Hess Corporation's Stock Analysis

Hess Completes Merger with Chevron, Stock Delisted from NYSE

Hess Corporation has completed its merger with Chevron Corporation as of July 18, 2025, with Hess becoming a wholly owned subsidiary of Chevron. As part of the merger agreement, each share of Hess common stock was converted into the right to receive 1.025 shares of Chevron common stock, and Hess's stock was suspended from trading on the New York Stock Exchange (NYSE). The merger also involved the conversion of Hess stock options and restricted stock awards into corresponding Chevron equity awards, and the termination of Hess's existing credit agreement, which included a repayment of all outstanding obligations without penalties.

Following the merger, Hess notified the NYSE of the completion and requested the delisting of its shares. The merger resulted in a change of control, with all prior directors and officers of Hess ceasing their roles. New directors were appointed, including Bruce L. Niemeyer as President of Hess. The merger agreement has been registered under the Securities Act of 1933, and additional details can be found in the related proxy statement and registration statement filed with the SEC.

Jul 18, 2025 08:45:11

Hess Corporation Reports Decrease in Net Income for Q1 2025

Hess Corporation reported a net income of $430 million, or $1.39 per share, for the first quarter of 2025, a decline from $972 million, or $3.16 per share, in the same quarter of 2024. The adjusted net income for this quarter was $559 million, or $1.81 per share, primarily due to lower realized oil selling prices and sales volumes. The company maintained oil and gas net production at 476,000 barrels of oil equivalent per day, consistent with the previous year, and reported E&P capital and exploratory expenditures of $1,085 million, an increase from $927 million in the prior-year quarter.

In operational updates, Hess's production from the Bakken increased slightly to 195,000 barrels of oil equivalent per day, while production from the Gulf of America rose to 41,000 barrels per day. However, production from the Stabroek Block in Guyana decreased to 183,000 barrels per day. The company is on track for the startup of its Yellowtail development in the third quarter of 2025, which is expected to have a gross production capacity of approximately 250,000 barrels per day. Hess Corporation's liquidity remains stable, with cash and cash equivalents totaling $1.3 billion and total debt of $5.3 billion as of March 31, 2025.

Apr 30, 2025 07:30:32

Hess Reports $542 Million Net Income for Q4 2024

Hess Corporation reported a net income of $542 million, or $1.76 per share, for the fourth quarter of 2024, marking an increase from $413 million, or $1.34 per share, in the same quarter of 2023. The rise in earnings was attributed to higher production volumes, particularly in Guyana and the Bakken regions, with overall oil and gas net production reaching 495,000 barrels of oil equivalent per day, up 18% year-over-year. Additionally, the company's exploration and production segment saw net income rise slightly to $529 million, supported by improved cash operating costs, which decreased from $13.29 per barrel to $12.95 per barrel compared to the previous year.

Conversely, the company faced challenges, including lower realized selling prices for crude oil, which averaged $72.10 per barrel in Q4 2024 compared to $76.63 in Q4 2023. Exploration expenses also increased, contributing to the offsetting factors in net income growth. The Gulf of Mexico segment reported stagnant production levels, and an unsuccessful exploration well in December did not yield commercial quantities of hydrocarbons, incurring $92 million in exploration expenses. Overall, while Hess Corporation achieved positive financial results, the impact of fluctuating commodity prices and increased costs highlighted ongoing operational challenges.

Jan 29, 2025 07:30:48

Hess Corporation Reports Third Quarter 2024 Financial Results

Hess Corporation announced a 14% increase in its quarterly dividend to $0.50 per share and reported net income of $498 million for the third quarter of 2024, slightly down from $504 million in the same period last year. Adjusted net income rose significantly to $660 million, driven by higher production volumes, particularly in Guyana, where net production increased by 57%. The company also experienced a 17% increase in overall oil and gas production compared to the previous year, highlighting its operational growth despite lower realized selling prices for crude oil.

