Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Shale producer Hess beats profit estimates on higher output in US, Guyana

    Shale producer Hess beats profit estimates on higher output in US, Guyana

    January 30, 2025
    Share
    Facebook Twitter LinkedIn WhatsApp
    News wire — Oil and gas producer Hess Corp’s fourth-quarter profit surpassed Wall Street expectations on Wednesday, buoyed by higher production volumes in the United States and Guyana.
    Its total production rose over 18% to 495,000 barrels of oil equivalent per day (boepd) in the quarter, boosted by a 7% increase in volumes in the Bakken shale in the U.S and a 52% jump in output from its Guyana assets.
    But the lucrative oil properties in Guyana have posed a hurdle to Chevron’s $53 billion acquisition of Hess, after other oil majors Exxon Mobil and CNOOC filed an arbitration challenge over their stakes in the block.
    Production from Hess’ Guyana assets jumped to 195,000 barrels of oil per day (bpd) in the fourth quarter ended Dec. 31 from 128,000 bpd a year earlier.
    A three-judge arbitration panel is set to consider Exxon’s right to first refusal in May.
    The deal has, however, cleared a U.S. Federal Trade Commission review.
    Hess’ net profit for the October-December quarter came in at $542 million, compared with the $413 million it earned during the same period a year earlier.
    New York-based Hess posted an adjusted profit of $1.76 per share, compared with analysts’ average estimate of $1.48, according to data compiled by LSEG.
    The company said it expects current quarter net production in the range of 465,000 to 475,000 boepd, and added that it estimates capital and exploratory expenditures of about $4.5 billion in 2025.
    Reporting by Vallari Srivastava in Bengaluru; Editing by Shinjini Ganguli – Reuters

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    “We want reparations”, oil-affected Niger Delta victims demand action

    June 13, 2025

    Transocean Coatings establishes affiliate at SIIFZ

    June 13, 2025

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.