Hess Corp Q1 2025 – Net Income Drops by Half

By Bobby Samwell • Wednesday, April 30 10:14 • Permanent Link

Hess Corporation reported its estimated results for the first quarter of 2025, showing a significant decrease in net income compared to the same period in 2024. The net income for the first quarter of 2025 was $430 million, or $1.39 per share, compared to $972 million, or $3.16 per share, in the first quarter of 2024. Adjusted net income for the first quarter of 2025 was $559 million, or $1.81 per share.

The oil and gas net production remained consistent at 476,000 barrels of oil equivalent per day (boepd) in both the first quarters of 2025 and 2024. However, exploration and production (E&P) net income saw a significant decrease, totaling $434 million in the first quarter of 2025, compared to $997 million in the same period in 2024. On an adjusted basis, E&P's net income for the first quarter of 2025 was $563 million.

The average realized crude oil selling price also decreased, with $71.22 per barrel in the first quarter of 2025, compared to $80.06 per barrel in the first quarter of 2024. The decrease in net income and realized oil selling prices was attributed to lower sales volumes in the first quarter of 2025.

E&P capital and exploratory expenditures increased to $1,085 million in the first quarter of 2025, compared to $927 million in the prior-year quarter, primarily due to higher development activities in Guyana.

In terms of operational highlights, net production from the Bakken in the first quarter of 2025 increased to 195,000 boepd from 190,000 boepd in the prior-year quarter. Net production from the Gulf of America also saw an increase, reaching 41,000 boepd in the first quarter of 2025, compared to 31,000 boepd in the first quarter of 2024.

However, net production from the Stabroek block in Guyana totaled 183,000 barrels of oil per day (bopd) in the first quarter of 2025, compared to 190,000 bopd in the first quarter of 2024. The decrease was attributed to lower tax barrels.

The midstream segment reported a net income of $70 million in the first quarter of 2025, compared to $67 million in the same period in 2024.

In terms of liquidity, excluding the midstream segment, Hess Corporation had cash and cash equivalents of $1.3 billion and debt and finance lease obligations totaling $5.3 billion at the end of March 2025.

Today the company's shares have moved -3.1% to a price of $128.41. For more information, read the company's full 8-K submission here.

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