and E&P
general and administrative expenses, were $10.79 per barrel of oil
equivalent (boe) in the first quarter of 2024, compared with $12.96
per boe in the prior-year quarter, primarily due to higher
production volumes.
Operational Highlights for the First Quarter of 2024:
Bakken (Onshore U.S.): Net production
from the Bakken was 190,000 boepd in the first quarter of 2024,
compared with 163,000 boepd in the prior-year quarter, primarily
reflecting increased drilling and completion activity as well as
higher NGL and natural gas volumes received under percentage of
proceeds contracts due to lower commodity prices. NGL and natural
gas volumes received under percentage of proceeds contracts were
19,000 boepd in the first quarter of 2024, compared with 14,000
boepd in the first quarter of 2023, due to increasing volumes
received as consideration for gas processing fees. During the first
quarter of 2024, the Corporation operated four rigs and drilled 31
wells, completed 21 wells, and brought 34 new wells online. The
Corporation plans to continue operating four drilling rigs in
2024.
Gulf of Mexico (Offshore U.S.): Net
production from the Gulf of Mexico in the first quarter of 2024 was
31,000 boepd, compared with 33,000 boepd in the prior-year
quarter.
Guyana (Offshore): At the Stabroek
Block (Hess – 30%), net production totaled 190,0001 bopd in the
first quarter of 2024, compared with 112,0001 bopd in the
prior-year quarter. The third development on the block, Payara,
which commenced production in November 2023, reached its initial
production capacity of approximately 220,000 gross bopd in January
2024. In the first quarter of 2024, 15 cargos of crude oil were
sold from Guyana, compared with nine cargos in the prior-year
quarter. In the second quarter of 2024, 13 cargos of crude oil are
expected to be sold.
The fourth development on the block,
Yellowtail, was sanctioned in April 2022 with a production capacity
of approximately 250,000 gross bopd and first production expected
in 2025. The fifth development, Uaru, was sanctioned in April 2023
with a production capacity of approximately 250,000 gross bopd and
first production expected in 2026. The sixth development, Whiptail,
was sanctioned in April 2024 and is expected to add production
capacity of approximately 250,000 gross bopd by the end of
2027.
The successful Bluefin-1 exploration well
encountered approximately 197 feet of high-quality hydrocarbon
bearing sandstone reservoirs. The well was drilled in 4,244 feet of
water and is located approximately 5 miles southeast of the
Sailfin-1 discovery.
Southeast Asia (Offshore): Net
production at North Malay Basin and JDA was 65,000 boepd in the
first quarter of 2024, compared with 66,000 boepd in the prior-year
quarter.
Midstream:
The Midstream segment had net income of $67
million in the first quarter of 2024, compared with net income of
$61 million in the prior-year quarter.
In March 2024, Hess Midstream Operations LP
(HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM),
repurchased approximately 2.8 million HESM Opco Class B units held
by Hess Corporation and Global Infrastructure Partners for $100
million, of which the Corporation received $38 million. The
repurchase of the Class B units was financed by HESM Opco’s
revolving credit facility. The Corporation continues to own
approximately 37.8% of HESM on a consolidated basis.
Corporate, Interest and Other:
After-tax expense for Corporate, Interest and
Other was $92 million in the first quarter of 2024, compared with
$120 million in the first quarter of 2023. Corporate and other
expenses decreased by $11 million in the first quarter of 2024,
primarily due to lower legal and professional fees. Interest
expense decreased by $17 million in the first quarter of 2024,
reflecting higher capitalized interest.
Capital and Exploratory Expenditures:
E&P capital and exploratory expenditures
were $927 million in the first quarter of 2024, compared with $765
million in the prior-year quarter, primarily due to increased
drilling activity in the Gulf of Mexico. Full year 2024 E&P
capital and exploratory expenditures are expected to be
approximately $4.2 billion.
Midstream capital expenditures were $35
million in the first quarter of 2024 and $57 million in the
prior-year quarter.
Liquidity:
Excluding the Midstream segment, Hess
Corporation had cash and cash equivalents of $1.4 billion and debt
and finance lease obligations totaling $5.6 billion at March 31,
2024. The Midstream segment had cash and cash equivalents of $5
million and total debt of $3.3 billion at March 31, 2024. The
Corporation’s debt to capitalization ratio as defined in its debt
covenants was 31.9% at March 31, 2024 and 33.6% at December 31,
2023.