On the downside, the reported net income showed a decrease when compared year-over-year, and the average realized selling price for crude oil fell from $81.53 per barrel to $77.06 per barrel. Additionally, Hess faced noncash charges totaling $162 million due to impairments and updates to estimated abandonment liabilities. The company also increased its capital expenditures forecast for 2024, indicating a commitment to further development but also reflecting increased spending pressures.

Oct 30, 2024 07:30:36

Hess Clears Merger Hurdle with Chevron Amid FTC Review

Hess Corporation has announced that the Federal Trade Commission has completed its antitrust review of the merger with Chevron, marking a significant step towards finalizing the deal. CEO John Hess expressed satisfaction with this progress, stating that the merger will create a strong integrated energy company positioned for future energy needs. The company has demonstrated a high reinvestment rate, further underscoring its commitment to growth and meeting global energy demands responsibly.

However, to address concerns raised by the FTC, Mr. Hess will not join the Chevron Board of Directors, although he will continue to act as an advisor on government relations in Guyana. The Hess Board believes the FTC's concerns regarding Mr. Hess' communications with OPEC officials are unfounded. The merger's completion still hinges on resolving ongoing arbitration related to the Stabroek Block joint operating agreement, which adds an element of uncertainty to the transaction.

Sep 30, 2024 11:58:59

Hess Corporation Reports Strong Q2 2024 Financial Results

Hess Corporation announced impressive second-quarter earnings of $757 million, significantly up from $119 million a year prior. Adjusted earnings also rose sharply, reflecting increased oil production and higher selling prices. Notable production growth was seen in Guyana and Bakken. However, production is expected to dip slightly in the third quarter due to planned maintenance. Overall, the company demonstrated strong operational performance and financial growth, positioning itself favorably in the market.

Jul 31, 2024 07:30:24

Hess Corporation Receives Stockholder Approval for Merger with Chevron

Hess Corporation's stockholders approved the merger with Chevron, creating a premier integrated energy company. The merger is pending completion subject to closing conditions and arbitration proceedings. No Chevron stockholder approval is needed. Both companies aim to finalize the merger promptly.

May 31, 2024 08:01:00

Hess Corporation Reports Strong Q1 2024 Results and Advances Offshore Developments

Hess Corporation's Q1 2024 net income rose significantly to $972 million, with production increases in Bakken and Guyana. They sanctioned the Whiptail development in Guyana, projecting a 250,000 bopd capacity by 2027. Operational highlights include higher production volumes and reduced costs. The company's E&P capital expenditures increased due to enhanced drilling activities. Hess Corporation maintains a strong liquidity position with $1.4 billion in cash. Overall, the company demonstrated growth, especially in offshore projects, and financial stability in Q1 2024.

Apr 25, 2024 07:30:29

Hess Corporation Reports Fourth Quarter 2023 Results

Hess Corporation reported a decrease in net income compared to the prior-year quarter, with adjusted net income of $501 million. The company commenced production from the Payara development in Guyana, reaching its initial production capacity of 220,000 bopd. Oil and gas net production increased by 11% to 418,000 boepd. Year-end proved reserves are estimated at 1.37 billion boe, with organic reserve replacement at 178%. The company plans to continue operating four drilling rigs in the Bakken in 2024.

Jan 31, 2024 07:30:42

Hess Corporation Reports Q3 2023 Results and Announces Merger with Chevron

Hess Corporation reported net income of $504 million in the third quarter of 2023, compared to $515 million in the same period last year. The decrease in adjusted after-tax results is attributed to lower realized selling prices, partially offset by higher production volumes. Net production for the quarter was 395,000 boepd, up 13% from the previous year. The company also announced a merger with Chevron, expected to close in the first half of 2024. Hess revised its 2023 full-year guidance, forecasting net production of approximately 390,000 boepd and E&P capital and exploratory expenditures of approximately $4.1 billion.

Oct 25, 2023 07:30:29