Hess Outperforms for Second Consecutive Quarter; Market Still Over-Exuberant on Guyana
Hess delivered production of 265 mboe/d in the second quarter, which was 4% higher sequentially and 1% ahead of our 263 mboe/d forecast. This was above the top end of guidance for the second consecutive quarter, resulting in stronger-than-expected financial results (EBITDA and adjusted earnings per share were $584 million and negative $0.23, respectively, beating consensus estimates of $538 million and negative $0.29). The production surprise was attributed to the earlier-than-expected restart a...Hess is a global exploration and production company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquid (NGL), and natural gas with production operations located primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, Malaysia and Denmark. The company's Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota.
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