Hess Corp. reports Q3 EPS $1.64, consensus $1.17

Reports Q3 revenue $2.84B, consensus $2.37B. E&P net income was $529M in the third quarter of 2023, compared with $572M in the third quarter of 2022. On an adjusted basis, E&P third quarter 2022 net income was $626 M. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $81.53 per barrel in the third quarter of 2023, compared with $85.32 per barrel in the prior-year quarter. The average realized natural gas liquids selling price in the third quarter of 2023 was $20.17 per barrel, compared with $35.44 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.57 per mcf, compared with $5.85 per mcf in the third quarter of 2022. Net production was 395,000 boepd in the third quarter of 2023, compared with 351,000 boepd, proforma for asset sold, in the third quarter of 2022, primarily due to higher production in the Bakken, Guyana, and Southeast Asia. Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $14.04 per barrel of oil equivalent in the third quarter of 2023, compared with $13.64 per boe, proforma for asset sold, in the prior-year quarter.