Hess Q4 Earnings Beat Estimates, Revenues Rise Year Over Year

Financial Performance - Hess Corporation reported fourth-quarter 2024 adjusted earnings per share (EPS) of $1.63, exceeding the Zacks Consensus Estimate of $1.51, with the bottom line remaining flat year over year [1] - Total quarterly revenues increased to $3,225 million from $3,035 million in the year-ago period, also beating the Zacks Consensus Estimate of $3,032 million [1] Production and Operations - The Exploration and Production segment reported adjusted earnings of $529 million, slightly down from $531 million a year ago, impacted by lower realized crude and natural gas prices [3] - Quarterly hydrocarbon production totaled 495 thousand barrels of oil equivalent per day (MBoe/d), up from 418 MBoe/d in the prior year, primarily due to increased production in Guyana and Bakken, surpassing the estimate of 479.3 MBoe/d [3] - Crude oil production rose from 244 MBbls/d in Q4 2023 to 315 MBbls/d, exceeding the estimate of 303.6 MBbls/d [4] - NGL production increased to 79 MBbls/d from 73 MBbls/d year-over-year, also beating the estimate of 74.9 MBbls/d [4] - Natural gas production slightly decreased to 607 thousand cubic feet per day (Mcf/d) from 608 Mcf/d a year ago, but was higher than the estimate of 604.7 Mcf/d [4] Pricing and Costs - Worldwide crude oil realization per barrel was $72.10, down from $78.95 in the previous year, while global natural gas prices declined to $4.10 per Mcf from $4.51 [5] - Average global NGL selling price increased to $23.05 per barrel from $20.92 year-over-year [5] - Operating expenses totaled $532 million, up from $473 million a year ago, exceeding the projection of $474 million [7] - Total costs and expenses decreased to $2,297 million from $2,350 million in the prior-year period [7] Financial Position - Net cash provided by operating activities was $1,312 million, with capital expenditure for exploration and production activities totaling $1,677 million [8] - As of December 31, 2024, the company had $1,171 million in cash and cash equivalents, with long-term debt at $8,555 million [8] Future Outlook - For Q1 2025, Hess expects exploration and production net production of 465-475 thousand barrels of oil equivalent per day [10] - The company forecasts total exploration and production capital and exploratory expenditure of $4.5 billion for the full year 2025 [10]