Hess Reports Estimated Results for the Second Quarter of 2023

Source: www.gulfoilandgas.com 7/26/2023, Location: South America

Key Developments:
- Sanctioned development of Uaru, the fifth development on the Stabroek Block, offshore Guyana, with a production capacity of approximately 250,000 gross barrels of oil per day (bopd); first oil is expected in 2026
- Extension granted for the Stabroek Block exploration license by one year to October 2027
- Oil discovery at the Pickerel-1 exploration well in the Gulf of Mexico, which will be a tieback to the Tubular Bells production facility with first oil expected in mid-2024

Second Quarter Financial and Operational Highlights:
- Net income was $119 million, or $0.39 per share, compared with net income of $667 million, or $2.15 per share, in the second quarter of 2022; adjusted net income1 in the second quarter of 2023 was $201 million, or $0.65 per share
- Oil and gas net production was 387,000 barrels of oil equivalent per day (boepd), up 28% from 303,000 boepd, proforma for asset sold, in the second quarter of 2022
- Bakken net production was 181,000 boepd, up 29% from 140,000 boepd in the second quarter of 2022; Guyana net production was 110,000 bopd, compared with 67,000 bopd in the prior-year quarter
- E&P capital and exploratory expenditures were $933 million compared with $622 million in the prior-year quarter

2023 Updated Guidance:
- Full year net production is now forecast to be in the range of 385,000 boepd to 390,000 boepd, compared with previous guidance of 365,000 boepd to 375,000 boepd primarily due to strong operational performance and the expected startup of the Payara development early in the fourth quarter.

Hess Corporation (HES) reported net income of $119 million, or $0.39 per share, in the second quarter of 2023, compared with net income of $667 million, or $2.15 per share, in the second quarter of 2022. On an adjusted basis, the Corporation reported net income of $201 million or $0.65 per share in the second quarter of 2023. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized selling prices, partially offset by the net impact of higher production volumes in the second quarter of 2023.

CEO John Hess said: "We continue to successfully execute our strategy to deliver industry leading cash flow growth and financial returns to our shareholders while safely and responsibly producing oil and gas to help meet the world’s growing energy needs.”


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