Hess Q1 Earnings Trump Forecasts Ahead of Acquisition by Chevron

Hess Corporation NYSE HES reported on Thursday much higher-than-expected net income for the first quarter of 2024 amid soaring oil and gas production, as the planned acquisition by U.S. supermajor Chevron drags on. Hess Corporation posted a net income of $972 million, or $3.16 per share, in the first quarter of 2024, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023.

Due to the pending merger with Chevron, Hess will not host a conference call to review its first-quarter 2024 results. The Guyana and Bakken assets were the drivers of Chevron’s acquisition offer for Hess in an all-stock megadeal valued at $53 billion. However, the Guyana assets have become the bone of contention between Chevron and the other U.S.

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Hess Board Recommends Merger With ChevronThe board of directors at Hess Corp unanimously recommended that shareholders vote in favor of the merger with Chevron, a deal that Exxon is currently challenging.
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