Hess Announces Upbeat Q4 Report, Reveals 18% Rise In Oil And Gas Production: Retail’s Exuberant
Revenue rose 6% year-over-year (YoY) to $3.23 billion compared to a Wall Street estimate of $3.05 billion. Adjusted earnings per share (EPS) came in at $1.76 versus an analyst estimate of $1.5, according to FinChat.
FollowEnergy firm Hess Corp (HES) on Wednesday drew significant retail attention after reporting upbeat fourth-quarter earnings.
Revenue rose 6% year-over-year (YoY) to $3.23 billion compared to a Wall Street estimate of $3.05 billion. Adjusted earnings per share (EPS) came in at $1.76 versus an analyst estimate of $1.5, according to FinChat.
Net income rose 31% YoY to $542 million, driven by higher production volumes but partially offset by lower realized selling prices and higher exploration expenses in the fourth quarter of 2024.
The firm recorded an 18% YoY rise in its oil and gas net production at 495,000 barrels of oil equivalent per day (boepd) during the quarter. Bakken's net production rose 7% to 208,000 boepd, while Guyana's net production surged 52% to 195,000 barrels of oil per day (bopd).
For the first quarter of 2025, E&P’s net production is expected to be in the range of 465,000 boepd to 475,000 boepd, reflecting planned maintenance and lower tax barrels at Guyana and the impact of winter weather in the Bakken.
Meanwhile, full-year 2025 E&P capital and exploratory expenditures are expected to be approximately $4.5 billion, which includes capitalized interest of approximately $240 million, the firm stated.
As of Dec. 31, 2024, oil and gas proved reserves stood at 1.44 billion boe, compared with 1.37 billion boe at Dec. 31, 2023. Net proved reserve additions and revisions in 2024 totaled 247 million boe, primarily from Guyana and the Bakken, the firm said.
The company’s Midstream segment earned $74 million in the fourth quarter of 2024, compared with $63 million a year earlier.
On Stocktwits, retail sentiment trended in the ‘extremely bullish’ territory (88/100) accompanied by ‘extremely high’ retail chatter.
HES’ Sentiment Meter and Message Volume as of 8:54 a.m. ET on Jan. 29, 2025 | Source: Stocktwits
Hess shares have gained over 7% this year and are up just over 1% over the past year.
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