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 income(1) 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

(1) “Adjusted net income” is a non-GAAP financial measure

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

Hess Corporation today reported net income of $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. On an adjusted basis, the Corporation reported net income of $660 million, or $2.14 per share, in the third quarter of 2024. The increase in adjusted after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes, partially offset by lower realized selling prices in the third quarter of 2024. 

Operational Highlights for the Third Quarter of 2024: 

Bakken (Onshore U.S.): Net production from the Bakken was 206,000 boepd in the third quarter of 2024, compared with 190,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity. NGL and natural gas volumes received under percentage of proceeds contracts were 22,000 boepd in the third quarter of 2024, compared with 19,000 boepd in the third quarter of 2023. During the third quarter of 2024, the Corporation operated four rigs and drilled 32 wells, completed 36 wells, and brought 37 new wells online. The Corporation plans to continue operating four drilling rigs in the fourth quarter of 2024. Bakken net production is forecasted to be in the range of 200,000 boepd to 205,000 boepd in the fourth quarter of 2024, reflecting lower anticipated volumes received under percentage of proceeds contracts.

Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico in the third quarter of 2024 was 38,000 boepd, compared with 28,000 boepd in the prior-year quarter, primarily due to startup of the Pickerel well (Hess – 100%) that achieved first production in late June 2024 as a tieback to the Tubular Bells production facility, partially offset by hurricane-related downtime.

Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 170,000 bopd2 in the third quarter of 2024, compared with 108,000 bopd2 in the prior-year quarter, primarily due to the start-up of the third development on the block, Payara, which commenced production in November 2023. Guyana net production is forecasted to be in the range of 185,000 bopd2 to 190,000 bopd2 in the fourth quarter of 2024, reflecting recovery from planned downtime in the third quarter. In the third quarter of 2024, 14 cargos of crude oil were sold from Guyana, compared with nine cargos in the prior-year quarter. In the fourth quarter of 2024, 15 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 application for the environmental permit for the seventh development, Hammerhead, has been filed with Guyana's Environmental Protection Agency. Pending government and regulatory approval and project sanctioning, the development is expected to have a production capacity in the range of 120,000 to 180,000 gross bopd, with first oil anticipated in 2029.

Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 47,000 boepd in the third quarter of 2024, compared with 69,000 boepd in the prior-year quarter, primarily due to planned and unplanned maintenance at JDA and planned maintenance at North Malay Basin during the third quarter of 2024.

KeyFacts Energy: Hess US country profile

If you would like to discover more about KeyFacts Energy, contact us today and we can arrange a 15-minute online meeting to review our database of over 2,600 continually updated 'country-specific' oil and gas and renewable energy profiles from a selection of 144 countries. Find out how you can instantly identify companies with operational activity in your chosen country, 'fine-tune' your news or company selection based on industry category, energy type or regional location and additionally benefit from one to one contact with us to ensure maximum online and social media exposure for your company.