Hess beats by $0.42, misses on revs (155.22)
- Reports Q3 (Sep) earnings of $1.64 per share, excluding non-recurring items, $0.42 better than the FactSet Consensus of $1.22; revenues fell 27.3% year/year to $2.29 bln vs the $2.68 bln FactSet Consensus.
- Oil and gas net production was 395,000 barrels of oil equivalent per day (boepd), up 13% from 351,000 boepd, proforma for asset sold, in the third quarter of 2022. Bakken net production was 190,000 boepd, up 14% from 166,000 boepd in the third quarter of 2022; Guyana net production was 108,000 barrels of oil per day (bopd), compared with 98,000 bopd in the prior-year quarter.
- Guidance: Net production is now forecast to be approximately 390,000 boepd, which is at the upper end of the previous guidance range of 385,000 boepd to 390,000 boepd. E&P capital and exploratory expenditures are expected to be approximately $4.1 billion, up from previous guidance of $3.7 billion, reflecting the decision to purchase the Liza Unity floating production, storage and offloading vessel (FPSO) in the fourth quarter of 2023 instead of the first quarter of 2024.
Note: Company announced merger with Chevron (CVX) earlier this week (see 10/23 5:41).