Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on Hess Midstream, highlighting the search for undervalued names in the industry [1] - Insider selling activity at Hess Midstream LP has been significant, with minimal changes noted since the last report [2] - The oil and gas industry is characterized as a cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The author has a beneficial long position in shares of Hess and ExxonMobil, indicating a personal investment interest in these companies [3] - The article does not serve as a recommendation for stock purchases or sales, emphasizing the need for investors to conduct their own research [4]

Core Insights - The energy sector is experiencing a significant shift due to recent events in Europe, particularly a power outage in Portugal and Spain, highlighting the challenges of overreliance on renewable energy sources [2][3] - Major players like Exxon Mobil and Hess are positioned to benefit from the ongoing reliance on fossil fuels, presenting long-term investment opportunities [3][4] Exxon Mobil - Exxon Mobil's stock forecast indicates a 12-month price target of $126.50, representing a 19.11% upside from the current price of $106.20, with a high forecast of $144.00 and a low of $105.00 [4] - The company reported better-than-expected quarterly earnings despite declining crude oil prices, which could have negatively impacted earnings per share (EPS) [4][5] - Management's decision to maintain the share buyback program signals confidence in the stock's undervaluation and potential for future price increases [5][6] - Analysts from Barclays have reiterated an Overweight rating on Exxon Mobil, with a valuation target of $130 per share, indicating a 23% upside [7] Hess Corporation - Hess's stock forecast suggests a 12-month price target of $164.46, indicating a 24.28% upside from the current price of $132.33, with a high forecast of $194.00 and a low of $136.00 [8][9] - The recent European blackout has led to increased institutional interest in Hess, with the Bank of New York Mellon boosting its holdings by 22.2%, bringing its net position to $572.1 million [9][10] - Wall Street analysts project an EPS of $3.18 for Hess in the final quarter of 2025, a 63% increase from the current EPS of $1.95, supporting the growth thesis and recent institutional buying [11] Transocean Ltd. - Transocean, a drilling equipment maker and leaser, presents an attractive investment opportunity due to its asymmetrical risk-reward profile, especially after its stock has fallen to a 52-week low [12][13] - Analysts have set a consensus price target of $4.6 per share for Transocean, suggesting a potential upside of 98.5% from its current levels [14]

Financial Data and Key Metrics Changes - Chevron reported earnings of $3.5 billion or $2 per share for Q1 2025, with adjusted earnings of $3.8 billion or $2.18 per share, reflecting a $200 million increase in adjusted earnings compared to the previous quarter [9][12] - Cash returned to shareholders reached $6.9 billion through dividends and buybacks, marking twelve consecutive quarters of over $5 billion returned [5][6] - Organic CapEx was $3.5 billion, the lowest quarterly total in two years, while inorganic CapEx was approximately $400 million [10][11] Business Line Data and Key Metrics Changes - Adjusted upstream earnings remained flat compared to the last quarter, with higher realizations offset by lower liftings and affiliate earnings [12] - Adjusted downstream earnings increased due to improved refining margins and lower maintenance costs [12] - First quarter oil equivalent production was flat compared to the previous quarter, with growth expected to resume in the Permian in Q2 2025 [13] Market Data and Key Metrics Changes - Chevron achieved first oil at Ballymore in the Gulf of America, contributing to expected production growth to 300,000 barrels of oil equivalent per day by 2026 [7][46] - The expansion of the Pasadena refinery has strengthened the Gulf Coast value chain, allowing for increased capacity and integration with Pascagoula [8][109] Company Strategy and Development Direction - Chevron's strategy focuses on execution to unlock industry-leading cash flow growth, with a capital program directed towards short-cycle assets and deepwater projects [6][14] - The company aims for structural cost savings of $2 billion to $3 billion by the end of next year, alongside a $2 billion reduction in CapEx budgets [6][14] - Chevron is expanding its pipeline of future opportunities, adding over 11 million net exploration acres since the start of last year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and commodity cycles, emphasizing cost and capital discipline [6][14] - The company remains well-positioned to generate cash flow growth, even in lower price environments, with a strong balance sheet and a net debt ratio of 14% [14][104] - Management highlighted the importance of maintaining flexibility in capital spending to adapt to market conditions [101][104] Other Important Information - Chevron's guidance for annual buybacks remains unchanged at $10 billion to $20 billion, with expected buybacks of $2.5 billion to $3 billion in Q2 2025 [14][15] - The company is actively engaging in power ventures, with plans for a floating production unit in Cyprus expected to produce 800 million cubic feet of gas per day [60][94] Q&A Session Summary Question: Update on TCO and production levels - Management expressed satisfaction with the startup performance at TCO, achieving nameplate capacity in less than 30 days and positive discussions regarding concession extensions [18][20] Question: Position in California refining market - Management noted a strong position with two refineries and highlighted challenges posed by state policies affecting investment [23][24] Question: Financial framework and buyback decisions - Management reiterated the importance of maintaining a balance between buybacks and capital discipline, with a focus on long-term financial priorities [30][32] Question: Impact of macroeconomic factors on production - Management discussed the implications of potential production losses in Venezuela and Kazakhstan, emphasizing the value of TCO production to the government [41][43] Question: Future prospects in the Gulf of Mexico - Management provided insights on Ballymore's production ramp-up and the potential for significant output from the project [46][47] Question: Update on power ventures - Management confirmed strong demand for power projects and ongoing discussions with prospective customers, aiming for a final investment decision by year-end [92][94] Question: Tariff impacts on CapEx - Management indicated limited direct exposure to tariffs, with most costs being service-related and local sourcing mitigating potential impacts [121][123]

