Breking news Hess Corporation (NYSE: HES) has released its Q1 2025 earnings, reporting a 43% decline in adjusted….
profit to $1.81 per share, compared to $3.16 per share in the same period last year. Despite this drop, the company surpassed Wall Street’s expectations of $1.61 per share. The decline was primarily attributed to lower oil prices, with Brent crude averaging $75.16 per barrel during the quarter, down from $80.06 per barrel a year earlier. Hess’s realized crude price also fell to $71.22 per barrel from $80.06. Global oil demand weaknesses and increased supply from OPEC+ contributed to the lower prices. However, Hess’s total production remained steady at 476,000 barrels of oil equivalent per day, despite a 3.7% fall in Guyana oil production. The company anticipates Q2 net production between 480,000 and 490,000 barrels of oil equivalent per day.
Hess is also awaiting final approval for its $53 billion acquisition by Chevron, which is pending due to an arbitration challenge from Exxon Mobil and CNOOC over its Guyana assets. The company’s fourth floating oil production facility in Guyana is expected to begin operations in Q3 2025. Despite the challenges, Hess’s strong operational performance and strategic initiatives position it well for future growth. Reuters
Hess Corporation’s Q1 2025 Earnings Report
Hess beats first-quarter profit estimate despite weak oil prices
Yesterday
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