Hess Corporation has reported estimated results for the fourth quarter of 2024, with significant improvements across various financial and operational metrics compared to the same period in 2023.
Net income for the fourth quarter of 2024 was $542 million, or $1.76 per share, compared with $413 million, or $1.34 per share, in the fourth quarter of 2023. On an adjusted basis, the corporation reported net income of $501 million, or $1.63 per share, in the fourth quarter of 2023.
Oil and gas net production saw a notable increase, reaching 495,000 barrels of oil equivalent per day (boepd), up 18% from 418,000 boepd in the fourth quarter of 2023. Specifically, Bakken net production was up 7% from the prior-year quarter, while Guyana net production surged by 52%.
Exploration and production (E&P) net income for the fourth quarter of 2024 was $529 million, compared with $512 million in the same period of 2023. The corporation’s average realized crude oil selling price, including the effect of hedging, decreased to $72.10 per barrel from $76.63 per barrel in the prior-year quarter.
The company's year-end proved reserves are estimated to be 1.44 billion barrels of oil equivalent (boe), representing a significant increase from 1.37 billion boe at the end of 2023. The corporation replaced 138% of its 2024 production at a finding and development cost of $19.67 per boe.
In terms of operational highlights, net production from the Bakken reached 208,000 boepd in the fourth quarter of 2024, reflecting a 7% increase from the prior-year quarter. Additionally, in Southeast Asia, net production at North Malay Basin and JDA was 62,000 boepd in the fourth quarter of 2024.
Hess Corporation's midstream segment reported net income of $74 million in the fourth quarter of 2024, compared with $63 million in the prior-year quarter.
As a result of these announcements, the company's shares have moved 0.0% on the market, and are now trading at a price of $145.12. Check out the company's full 8-K submission here.
