Hess Corp.
has posted an impressive second-quarter earnings report with its stake in prolific Guyana helping it exceed estimates. Hess reported Q2 2024 non-GAAP EPS of $2.62, beating the Wall Street consensus by $0.07 while revenue of $3.26B was good for a robust 40.5% Y/Y growth although it missed the consensus by $30M. The company saw a large increase in profits Q2 net income was $757 million, or $2.46 per share, compared with net income of $119 million, or $0.
and China’s CNOOC own 45% and 25% stakes, respectively. Back in May, Hess shareholders signed off on its proposed $53B merger with Chevron Corp. despite the deal being challenged by Exxon Mobil Corp. . Exxon is trying to stop the merger with the future of the deal resting on whether the transaction would involve a change of control of Hess' Guyana subsidiary. Exxon claims Hess should have first given it the opportunity to purchase its stake in the prized Guyana asset, and that Chevron structured the deal in a way to bypass Exxon’s right of first refusal if it’s triggered by a change of control in Guyana. By Alex Kimani for Oilprice.
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