Hess Corp. expects first-quarter 2025 net production of 465,000-475,000 boe/d, reflecting planned maintenance and the impact of winter weather in the Bakken.
The company provided the production guidance as part of estimated results for fourth-quarter 2024.
Oil and gas net production for fourth-quarter 2024 was 495,000 boe/d, up 18% from 418,000 boe/d in the year-ago quarter, primarily due to higher production in Guyana and the Bakken.
Guyana net production was 195,000 b/d of oil, up 52% from 128,000 b/d in fourth-quarter 2023. The company expects Guyana net production to be 180,000-185,000 b/d of oil in this year’s first quarter.
Bakken net production was 208,000 boe/d in this year’s fourth quarter, up 7% from 194,000 boe/d in fourth-quarter 2023. The company plans to continue operating four drilling rigs in the Bakken in 2025. Net production from the play is forecasted to be 195,000-200,000 boe/d in the first quarter, reflecting the impact of winter weather.
Financials
Hess estimates a year-over-year increase in net income for fourth-quarter 2024 to $542 million, up from net income of $413 million in fourth-quarter 2023.
Exploration and production capital and exploratory expenditures were $1.677 billion, including the purchases of the Liza Destiny and Prosperity floating production, storage and offloading vessels (FPSOs) for about $635 million, compared with $1.480 billion in the prior-year quarter, which included the purchase of the Liza Unity FPSO for about $380 million.