Net cash provided by operating activities was
$885 million in the first quarter of 2024, compared with $638
million in the first quarter of 2023. Net cash provided by
operating activities before changes in operating assets and
liabilities2 was $1,729 million in the first quarter of 2024,
compared with $1,032 million in the prior-year quarter, primarily
due to higher production volumes. Changes in operating assets and
liabilities decreased cash flow from operating activities by $844
million in the first quarter of 2024, primarily due to an increase
in accounts receivable related to Guyana oil liftings and a
decrease in accrued liabilities which includes a payment in
connection with the HONX, Inc. settlement. Changes in operating
assets and liabilities decreased cash flow from operating
activities by $394 million in the first quarter of 2023.
1. Net production from Guyana included
33,000 bopd of tax barrels in the first quarter of 2024 and 15,000
bopd of tax barrels in the first quarter of 2023.
2. “Net cash provided by (used in)
operating activities before changes in operating assets and
liabilities” is a non-GAAP financial measure. The reconciliation to
its nearest GAAP equivalent measure, and its definition, appear on
pages 5 and 6, respectively.
Reconciliation of U.S. GAAP to Non-GAAP Measure:
The following table reconciles reported net
cash provided by (used in) operating activities from net cash
provided by (used in) operating activities before changes in
operating assets and liabilities:
Three Months Ended
March 31,
(unaudited)
2024
2023
(In millions)
Net cash provided by (used in) operating
activities before changes in operating assets and liabilities
$
1,729
$
1,032
Changes in operating assets and
liabilities
(844)
(394)
Net cash provided by (used in) operating
activities
$
885
$
638
Investor Conference Call:
Due to the pending merger with Chevron
Corporation (Chevron), the Corporation will not host a conference
call to review its first quarter 2024 results.
Hess Corporation is a leading global
independent energy company engaged in the exploration and
production of crude oil and natural gas. More information on Hess
Corporation is available at www.hess.com.
Forward-looking Statements
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Words such as “anticipate,” “estimate,” “expect,” “forecast,”
“guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,”
“project,” “plan,” “predict,” “will,” “target” and similar
expressions identify forward-looking statements, which are not
historical in nature. Our forward-looking statements may include,
without limitation: our future financial and operational results;
our business strategy; estimates of our crude oil and natural gas
reserves and levels of production; benchmark prices of crude oil,
NGL and natural gas and our associated realized price
differentials; our projected budget and capital and exploratory
expenditures; expected timing and completion of our development
projects; information about sustainability goals and targets and
planned social, safety and environmental policies, programs and
initiatives; future economic and market conditions in the oil and
gas industry; and expected timing and completion of our proposed
merger with Chevron.
Forward-looking statements are based on our current
understanding, assessments, estimates and projections of relevant
factors and reasonable assumptions about the future.
Forward-looking statements are subject to certain known and unknown
risks and uncertainties that could cause actual results to differ
materially from our historical experience and our current
projections or expectations of future results expressed or implied
by these forward-looking statements. The following important
factors could cause actual results to differ materially from those
in our forward-looking statements: fluctuations in market prices of
crude oil, NGL and natural gas and competition in the oil and gas
exploration and production industry; reduced demand for our
products, including due to perceptions regarding the oil and gas
industry, competing or alternative energy products and political
conditions and events; potential failures or delays in increasing
oil and gas reserves, including as a result of unsuccessful
exploration activity, drilling risks and unforeseen reservoir
conditions, and in achieving expected production levels; changes in
tax, property, contract and other laws, regulations and
governmental actions applicable to our business, including
legislative and regulatory initiatives regarding environmental
concerns, such as measures to limit greenhouse gas emissions and
flaring, fracking bans as well as restrictions on oil and gas
leases; operational changes and expenditures due to climate change
and sustainability related initiatives; disruption or interruption
of our operations due to catastrophic and other events, such as
accidents, severe weather, geological events, shortages of skilled
labor, cyber-attacks, public health measures, or climate change;
the ability of our contractual counterparties to satisfy their
obligations to us, including the operation of joint ventures under
which we may not control and exposure to decommissioning
liabilities for divested assets in the event the current or future
owners are unable to perform; unexpected changes in technical
requirements for constructing, modifying or operating exploration
and production facilities and/or the inability to timely obtain or
maintain necessary permits; availability and costs of employees and
other personnel, drilling rigs, equipment, supplies and other
required services; any limitations on our access to capital or
increase in our cost of capital, including as a result of
limitations on investment in oil and gas activities, rising
interest rates or negative outcomes within commodity and financial
markets; liability resulting from environmental obligations and
litigation, including heightened risks associated with being a
general partner of HESM; risks and uncertainties associated with
our proposed merger with Chevron; and other factors described in
Item 1A—Risk Factors in our Annual Report on Form 10-K and any
additional risks described in our other filings with the Securities
and Exchange Commission (SEC).
