Hess Corporation HES and Chevron Corporation CVX shares are trading higher on Tuesday. On Monday, the Federal Trade Commission (FTC) completed an antitrust review of the merger of both companies, satisfying a critical closing condition for the transaction. To facilitate the merger's completion, Hess and Chevron have agreed that Hess CEO John Hess will not be on the Chevron board. Exxon Mobil Corp XOM and its partner CNOOC Ltd had earlier asserted their right of first refusal to any sale of Hess'stake in a G ...

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Hess Corporation (HES) has announced that it received authorization from the board of directors to increase its regular quarterly dividend. The new dividend of 50 cents per share reflects an increase of 14.3% from the prior amount of 43.75 cents. The hiked dividend will be paid on Sept. 30 to common stockholders of record at the close of business on Sept. 16. Merger With Chevron to Boost Cash Returns Hess expects its shareholders to receive roughly four times higher quarterly dividends after its merger with ...

The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Hess presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. Start slideshow: 10 Oversold Dividend Stocks » But ma ...

Hess Corporation (HES) is currently looking for partner(s) to continue exploration at Block 59 offshore Suriname. This block was previously held by a consortium of ExxonMobil, Equinor and Hess, with each company owning a one-third share. However, in July 2024, ExxonMobil and Equinor transferred their ownership to Hess Corporation in a non-financial transaction. According to Staatsolie, the state-owned oil company at Suriname, Hess Corporation has until July 2025 to find a new partner and proceed with the ex ...

