Key Developments:
- The Prosperity floating production, storage and offloading vessel (FPSO), which will be utilized by the Payara development, arrived at the Stabroek Block, offshore Guyana, on April 11th and is targeted for startup early fourth quarter; hook-up and commissioning activities have commenced
- Continued exploration success on the Stabroek Block, with a new oil discovery at the Lancetfish-1 well
- Improved returns to stockholders through a 17 percent increase in the first quarter dividend to $0.4375 per share
First Quarter Financial and Operational Highlights:
- Net income was $346 million, or $1.13 per share, compared with net income of $417 million, or $1.34 per share, in the first quarter of 2022; adjusted net income1 in the first quarter of 2022 was $404 million, or $1.30 per share
- Oil and gas net production was 374,000 barrels of oil equivalent per day (boepd), up 36 percent from 276,000 boepd, proforma for asset sold, in the first quarter of 2022
- Bakken net production was 163,000 boepd, up 7 percent from 152,000 boepd in the first quarter of 2022; Guyana net production was 112,000 barrels of oil per day (bopd), compared with 30,000 bopd in the prior-year quarter
- E&P capital and exploratory expenditures were $765 million compared with $580 million in the prior-year quarter
2023 Updated Guidance:
- Full year net production is now forecast to be in the range of 365,000 boepd to 375,000 boepd, compared with previous guidance of 355,000 boepd to 365,000 boepd primarily due to strong operational performance in the first quarter of 2023
Hess Corporation has reported net income of $346 million, or $1.13 per share, in the first quarter of 2023, compared with net income of $417 million, or $1.34 per share, in the first quarter of 2022. On an adjusted basis, the Corporation reported net income of $404 million, or $1.30 per share in the first quarter of 2022. The decrease in 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 first quarter of 2023.
'We continue to successfully execute our strategy, which offers a unique value proposition to investors,' CEO John Hess said. 'With multiple phases of low cost oil developments coming online in Guyana and our robust inventory of high return drilling locations in the Bakken, our company is positioned to deliver durable cash flow growth that enables us to continue to invest in some of the highest return projects in the industry and to grow our cash returns to our shareholders.'
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Source: Hess
