Hess Corporation’s Q3 2024 Earnings and Production Growth

Hess Corp. ( (HES) ) has realeased its Q3 earnings. Here is a breakdown of the information Hess Corp. presented to its investors.

Hess Corporation, a leading global independent energy company, specializes in the exploration and production of crude oil and natural gas, with significant operations in regions like Guyana and the Bakken formation in the United States.

In its third-quarter earnings report for 2024, Hess Corporation announced a net income of $498 million, reflecting a slight decrease from the previous year. However, the company reported an adjusted net income of $660 million, showcasing a robust growth driven by increased production volumes, particularly in Guyana.

Key financial highlights include a 17% increase in exploration and production net production to 461,000 barrels of oil equivalent per day, with Guyana’s output significantly boosting these figures. Despite a dip in crude oil selling prices, the company’s production growth, particularly from the third development at the Stabroek Block, has positively impacted earnings. The company’s capital and exploratory expenditures rose to $1,104 million, primarily to enhance development activities in Guyana.

Hess Corporation also announced a dividend increase of 14%, marking its commitment to returning value to shareholders. The company’s strategic investments, such as the accelerated purchase of floating production, storage, and offloading vessels, reflect a proactive approach to future growth.

Looking ahead, Hess Corporation maintains a positive outlook, with plans to further increase production capacities, particularly in Guyana, while managing its financial metrics to ensure sustained growth and shareholder returns.