Hess Reports Estimated Results for 3rd Quarter 2021
Hess Corporation today reported net income of $115 million, or $0.37 per common share, in the third quarter of 2021, compared with a net loss of $243 million, or $0.80 per common share, in the third quarter of 2020. On an adjusted basis, the Corporation reported net income of $86 million, or $0.28 per common share, in the third quarter of 2021, compared with an adjusted loss of $216 million, or $0.71 per common share, in the prior-year quarter. The improvement in adjusted after-tax results compared with the prior-year period was primarily due to higher realized selling prices in the third quarter of 2021, partially offset by the impact of lower net production, including curtailed production in the Bakken related to the Tioga Gas Plant maintenance turnaround and reduced Gulf of Mexico production due to Hurricane Ida.
Key Developments:
• Announced an increase to the gross discovered recoverable resource estimate on the Stabroek Block, offshore Guyana, to approximately 10 billion barrels of oil equivalent (boe), up from the previous estimate of more than 9 billion boe
• Announced the 19th, 20th and 21st significant discoveries on the Stabroek Block at Whiptail, Pinktail and Cataback
• The Liza Unity floating production, storage and offloading vessel (FPSO) arrived at the Stabroek Block on October 25th; production from Phase 2 is on track to startup in early 2022
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