Hess Announces 50% Increase in Quarterly Dividend on Common Stock

Source: www.gulfoilandgas.com 3/1/2022, Location: North America

The Board of Directors of Hess Corporation has declared a regular quarterly dividend of 37.5 cents per share payable on Hess Corporation Common Stock, an increase of 50% from the previously paid quarterly dividend of 25 cents per share. The dividend is payable on March 30, 2022 to stockholders of record as of the close of business on March 14, 2022. The company also announced that it had repaid the remaining $500 million of a $1 billion term loan maturing in March 2023.

“The recently announced startup of the Liza Phase 2 oil development offshore Guyana has positioned the company to reduce debt and begin increasing cash returns to shareholders,” CEO John Hess said. “As our portfolio becomes increasingly free cash flow positive, we plan to continue to grow the dividend and accelerate share repurchases.”

The company provided an update on its first quarter and full year guidance for production and cash costs and reaffirmed its fourth quarter 2022 production guidance. For the first quarter, Bakken net production is now expected to average approximately 150,000 barrels of oil equivalent per day, compared with the previous guidance range of 155,000 to 160,000 barrels of oil equivalent per day, primarily due to severe winter weather and higher natural gas liquids prices that will increase the company’s earnings and cash flow but lower production entitlements under the company’s Percentage of Proceeds contracts. Bakken net production for full year 2022 is now expected to be in the range of 160,000 to 165,000 barrels of oil equivalent per day, compared with the previous guidance range of 165,000 to 170,000 barrels of oil equivalent per day. The company reaffirmed its previous Bakken net production guidance range for the fourth quarter of 175,000 to 180,000 barrels of oil equivalent per day.

Companywide net production for the first quarter is now expected to be in the range of 270,000 to 275,000 barrels of oil equivalent per day excluding Libya, compared with the previous guidance range of 275,000 to 285,000 barrels of oil equivalent per day, due to lower Bakken production. Companywide net production for the full year is now expected to be in the range of 325,000 to 330,000 barrels of oil equivalent per day, excluding Libya, compared with the previous guidance range of 330,000 to 340,000 barrels of oil equivalent per day, due to lower Bakken production and a delay in the startup of a third party operated tieback well at the Llano Field in the Gulf of Mexico. The company reaffirmed its previous companywide net production guidance range for the fourth quarter of 360,000 to 370,000 barrels of oil equivalent per day, excluding Libya.

Cash costs for the first quarter, excluding Libya, are now expected to be in the range of $15.00 to $15.50 per barrel of oil equivalent, compared with the previous guidance range of $13.50 to $14.00 per barrel of oil equivalent, primarily due to lower production volumes as well as increased production taxes resulting from higher oil prices. Cash costs for full year 2022, excluding Libya, are now expected to be in the range of $12.50 to $13.00 per barrel of oil equivalent, compared with the previous guidance range of $11.50 to $12.50 per barrel of oil equivalent.


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