Hess (HES)

Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. The Midstream segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.

Company profile

Ticker

HES

Exchange

NYSE

Website

www.hess.com/

CEO

John Hess

Incorporated

Delaware

Location

New York

Fiscal year end

Dec 31

Sector

Manufacturing > Petroleum Refineries

Industry (SIC)

Petroleum Refining

Chevron • Conoco Phillips • Phillips 66 • Valero Energy • Marathon Petroleum • Exxon Mobil • HF Sinclair • PBF Energy • PBF Energy • Delek US ...

Former names

AMERADA HESS CORP

SEC CIK

0000004447

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Hess Asia Holdings Inc. • Hess Bakken Investments II, LLC • Hess Bakken Investments III, LLC • Hess Bakken Investments IV, LLC • Hess Bakken Processing LLC • Hess Baldpate-Penn State LLC • Hess Canada • Hess Canada Exploration Limited • Hess Capital Limited • Hess Capital Services Holdings, LLC ...

IRS number

134921002

HES stock data

1M 1Y 5Y

News

From Benzinga Pro

10 Energy Stocks With Whale Alerts In Today's Session

11 Aug 22

This whale alert can help traders discover the next big trading opportunities. Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.

How Is The Market Feeling About Hess?

3 Aug 22

Hess's (NYSE:HES) short percent of float has fallen 18.98% since its last report. The company recently reported that it has 6.23 million shares sold short, which is 2.22% of all regular shares that are available for trading.

Here's How Much You Would Have Made Owning Hess Stock In The Last 5 Years

1 Aug 22

Hess (NYSE:HES) has outperformed the market over the past 5 years by 8.79% on an annualized basis producing an average annual return of 19.58%. Currently, Hess has a market capitalization of $33.77 billion.

Recap: Hess Q2 Earnings

27 Jul 22

Hess Q2 EPS $2.15 Beats $2.12 Estimate

27 Jul 22

Press releases

From Benzinga Pro

Hess Reports Estimated Results for the Second Quarter of 2022

27 Jul 22

Key Developments: Commenced common stock repurchases in the quarter of approximately 1.8 million shares for $190 million; total cash returned to shareholders in the quarter amounted to $306 million including

Hess Announces Two More Discoveries Offshore Guyana

26 Jul 22

Seabob-1 and Kiru-Kiru-1 are the 6th and 7th discoveries in 2022 Discoveries will add to the previous discovered recoverable resource estimate for the Stabroek Block of approximately 11 billion barrels of oil

Hess Corporation Publishes 25th Annual Sustainability Report

25 Jul 22

Recognized as an industry leader in environmental, social and governance (ESG) performance and disclosure Made significant progress toward aggressive 2025 emissions reduction targets Enhanced climate related risk

Hess Schedules Earnings Release Conference Call

11 Jul 22

Government of Guyana Announces National Healthcare Initiative in Collaboration with the Mount Sinai Health System and Hess Corporation

8 Jul 22

Analyst ratings and price targets

Last 3 months

Average target

$149.50

Low target

$130.00

High target

$165.00

Calendar

4 Aug 22

20 Aug 22

31 Dec 22

Financial summary

Financial statements Chart HES financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	2.16B	2.16B	2.16B	2.16B	2.16B	2.16B
Cash burn (monthly)	(no burn)	22.58M	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	n/a	38.06M	n/a	n/a	n/a	n/a
Cash remaining	n/a	2.12B	n/a	n/a	n/a	n/a
Runway (months of cash)	n/a	93.9	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from Hess earnings reports.

Recent insider trades

HES insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
18 Aug 22	Hill Gregory P.	Common Stock, $1.00 par value	Sell	Dispose S	No	No	116.62	10,000	1.17M	91,635
9 Jun 22	Lowery-Yilmaz Barbara J	Common Stock, $1.00 par value	Sell	Dispose S	No	No	128.28	19,114	2.45M	95,624
9 Jun 22	Lowery-Yilmaz Barbara J	Common Stock, $1.00 par value	Option exercise	Acquire M	No	No	49.72	19,114	950.35K	114,738
9 Jun 22	Lowery-Yilmaz Barbara J	Common Stock, $1.00 par value	Sell	Dispose S	No	No	128.31	17,146	2.2M	95,624
9 Jun 22	Lowery-Yilmaz Barbara J	Common Stock, $1.00 par value	Option exercise	Acquire M	No	No	56.74	17,146	972.86K	112,770
9 Jun 22	Lowery-Yilmaz Barbara J	Option to purchase Common Stock Common Stock, $1.00 par value	Option exercise	Dispose M	No	No	49.72	9,557	475.17K	0
9 Jun 22	Lowery-Yilmaz Barbara J	Option to purchase Common Stock Common Stock, $1.00 par value	Option exercise	Dispose M	No	No	49.72	9,557	475.17K	0
9 Jun 22	Lowery-Yilmaz Barbara J	Option to purchase Common Stock Common Stock, $1.00 par value	Option exercise	Dispose M	No	No	56.74	5,716	324.33K	0
9 Jun 22	Lowery-Yilmaz Barbara J	Option to purchase Common Stock Common Stock, $1.00 par value	Option exercise	Dispose M	No	No	56.74	5,715	324.27K	0
9 Jun 22	Lowery-Yilmaz Barbara J	Option to purchase Common Stock Common Stock, $1.00 par value	Option exercise	Dispose M	No	No	56.74	5,715	324.27K	0

