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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hess
Hess (HES) investor relations material
Hess has been acquired by Chevron Corporation
Hess Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary30 Apr, 2025
Executive summary
Net income for Q1 2025 was $430 million, down from $972 million in Q1 2024, with adjusted net income at $559 million due to lower oil prices and sales volumes and a $129 million legal settlement charge.
Oil and gas production averaged 476,000 boepd, flat year-over-year; realized crude oil price fell to $71.22/bbl from $80.06/bbl.
E&P capital and exploratory expenditures rose to $1,085 million from $927 million.
The merger with Chevron was approved by shareholders but is pending arbitration regarding the Stabroek Block right of first refusal, with a decision expected in Q3 2025.
The Yellowtail project in Guyana is on track for Q3 2025 startup, with the FPSO arriving offshore in April.
Financial highlights
Total revenues for Q1 2025 were $2,938 million, down from $3,341 million in Q1 2024.
Net cash provided by operating activities was $1,401 million, up from $885 million in Q1 2024.
Cash and cash equivalents at March 31, 2025, were $1,324 million; total debt was $8,679 million.
Debt to capitalization ratio was 27.8% at March 31, 2025.
Common stock dividends paid were $157 million in Q1 2025.
Outlook and guidance
Q2 2025 E&P net production is forecast at 480,000–490,000 boepd; Bakken at 210,000–215,000 boepd.
Guyana net production guidance for Q2 2025 is approximately 180,000 bopd; 15 cargos of crude oil expected to be sold.
Full-year 2025 E&P capital and exploratory expenditures are projected at $4.5 billion.
Cash costs per BOE are expected to be $13.50 in Q2 2025; 1Q actual was $12.27.
Cash flow from operations and current cash are expected to fund capital and return programs for 2025.
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Latest events from Hess
- Stable, fee-based midstream platform targets strong growth, cash flow, and shareholder returns.HES
Investor Presentation - Merger progress, Guyana growth, and a positive oil outlook drive long-term value.HESInaugural Oil & Gas Conference
- Adjusted net income climbed to $660 million as production surged 17% year-over-year.HESQ3 2024
- Net income and production soared year-over-year, with Chevron merger timing still uncertain.HESQ2 2024
- Guyana and Bakken outperformed, merger with Chevron advances, and long-term growth outlook is strong.HESGoldman Sachs Energy, CleanTech & Utilities Conference 2025
- Q4 net income jumped 31% to $542M, driven by Guyana and Bakken production growth.HESQ4 2024
Hess
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Frequently asked questions
Hess Corporation, an exploration and production company, explores for, develops, produces and transports crude oil, natural gas liquids (NGLs), and natural gas. The company's exploration and development operations are conducted by Hess Oil Operations. Hess Natural Gas Operations explores for and develops natural gas. The company has complementary assets across all major supply basins in the United States' onshore domestic market.