Financial Performance - Net income for the six months ended June 30, 2024, was $1,918 million, compared to $633 million for the same period in 2023, reflecting a significant increase of 203.5%[9] - For the three months ended June 30, 2024, net income was $757 million, compared to $119 million for the same period in 2023, representing a significant increase[15] - The company reported comprehensive income attributable to Hess Corporation of $733 million for the three months ended June 30, 2024, compared to $449 million for the same period in 2023, an increase of 63.4%[9] - Net income attributable to Hess Corporation for the six months ended June 30, 2024, was $1,729 million, compared to $465 million for the same period in 2023[32] - In Q2 2024, Hess Corporation reported a net income of $757 million, a significant increase from $119 million in Q2 2023, with adjusted net income rising to $809 million from $201 million[53] - Exploration and Production segment net income for Q2 2024 was $765 million, up from $155 million in Q2 2023, with adjusted net income increasing to $817 million from $237 million[54] - Net income attributable to Hess Corporation for the first six months of 2024 was $1,762 million, compared to $560 million in the same period of 2023, representing a 214.3% increase[63] Assets and Liabilities - Total current assets increased to $3,833 million as of June 30, 2024, up from $3,430 million at December 31, 2023, representing an increase of 11.8%[4] - Total liabilities increased to $14,609 million as of June 30, 2024, compared to $14,405 million at December 31, 2023, an increase of 1.4%[4] - Long-term debt increased to $8,548 million as of June 30, 2024, from $8,302 million at December 31, 2023, an increase of 3%[4] - The company’s total equity rose to $11,201 million as of June 30, 2024, compared to $9,602 million at December 31, 2023, reflecting an increase of 16.6%[4] - Total debt as of June 30, 2024, was $8,865 million, compared to $8,613 million at December 31, 2023[80] - The company's long-term debt had a carrying value of $8,865 million and a fair value of $9,030 million as of June 30, 2024[88] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period rose to $2,025 million, up from $1,688 million at the beginning of the year, marking an increase of 20%[12] - Net cash provided by operating activities for the six months ended June 30, 2024, was $2,778 million, compared to $1,612 million for the same period in 2023, an increase of 72.2%[12] - Cash and cash equivalents as of June 30, 2024, were $2,025 million, up from $1,688 million at December 31, 2023[80] - As of June 30, 2024, the company had $1.9 billion in cash and cash equivalents and total liquidity of approximately $5.2 billion[83] - The company expects cash flow from operating activities to be sufficient to fund upcoming debt maturities and capital investment programs in 2024[83] Inventory and Retained Earnings - Total inventories increased to $382 million as of June 30, 2024, from $304 million as of December 31, 2023, reflecting a rise of approximately 25.7%[19] - Retained earnings grew to $3,771 million as of June 30, 2024, up from $2,318 million at December 31, 2023, indicating a growth of 62.5%[4] - The company’s retained earnings increased to $3,771 million as of June 30, 2024, compared to $1,670 million as of June 30, 2023, marking a growth of approximately 125%[15] Mergers and Acquisitions - On October 22, 2023, the company entered into a merger agreement with Chevron Corporation, with stockholders set to receive 1.025 shares of Chevron common stock for each share of Hess common stock[17] - The merger is anticipated to complete regulatory reviews by the third quarter of 2024, pending arbitration outcomes related to Hess Guyana Exploration Limited[17] - The company entered into a Merger Agreement with Chevron, where Hess stockholders will receive 1.025 shares of Chevron common stock for each share of Hess common stock if the merger is completed[52] - The arbitration proceedings regarding the applicability of the Stabroek ROFR to the Merger are scheduled for a hearing in May 2025[96] Stock and Shareholder Activities - The company declared dividends on common stock totaling $135 million for the three months ended June 30, 2024, consistent with the previous year[15] - The company approved a new stock repurchase authorization of up to $1 billion on March 1, 2023, but no shares were repurchased during the three months ended June 30, 2024[98] - The company is subject to certain restrictions on stock repurchases due to the ongoing Merger Agreement[98] Operational Highlights - Total net production averaged 494,000 barrels of oil equivalent per day (boepd) in Q2 2024, compared to 387,000 boepd in Q2 2023[54] - Net production in Guyana increased to 29,000 bopd in Q2 2024 from 13,000 bopd in Q2 2023, marking a 123.1% increase[69] - The average realized crude oil selling price was $80.29 per barrel in Q2 2024, up from $71.13 per barrel in Q2 2023[54] - Exploration and Production (E&P) revenues for Q2 2024 were $3,226 million, up 40.5% from $2,295 million in Q2 2023[63] Financial Risk Management - Financial risk management activities include the use of futures, swaps, or options to mitigate commodity price risks, with notional amounts of outstanding contracts at June 30, 2024, being $232 million for foreign exchange forwards/swaps and $100 million for interest rate swaps[47] - The company has outstanding foreign exchange contracts with notional amounts totaling $232 million to mitigate foreign exchange risks[88] - A 15% increase or decrease in interest rates would affect the fair value of debt by approximately $420 million or $450 million, respectively[88] Other Financial Metrics - The debt to capitalization ratio for debt covenants improved to 30.8% as of June 30, 2024, down from 33.6% at December 31, 2023[80] - Corporate and other expenses, net, decreased to $18 million in Q2 2024 from $20 million in Q2 2023, primarily due to lower legal and professional fees[77] - Additions to property, plant, and equipment were $2,108 million in the first six months of 2024, an increase of $450 million compared to the same period in 2023[81] - The company reported a share-based compensation expense of $71 million for the six months ended June 30, 2024[15]

Jeremy Poland Hess Corporation (NYSE:HES) and the other involved parties in the dispute about the interest of Hess in Guyana state that the hearing for arbitration in the matter of the dispute is now going to be in May 2025. That is a long time since Chevron (CVX) made the offer to acquire Hess. The article I wrote on this is dated back in October of 2023. Since that time, another FPSO has begun production and there will be yet another first oil planned in the beginning of fiscal year 2025. Delaying the mer ...

This quarterly report represents an earnings surprise of 5.65%. A quarter ago, it was expected that this oil and gas producer would post earnings of $1.73 per share when it actually produced earnings of $3.16, delivering a surprise of 82.66%. Hess, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $3.26 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.32 billion. The company has ...

(a) Other in 2023 includes capital and exploratory expenditures mainly associated with Canada. | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------|---------------|-------|------------------------------------------------|-------|-------| | Income Statement \nTotal revenues and non-operating income | | United States | | Six Months Ended June 30, 2024 \nInternational | | Total | | Sales and other operating revenues | $ | 3,063 | $ | 3,435 | $ | ...

Hess Corporation (HES) is set to report second-quarter 2024 results on Jul 31, before market open. The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 35.7%. This is depicted in the graph below: The Zacks Consensus Estimate for second-quarter earnings per share of $2.44 has witnessed two downward revisions and one upward revision in the past 30 days. The estimated figure suggests an improvement of 275.4% from the prior-year reported number. Hess is anticipat ...