Hess Corp. ( (HES) ) has released its Q4 earnings. Here is a breakdown of the information Hess Corp. presented to its investors.
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Hess Corporation, a global independent energy company, specializes in the exploration and production of crude oil and natural gas, with significant operations in regions such as the Bakken, Gulf of Mexico, and Guyana.
Hess Corporation announced a strong financial performance for the fourth quarter of 2024, reporting a net income of $542 million, a substantial increase from the previous year’s $413 million. This growth was driven primarily by increased production volumes, particularly in Guyana and the Bakken.
Key financial metrics included an 18% rise in oil and gas production to 495,000 barrels of oil equivalent per day, with net income per share rising to $1.76 from $1.34 in the prior year quarter. The company also reported significant investments in capital and exploratory expenditures amounting to $1,677 million, focusing on strategic assets such as the Liza Destiny and Prosperity FPSOs in Guyana.
The company’s proved reserves reached 1.44 billion barrels of oil equivalent, reflecting an organic reserve replacement rate of 138%. Despite lower realized selling prices, Hess achieved higher adjusted after-tax earnings due to increased production volumes.
Looking ahead, Hess Corporation remains focused on its ongoing projects in Guyana and other core areas, with expectations for continued growth in production and strategic investments to sustain its momentum into 2025 and beyond.
