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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
Website
CEO
John Hess
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
AMERADA HESS CORP
SEC CIK
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

Calendar

4 Aug 22
20 Aug 22
31 Dec 22
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

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
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%

Financial report summary

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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

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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