Post by Blitz on Apr 25, 2024 11:31:09 GMT -5
This is why it's worth the effort for XOM to challenge the M&A. It also points to how much majors can make from Namibia if they follow Guyana's playbook.
And now this...
Hess profits surge thanks to higher production in Guyana and Bakken
Net income grew by $626 million, beating expectations
Chevron chief executive Mike Wirth, right, and Hess chief executive John Hess appear on CNBC to speak about Chevron’s deal to buy Hess for $53 billion on the floor of the New York Stock Exchange last October.Photo: REUTERS/SCANPIX
Robert Stewart, North America Energy Correspondent, Baton Rouge - Updated 25 April 2024, 09:44
www.upstreamonline.com/finance/hess-profits-surge-thanks-to-higher-production-in-guyana-and-bakken/2-1-1633340
US producer Hess saw profits leap by $626 million in the first quarter of 2024 thanks to higher production volumes in the Bakken shale in the US and the Stabroek block offshore Guyana.
Hess’ net income was $972 million in the three months ended 31 March, compared to $346 million in the first quarter of 2023, according to the company’s latest earnings report.
Meanwhile Hess’ net production of oil and gas was 476,000 barrels of oil equivalent per day, up 27% from 374,000 boepd in 2023.
Bakken production surged by 27,000 boepd, while Guyana offered up an additional 78,000 boepd this quarter.
The first quarter results “substantially outperformed” expectations, according to a report from analyst firm TD Cowen.
Overall production beat projections by 9%, while Hess' Guyana output beat consensus by 28%, Cowen noted.
Hess is still in line to be acquired by US supermajor Chevron for $53 billion, though that deal could be upended by arbitration challenges by ExxonMobil and CNOOC International over a right-of-first-refusal debate in the prolific Stabroek field, which ExxonMobil operates with a 45% stake.
Hess’ 30% stake in Stabroek would wind up in Chevron’s hands if the merger is still completed. CNOOC International owns 25%.
And now this...
Hess profits surge thanks to higher production in Guyana and Bakken
Net income grew by $626 million, beating expectations
Chevron chief executive Mike Wirth, right, and Hess chief executive John Hess appear on CNBC to speak about Chevron’s deal to buy Hess for $53 billion on the floor of the New York Stock Exchange last October.Photo: REUTERS/SCANPIX
Robert Stewart, North America Energy Correspondent, Baton Rouge - Updated 25 April 2024, 09:44
www.upstreamonline.com/finance/hess-profits-surge-thanks-to-higher-production-in-guyana-and-bakken/2-1-1633340
US producer Hess saw profits leap by $626 million in the first quarter of 2024 thanks to higher production volumes in the Bakken shale in the US and the Stabroek block offshore Guyana.
Hess’ net income was $972 million in the three months ended 31 March, compared to $346 million in the first quarter of 2023, according to the company’s latest earnings report.
Meanwhile Hess’ net production of oil and gas was 476,000 barrels of oil equivalent per day, up 27% from 374,000 boepd in 2023.
Bakken production surged by 27,000 boepd, while Guyana offered up an additional 78,000 boepd this quarter.
The first quarter results “substantially outperformed” expectations, according to a report from analyst firm TD Cowen.
Overall production beat projections by 9%, while Hess' Guyana output beat consensus by 28%, Cowen noted.
Hess is still in line to be acquired by US supermajor Chevron for $53 billion, though that deal could be upended by arbitration challenges by ExxonMobil and CNOOC International over a right-of-first-refusal debate in the prolific Stabroek field, which ExxonMobil operates with a 45% stake.
Hess’ 30% stake in Stabroek would wind up in Chevron’s hands if the merger is still completed. CNOOC International owns 25%.