Financial Data and Key Metrics Changes - Chevron reported earnings of $3.5 billion or $2 per share for the first quarter, with adjusted earnings of $3.8 billion or $2.18 per share, reflecting a $200 million increase from the previous quarter [11][12] - Cash returned to shareholders reached $6.9 billion through dividends and buybacks, marking twelve consecutive quarters of over $5 billion returned [6][7] - Organic CapEx was $3.5 billion, the lowest quarterly total in two years, while inorganic CapEx was approximately $400 million [11][12] Business Line Data and Key Metrics Changes - Adjusted upstream earnings remained flat compared to the last quarter, with higher realizations offset by lower liftings and affiliate earnings [13] - Adjusted downstream earnings increased due to improved refining margins and lower maintenance costs [13] - First quarter oil equivalent production was flat compared to the previous quarter, with growth expected to resume in the Permian in the second quarter [14] Market Data and Key Metrics Changes - The expansion of the Pasadena refinery has strengthened the Gulf Coast value chain, allowing for increased production capacity [10] - The company achieved first oil at Ballymore, with expectations to increase production to 300,000 barrels of oil equivalent per day by 2026 [9][49] - Chevron has added over 11 million net exploration acres since the start of last year, enhancing its future opportunity pipeline [10] Company Strategy and Development Direction - Chevron's strategy focuses on execution to unlock industry-leading cash flow growth, with a disciplined approach to capital and cost management [8][14] - The company aims to deliver growth projects expected to generate an incremental $9 billion of free cash flow in 2026 [15] - Chevron's balance sheet remains strong, with a net debt ratio of 14%, well below the target range of 20% to 25% [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and commodity cycles, emphasizing the importance of cost and capital discipline [6][8] - The company anticipates share repurchases of $2.5 billion to $3 billion in the second quarter, maintaining a robust buyback program [16][18] - Management highlighted the positive outlook for negotiations regarding the concession extension in Kazakhstan, indicating a strong partnership with the government [22][23] Other Important Information - Chevron's capital expenditure budget for 2025 represents a $2 billion reduction from the previous year, with targeted structural cost savings of $2 billion to $3 billion by the end of next year [8] - The company is actively engaging in the power solutions sector, with plans to secure competitive returns on new projects [92][95] Q&A Session Summary Question: Update on TCO and production levels - Management expressed satisfaction with the startup performance at TCO, achieving nameplate capacity in less than thirty days and discussing future concession negotiations with the Kazakh government [20][22] Question: Position in California refining market - Management noted a strong position in California with two well-scaled refineries, while expressing concerns over state policies affecting investment [26][27] Question: Financial framework and buyback strategy - Management reiterated the importance of maintaining a consistent buyback strategy through cycles, with a focus on dividend growth and capital discipline [32][34] Question: Impact of macroeconomic factors on production - Management discussed the implications of potential production losses in Venezuela and the dynamics of OPEC+ on market share [41][46] Question: Future production in the Gulf of Mexico - Management highlighted the successful startup of Ballymore and the expectation of ramping production to 300,000 barrels per day [49] Question: Permian well performance and outlook - Management reported strong performance in the Delaware Basin and anticipated similar results for 2025 [52][55] Question: Update on power ventures - Management confirmed strong demand for power solutions and progress towards final investment decisions by year-end [92][95] Question: Tariff situation and cost control - Management is actively monitoring tariff impacts and taking actions to mitigate costs [120]

