Hess Beats Q3 Earnings Estimates Ahead Of Acquisition By Chevron

Hess Corporation reported on Wednesday earnings for the third quarter that beat analyst estimates, after announcing earlier this week it had agreed to be acquired by supermajor Chevron. Hess said its net income stood at $504 million, or $1.64 per share, for the third quarter of 2023, slightly down from the $515 million net income for the same period of 2022, but higher than the analyst consensus of $1.22 earnings per share.

At Guyana’s offshore Stabroek Block – where Hess’s share is 30% – net production for the company from the Liza Destiny and the Liza Unity FPSOs totaled 108,000 bopd in the third quarter of 2023, compared with 98,000 bopd in the prior-year quarter. In the third quarter of 2023, Hess sold nine cargos of crude oil from Guyana, compared with eight cargos in the third quarter of 2022.

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