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NEW YORK - Hess Corporation (NYSE:HES) reported fourth quarter earnings that beat analyst estimates, but shares fell 2.01% as investors focused on the company’s production guidance for the first quarter of 2025.
The oil and gas producer posted adjusted earnings of $1.76 per share in Q4 2024, surpassing the analyst consensus of $1.65 per share. Revenue came in at $3.23 billion, also topping expectations of $2.96 billion.
Net production rose to 495,000 barrels of oil equivalent per day (boepd) in the fourth quarter, up 18% from 418,000 boepd in the same period last year. The increase was primarily driven by higher output in Guyana and the Bakken.
However, Hess guided for first quarter 2025 production of 465,000-475,000 boepd, reflecting planned maintenance in Guyana and winter weather impacts in the Bakken. This outlook appears to have disappointed investors, contributing to the stock’s decline.
The company’s cash flow from operating activities was $1.31 billion in Q4, compared to $1.34 billion in the prior-year quarter. Hess ended the year with $1.2 billion in cash and cash equivalents.
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