Financial Performance - Hess Corporation reported first-quarter 2025 adjusted earnings per share (EPS) of $1.81, beating the Zacks Consensus Estimate of $1.77, but down from $3.16 in the same quarter last year [1] - Total quarterly revenues decreased to $2,938 million from $3,341 million year-over-year, although it surpassed the Zacks Consensus Estimate of $2,901 million [1] - Adjusted earnings from the exploration and production segment were $563 million, significantly down from $997 million a year ago due to lower realized crude oil prices [2] Production Metrics - Quarterly hydrocarbon production totaled 476 thousand barrels of oil equivalent per day (MBoe/d), flat year-over-year, and exceeded the estimate of 470.7 MBoe/d [2] - Crude oil production was 304 thousand barrels per day (MBbls/d), slightly down from 305 MBbls/d in the prior year, but above the estimate of 299.1 MBbls/d [3] - NGL production increased to 76 MBbls/d from 71 MBbls/d year-over-year, also beating the estimate of 72.7 MBbls/d [3] - Natural gas production decreased to 574 thousand cubic feet per day (Mcf/d) from 599 Mcf/d a year ago, missing the estimate of 593.2 Mcf/d [3] Pricing and Costs - Worldwide crude oil realization per barrel was $71.22, down from $80.06 in the previous year, while global natural gas prices rose to $4.89 per Mcf from $4.62 [4] - Average global NGL selling price increased to $24.08 per barrel from $22.97 year-over-year [4] - Operating expenses totaled $470 million, up from $412 million a year ago, exceeding the projection of $425.2 million [6] - Total costs and expenses increased to $2,157 million from $1,926 million in the prior-year period [6] Cash Flow and Debt - Net cash provided by operating activities was $1,401 million, with capital expenditure for exploration and production activities totaling $1,085 million [7] - As of March 31, 2025, the company had $1,324 million in cash and cash equivalents, while long-term debt stood at $8,654 million [7] Future Outlook - For the second quarter of 2025, Hess expects net production from the exploration and production business to be in the range of 480-490 thousand barrels of oil equivalent per day [9] - The fourth oil development in the Starbroek Block, Yellowtail, is expected to start up in the third quarter of 2025 [9] - The company forecasts total exploration and production capital and exploratory expenditure of $4.5 billion for the full year 2025 [9]

Hess (HES) came out with quarterly earnings of $1.81 per share, beating the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $3.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.26%. A quarter ago, it was expected that this oil and gas producer would post earnings of $1.51 per share when it actually produced earnings of $1.76, delivering a surprise of 16.56%.Over the last four quarters, the company ...

Supplemental Earnings Information First Quarter 2025 OPERATING RESULTS 1 Reported Net Income, Items Affecting Comparability and Adjusted Net Income by Operating Activity | $ In Millions, Except Per Share Data | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q | | 1Q | | 4Q | | | | 2025 | | 2024 | | 2024 | | Net Income Attributable to Hess Corporation (U S GAAP) . . | | | | | | | | and Production Exploration | $ | 434 | $ | 997 | $ | 529 | | Midstream | | 70 | | 67 | | 74 | | and Other Corpor ...

Exhibit 99.1 HESS CORPORATION HESS REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2025 Key Development: • The fourth and largest oil development on the Stabroek Block to date, Yellowtail, is on track to start up in the third quarter of 2025 with an initial gross production capacity of approximately 250,000 barrels of oil per day (bopd) utilizing the ONE GUYANA floating production, storage and offloading vessel (FPSO), which arrived offshore Guyana on April 15 th | | | | Three Months Ended March 31, | | ...

Core Points - The Oklahoma State University A&M Board of Regents appointed Dr. Jim Hess as the 20th president of Oklahoma State University, transitioning from his interim role to a three-year term [2][6] - Dr. Hess is recognized for his deep understanding of OSU's land-grant mission and his commitment to student success, which aligns with the university's goals [3][4] - His leadership is expected to enhance OSU's statewide impact through education, research, and agricultural leadership, contributing to Oklahoma's economy [3][5] Leadership and Vision - Dr. Hess has demonstrated immediate positive impact on the OSU community, addressing key issues and restoring connections among students, faculty, and staff [3][4] - His vision emphasizes that all university decisions should enhance education and the overall student experience, with a focus on strengthening the relationship between administration and faculty [4][5] - Dr. Hess's background in Oklahoma higher education spans four decades, providing him with a unique perspective as both a faculty member and administrator [5] Institutional Context - Oklahoma State University serves over 35,000 students across its five-campus system, with a significant number of students from all 50 states and over 127 nations [9] - The OSU/A&M Board of Regents governs multiple institutions, ensuring their growth and success through management and oversight [10]

Core Viewpoint - Hess Corporation (HES) is expected to report first-quarter 2025 results on April 30, with adjusted earnings per share anticipated to decline significantly compared to the previous year [1][2]. Financial Performance - In the last reported quarter, HES achieved adjusted earnings of $1.76 per share, surpassing the Zacks Consensus Estimate of $1.51, driven by increased oil equivalent production volumes and reduced costs [1]. - The Zacks Consensus Estimate for first-quarter earnings per share is $1.77, reflecting a nearly 44% decrease from the prior-year figure [1]. - The estimated revenue for the first quarter is $2.9 billion, indicating a 13.2% decline from the year-ago recorded figure [2]. Market Conditions - Average WTI spot prices for January, February, and March were $75.74, $71.53, and $68.24 per barrel, respectively, suggesting a favorable pricing environment for HES' upstream operations [3]. - However, the pricing scenario was more favorable in the prior-year period, which is likely to contribute to a projected 1.1% year-over-year decline in total daily oil equivalent production volumes for HES in the first quarter of 2025 [4]. Earnings Expectations - Current analysis indicates that HES is not expected to beat earnings estimates this reporting cycle, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [5]. - In contrast, other companies such as APA Corporation and Devon Energy are expected to post earnings beats, with respective Earnings ESPs of +4.65% and +1.71% [6][7].