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q2 2022

HES institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	599	620	-3.4%
Opened positions	72	131	-45.0%
Closed positions	93	59	+57.6%
Increased positions	241	213	+13.1%
Reduced positions	186	195	-4.6%

13F shares	Current	Prev Q	Change
Total value	38.74B	38.44B	+0.8%
Total shares	262.25M	258.39M	+1.5%
Total puts	2.61M	2.22M	+17.4%
Total calls	2.36M	2.1M	+12.7%
Total put/call ratio	1.1	1.1	+4.1%

Largest owners	Shares	Value	Change
FMR	46.69M	$4.95B	+0.5%
Vanguard	31.63M	$3.35B	+2.3%
BLK Blackrock	27.47M	$2.91B	+5.0%
STT State Street	18.62M	$1.97B	-2.7%
Primecap Management	9.32M	$987.56M	+0.9%
Barrow Hanley Mewhinney & Strauss	7.87M	$833.8M	-9.6%
Massachusetts Financial Services	7.04M	$745.97M	+71.0%
BAC Bank Of America	5.59M	$592M	+4.2%
Geode Capital Management	5.4M	$570.81M	+3.1%
Capital World Investors	5.34M	$565.44M	+163.6%

Largest transactions	Shares	Bought/sold	Change
Capital World Investors	5.34M	+3.31M	+163.6%
Massachusetts Financial Services	7.04M	+2.92M	+71.0%
LGEN Legal & General	0	-2.02M	EXIT
TROW T. Rowe Price	4.95M	+1.88M	+61.1%
BLK Blackrock	27.47M	+1.3M	+5.0%
Hotchkis & Wiley Capital Management	2.61M	-1.24M	-32.2%
GS Goldman Sachs	846.54K	-944.02K	-52.7%
Parametric Portfolio Associates	0	-903.86K	EXIT
MS Morgan Stanley	2.32M	+847.62K	+57.4%
Barrow Hanley Mewhinney & Strauss	7.87M	-834.2K	-9.6%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Management Discussion

Following the startup of the Liza Phase 2 project in February 2022, we repaid the remaining $500 million outstanding under our $1.0 billion term loan, and in March 2022, we announced a 50% increase to our quarterly dividend on common stock. In June 2022, we repurchased approximately 1.8 million shares of common stock for $190 million. We intend to utilize the remaining amount authorized under our stock repurchase plan of $460 million by the end of the year. Excluding our Midstream Segment, we ended the second quarter of 2022 with approximately $2.16 billion in cash and cash equivalents.
Oil and gas net production in 2022, excluding Libya, is forecast to be approximately 320,000 barrels of oil equivalent per day (boepd). Our E&P capital and exploratory expenditures for 2022 are forecast to be approximately $2.7 billion. For the remainder of 2022, we have WTI put options for 90,000 bopd with an average monthly floor price of $60 per barrel and Brent put options for 60,000 bopd with an average monthly floor price of $65 per barrel.
In the second quarter of 2022, net income was $667 million, compared with a net loss of $73 million in the second quarter of 2021. Excluding items affecting comparability of earnings between periods detailed on pages 25 and 27, adjusted net income was $74 million in the second quarter of 2021. The improvement in after-tax earnings in the second quarter of 2022 compared with the prior-year quarter adjusted results was primarily due to higher realized selling prices in the second quarter of 2022.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: accordion, actuarial, annuity, authorized, Board, buyback, carrier, collateral, discount, feature, HOVENSA, inclusive, Interbank, Legacy, lending, London, lump, medical, Overnight, owner, postretirement, professional, profit, remeasured, restated, Seabob, sidetrack, single, SOFR, temporary, unamortized, unrecognized, upgraded, vary

Removed: anticipated, drill, government, offset, partially, rail, recognition, unitized

From filing 10-Q 2022 Q2

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