As and when made, we believe that our forward-looking statements
are reasonable. However, given these risks and uncertainties,
caution should be taken not to place undue reliance on any such
forward-looking statements since such statements speak only as of
the date when made and there can be no assurance that such
forward-looking statements will occur and actual results may differ
materially from those contained in any forward-looking statement we
make. Except as required by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events or otherwise.
Non-GAAP financial measure
The Corporation has used a non-GAAP financial measure in this
earnings release. “Net cash provided by (used in) operating
activities before changes in operating assets and liabilities”
presented in this release is defined as Net cash provided by (used
in) operating activities excluding changes in operating assets and
liabilities. Management believes that net cash provided by (used
in) operating activities before changes in operating assets and
liabilities demonstrates the Corporation’s ability to internally
fund capital expenditures, pay dividends and service debt. This
measure is not, and should not be viewed as, a substitute for U.S.
GAAP net cash provided by (used in) operating activities. A
reconciliation of net cash provided by (used in) operating
activities (U.S. GAAP) to net cash provided by (used in) operating
activities before changes in operating assets and liabilities is
provided in the release.
Cautionary Note to Investors
We use certain terms in this release relating to resources other
than proved reserves, such as unproved reserves or resources.
Investors are urged to consider closely the oil and gas disclosures
in Hess Corporation’s Form 10-K, File No. 1-1204, available from
Hess Corporation, 1185 Avenue of the Americas, New York, New York
10036 c/o Corporate Secretary and on our website at www.hess.com.
You can also obtain this form from the SEC on the EDGAR system.
HESS CORPORATION AND
CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Income
Statement
Revenues and non-operating
income
Sales and other operating revenues
$
3,309
$
2,411
$
3,011
Other, net
32
42
24
Total revenues and non-operating
income
3,341
2,453
3,035
Costs and expenses
Marketing, including purchased oil and
gas
622
603
886
Operating costs and expenses
412
382
473
Production and severance taxes
56
48
61
Exploration expenses, including dry holes
and lease impairment
42
66
87
General and administrative expenses
124
136
168
Interest expense
113
123
116
Depreciation, depletion and
amortization
557
491
559
Total costs and expenses
1,926
1,849
2,350
Income before income taxes
1,415
604
685
Provision for income taxes
348
176
182
Net income
1,067
428
503
Less: Net income attributable to
noncontrolling interests
95
82
90
Net income attributable to Hess
Corporation
$
972
$
346
$
413
HESS CORPORATION AND
CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
March 31,
2024
December 31,
2023
Balance Sheet
Information
Assets
Cash and cash equivalents
$
1,438
$
1,688
Other current assets
2,186
1,742
Property, plant and equipment – net
17,827
17,432
Operating lease right-of-use assets –
net
658
720
Finance lease right-of-use assets –
net
104
108
Other long-term assets
2,506
2,317
Total assets
$
24,719
$
24,007
Liabilities and equity
Current portion of long-term debt
$
314
$
311
Current portion of operating and finance
lease obligations
365
370
Other current liabilities
2,272
2,589
Long-term debt
8,415
8,302
Long-term operating lease obligations
398
459
Long-term finance lease obligations
151
156
Other long-term liabilities
2,273
2,218
Total equity excluding accumulated other
comprehensive income (loss)
10,002
9,120
Accumulated other comprehensive income
(loss)
(134)
(134)
Noncontrolling interests
663
616
Total liabilities and equity
$
24,719
$
24,007
HESS CORPORATION AND
CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
March 31,
2024
December 31,
2023
Total
Debt
Hess Corporation
$
5,404
$
5,402
Midstream (a)
3,325
3,211
Hess Consolidated
$
8,729
$
8,613
(a) Midstream debt is non-recourse to Hess
Corporation.
March 31,
2024
December 31,
2023
Debt to
Capitalization Ratio (a)
Hess Consolidated
45.8 %
47.8 %
Hess Corporation as defined in debt
covenants
31.9 %
33.6 %
(a) Includes finance lease
obligations.
