Key Development:
- Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024
Fourth Quarter Financial and Operational Highlights:
- Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61 per share, in the fourth quarter of 2022
- Adjusted net income1 was $501 million, or $1.63 per share, compared with $522 million, or $1.69 per share, in the fourth quarter of 2022
- Oil and gas net production was 418,000 barrels of oil equivalent per day (boepd), up 11% from 376,000 boepd, proforma for asset sold, in the fourth quarter of 2022
- Bakken net production was 194,000 boepd, up 23% from 158,000 boepd in the fourth quarter of 2022; Guyana net production was 128,000 bopd, compared with 116,000 bopd in the prior-year quarter
- E&P capital and exploratory expenditures were $1,480 million and included the purchase of the Liza Unity floating production, storage and offloading vessel (FPSO) for approximately $380 million, compared with $818 million in the prior-year quarter
- Year-end proved reserves are estimated to be 1.37 billion barrels of oil equivalent (boe); organic reserve replacement was 178% at a finding and development cost of $16.00 per boe
Hess has reported net income of $413 million, or $1.34 per share, in the fourth quarter of 2023, compared with net income of $497 million, or $1.61 per share, in the fourth quarter of 2022. On an adjusted basis, the Corporation reported net income of $501 million, or $1.63 per share in the fourth quarter of 2023, compared with $522 million, or $1.69 per share, in the prior-year quarter. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized gas and natural gas liquids (NGL) selling prices, partially offset by higher production volumes, in the fourth quarter of 2023.
Due to the pending merger with Chevron , Hess will not host a conference call to review its fourth quarter 2023 results.
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Source: Hess
