Hess, 3Q22 -- Bakken, 166,000 BOEPD -- Triples Production Out Of Guyana, From 32K BOEPD To 98 BOEPD -- From 37 Cents / Share To $1.67/ Share EPS

Press release: 

Hess Corporation (NYSE: HES) today announced two new discoveries at the Yarrow-1 and Sailfin-1 wells on the Stabroek Block offshore Guyana. The discoveries, which are the eighth and ninth this year, will add to the block’s previously announced gross discovered recoverable resource estimate of approximately 11 billion barrels of oil equivalent.

The Yarrow-1 well encountered approximately 75 feet (23 meters) of high quality oil bearing sandstone reservoirs. The well was drilled in 3,560 feet (1,085 meters) of water and is located approximately 9 miles  southeast of the Barreleye-1 discovery.

The Sailfin-1 well encountered approximately 312 feet (95 meters) of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,616 feet of water and is located approximately 15 miles southeast of the Turbot-1 discovery. 

Press release:

3Q22, key developments:

• announced Yarrow-1 and Sailfin-1 as the 8th and 9th discoveries this year on the Stabroek Block, offshore Guyana; adds to the previous gross discovered recoverable resource estimate for the Block of approximately 11 billion barrels of oil equivalent (boe) 
• total cash returned to stockholders in the quarter through share repurchases and dividends amounted to $265 million; 
• approximately 1.4 million shares of common stock were repurchased for $150 million in the quarter

3Q22 financial and operational highlights:

• net income was $515 million, or $1.67 per common share, compared with net income of $115 million, or $0.37 per common share, in the third quarter of 2021
• adjusted net income1 was $583 million or $1.89 per common share, compared with net income of $86 million, or $0.28 per common share in the prior-year quarter 
• oil and gas net production, excluding Libya, was 351,000 barrels of oil equivalent per day (boepd), up 32 percent from 265,000 boepd in the third quarter of 2021 
• Bakken net production was 166,000 boepd, up 12 percent from 148,000 boepd in the third quarter of 2021;
• Guyana net production was 98,000 barrels of oil per day (bopd), compared with 32,000 bopd in the prior-year quarter 
• E&P capital and exploratory expenditures were $701 million compared with $498 million in the prior-year quarter 
• cash and cash equivalents, excluding Midstream, were $2.38 billion at September 30, 2022

 2022 updated guidance:

• net production, excluding Libya, is forecast to be approximately 370,000 boepd in the fourth quarter and approximately 325,000 boepd for the full year
• full year E&P capital and exploratory expenditures are expected to be approximately $2.7 billion, unchanged from previous guidance 
  

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