Three Months Ended
March 31,
2024
2023
Interest
Expense
Gross interest expense – Hess
Corporation
$
87
$
86
Less: Capitalized interest – Hess
Corporation
(23)
(5)
Interest expense – Hess Corporation
64
81
Interest expense – Midstream (a)
49
42
Interest expense – Hess
Consolidated
$
113
$
123
(a) Midstream interest expense is reported
in the Midstream operating segment.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Cash Flow
Information
Cash Flows from Operating
Activities
Net income
$
1,067
$
428
$
503
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation, depletion and
amortization
557
491
559
Exploratory dry hole costs
—
31
50
Exploration lease impairment
3
5
3
Pension settlement loss
—
—
17
Stock compensation expense
39
35
18
Noncash (gains) losses on commodity
derivatives, net
—
—
52
Provision (benefit) for deferred income
taxes and other tax accruals
63
42
37
Net cash provided by (used in) operating
activities before changes in operating assets and liabilities
1,729
1,032
1,239
Changes in operating assets and
liabilities
(844)
(394)
105
Net cash provided by (used in) operating
activities
885
638
1,344
Cash Flows from Investing
Activities
Additions to property, plant and equipment
- E&P
(902)
(773)
(1,380)
Additions to property, plant and equipment
- Midstream
(55)
(64)
(64)
Other, net
(1)
(4)
(3)
Net cash provided by (used in) investing
activities
(958)
(841)
(1,447)
Cash Flows from Financing
Activities
Net borrowings (repayments) of debt with
maturities of 90 days or less
115
103
64
Debt with maturities of greater than 90
days:
Borrowings
—
—
—
Repayments
(3)
—
(3)
Cash dividends paid
(137)
(137)
(134)
Common stock acquired and retired
—
(20)
—
Noncontrolling interests, net
(151)
(131)
(151)
Employee stock options exercised
11
3
—
Payments on finance lease obligations
(3)
(2)
(3)
Other, net
(9)
1
—
Net cash provided by (used in) financing
activities
(177)
(183)
(227)
Net Increase (Decrease) in Cash and
Cash Equivalents
(250)
(386)
(330)
Cash and Cash Equivalents at Beginning
of Period
1,688
2,486
2,018
Cash and Cash Equivalents at End of
Period
$
1,438
$
2,100
$
1,688
Additions to
Property, Plant and Equipment included within Investing
Activities
Capital expenditures incurred
$
(923)
$
(792)
$
(1,518)
Increase (decrease) in related
liabilities
(34)
(45)
74
Additions to property, plant and
equipment
$
(957)
$
(837)
$
(1,444)
HESS CORPORATION AND
CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA
(UNAUDITED)
(IN MILLIONS)
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Capital and
Exploratory Expenditures
E&P Capital and exploratory
expenditures
United States
North Dakota
$
288
$
232
$
313
Offshore and Other
159
29
64
Total United States
447
261
377
Guyana
447
454
1,047
Malaysia and JDA
28
47
55
Other
5
3
1
E&P Capital and exploratory
expenditures
$
927
$
765
$
1,480
Total exploration expenses charged to
income included above
$
39
$
30
$
34
Midstream Capital expenditures
$
35
$
57
$
72
HESS CORPORATION AND
CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION
EARNINGS (UNAUDITED)
(IN MILLIONS)
First Quarter 2024
Income
Statement
United States
International
Total
Total revenues and non-operating
income
Sales and other operating revenues
$
1,523
$
1,780
$
3,303
Other, net
10
1
11
Total revenues and non-operating
income
1,533
1,781
3,314
Costs and expenses
Marketing, including purchased oil and gas
(a)
589
51
640
Operating costs and expenses
205
133
338
Production and severance taxes
54
2
56
Midstream tariffs
328
—
328
Exploration expenses, including dry holes
and lease impairment
34
8
42
General and administrative expenses
64
8
72
Depreciation, depletion and
amortization
244
263
507
Total costs and expenses
1,518
465
1,983
Results of operations before income
taxes
15
1,316
1,331
Provision for income taxes
—
334
334
Net income (loss) attributable to Hess
Corporation
$
15
$
982
$
997
First Quarter 2023
Income
Statement
United States
International
Total
Total revenues and non-operating
income
Sales and other operating revenues
$
1,365
$
1,044
$
2,409
Other, net
9
5
14
Total revenues and non-operating
income
1,374
1,049
2,423
Costs and expenses
Marketing, including purchased oil and gas
(a)
584
35
619
Operating costs and expenses
205
118
323
Production and severance taxes
46
2
48
Midstream tariffs
283
—
283
Exploration expenses, including dry holes
and lease impairment
20
46
66
General and administrative expenses
54
12
66
Depreciation, depletion and
amortization
203
240
443
Total costs and expenses
1,395
453
1,848
Results of operations before income
taxes
(21)
596
575
Provision for income taxes
—
170
170
Net income (loss) attributable to Hess
Corporation
$
(21)
(b)
$
426
(c)
$
405
(a) Includes amounts charged from the
Midstream segment.
