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Investing.com -- Hess Corporation (NYSE:HES) reported first-quarter earnings and revenue that exceeded analyst expectations, while maintaining stable production levels compared to the prior year.
The oil and gas producer posted adjusted earnings of $1.81 per share for Q1 2025, surpassing the analyst consensus of $1.73. Revenue came in at $2.94 billion, above estimates of $2.85 billion.
Net production held steady at 476,000 barrels of oil equivalent per day (boepd) in the first quarter, matching output from Q1 2024. The company expects second-quarter production to range between 480,000 and 490,000 boepd.
"Our strong operational performance and continued execution of our strategy in the first quarter have positioned us well to deliver significant value and production growth in 2025 and beyond," said CEO John Hess.
Hess’s average realized crude oil selling price declined to $71.22 per barrel in Q1 2025 from $80.06 in the year-ago period, impacting overall financial results. The company’s net income fell to $430 million, or $1.39 per share, compared to $972 million, or $3.16 per share, in Q1 2024.
The company highlighted progress on its Yellowtail development in Guyana, which remains on track to start production in Q3 2025 with an initial capacity of 250,000 barrels of oil per day.
Hess shares were unchanged in early trading following the earnings release, suggesting investors viewed the results as largely in line with expectations despite the slight outperformance.
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