(b) Includes after-tax losses from
realized crude oil hedging activities of $27 million (noncash
premium amortization: $27 million; cash settlement: $0
million).
(c) Includes after-tax losses from
realized crude oil hedging activities of $7 million (noncash
premium amortization: $7 million; cash settlement: $0 million).
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION
EARNINGS (UNAUDITED)
(IN MILLIONS)
Fourth Quarter 2023
Income
Statement
United States
International
Total
Total revenues and non-operating
income
Sales and other operating revenues
$
1,766
$
1,240
$
3,006
Other, net
11
5
16
Total revenues and non-operating
income
1,777
1,245
3,022
Costs and expenses
Marketing, including purchased oil and gas
(a)
867
40
907
Operating costs and expenses
229
159
388
Production and severance taxes
56
5
61
Midstream tariffs
328
—
328
Exploration expenses, including dry holes
and lease impairment
82
5
87
General and administrative expenses
53
8
61
Depreciation, depletion and
amortization
255
253
508
Total costs and expenses
1,870
470
2,340
Results of operations before income
taxes
(93)
775
682
Provision for income taxes
—
170
170
Net income (loss) attributable to Hess
Corporation
$
(93)
(b)
$
605
(c)
$
512
(a) Includes amounts charged from the
Midstream segment.
(b) Includes after-tax losses from
realized crude oil hedging activities of $34 million (noncash
premium amortization: $34 million; cash settlement: $0
million).
(c) Includes after-tax losses from
realized crude oil hedging activities of $18 million (noncash
premium amortization: $18 million; cash settlement: $0
million).
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION
OPERATING DATA
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Net Production
Per Day (in thousands)
Crude oil - barrels
United States
North Dakota
88
76
89
Offshore
22
24
21
Total United States
110
100
110
Guyana (a)
190
112
128
Malaysia and JDA
5
4
6
Total
305
216
244
Natural gas liquids - barrels
United States
North Dakota
69
61
71
Offshore
2
1
2
Total United States
71
62
73
Natural gas - mcf
United States
North Dakota
200
158
204
Offshore
41
47
42
Total United States
241
205
246
Malaysia and JDA
358
369
362
Total
599
574
608
Barrels of oil equivalent
476
374
418
(a) Production from Guyana includes 33,000
bopd of tax barrels in the first quarter of 2024, 15,000 bopd of
tax barrels in the first quarter of 2023 and 16,000 bopd of tax
barrels in the fourth quarter of 2023.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION
OPERATING DATA
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Sales Volumes Per
Day (in thousands) (a)
Crude oil – barrels
308
213
245
Natural gas liquids – barrels
73
64
74
Natural gas – mcf
599
574
608
Barrels of oil equivalent
481
373
420
Sales Volumes (in
thousands) (a)
Crude oil – barrels
28,053
19,161
22,521
Natural gas liquids – barrels
6,650
5,761
6,839
Natural gas – mcf
54,495
51,692
55,957
Barrels of oil equivalent
43,786
33,537
38,686
(a) Sales volumes from purchased crude
oil, natural gas liquids, and natural gas are not included in the
sales volumes reported.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION
OPERATING DATA
First
Quarter
2024
First
Quarter
2023
Fourth
Quarter
2023
Average Selling
Prices
Crude oil - per barrel (including
hedging)
United States
North Dakota
$
71.75
$
68.63
$
70.69
Offshore
75.86
68.12
73.68
Total United States
72.58
68.50
71.28
Guyana
84.27
79.15
81.50
Malaysia and JDA
81.10
72.91
73.44
Worldwide
80.06
74.23
76.63
Crude oil - per barrel (excluding
hedging)
United States
North Dakota
$
71.75
$
71.78
$
74.03
Offshore
75.86
71.27
76.98
Total United States
72.58
71.65
74.62
Guyana
84.27
79.86
83.09
Malaysia and JDA
81.10
72.91
73.44
Worldwide
80.06
76.02
78.95
Natural gas liquids - per
barrel
United States
North Dakota
$
23.03
$
24.25
$
20.95
Offshore
21.36
24.28
19.26
Worldwide
22.97
24.25
20.92
Natural gas - per mcf
United States
North Dakota
$
1.80
$
2.54
$
1.52
Offshore
2.11
2.42
2.26
Total United States
1.85
2.51
1.65
Malaysia and JDA
6.49
5.44
6.45
Worldwide
4.62
4.39
4.51
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425213571/en/
For Hess Corporation
Investor Contact:
Jay Wilson (212) 536-8940
Media Contacts:
Lorrie Hecker (212) 536-8250
Liz James FGS Global (281) 881-5170
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