Hess to be sold to Chevron in $53 billion deal
- Hess reports net income of $504 million for Q3
- Production increases to 395,000 boe/d
- Hess to be sold to Chevron in $53 billion deal
- Production in Bakken play and Guyana sees growth
- Hess expects production in 2023 to average 390,000 boe/d
- Crude sales and natural gas prices decline
Hess Corp. reported net income of $504 million for the third quarter of the year, driven by an increase in oil and gas production. The company saw production reach 395,000 boe/d, with growth in the Bakken play and Guyana. However, Hess officials cancelled a call with analysts after announcing the company’s sale to Chevron in a $53 billion deal. Despite lower prices, Hess expects production to average 390,000 boe/d in 2023. Crude sales and natural gas prices also declined during the quarter.
Public Companies: Hess Corp. (HES), Chevron (CVX)
Private Companies:
Key People:
Factuality Level: 8
Justification: The article provides specific information about Hess Corp.’s net income, production levels, and sales figures. It also mentions the company’s planned sale to Chevron. The information is presented in a straightforward manner without any obvious bias or opinion.
Noise Level: 7
Justification: The article provides information on Hess Corp.’s financial performance and production numbers, but it lacks analysis or insights beyond the basic facts. It does not explore the consequences of the company’s sale to Chevron or provide any context on the broader oil and gas industry. The article also includes unnecessary details about the company’s average realized prices for crude, natural gas liquids, and natural gas, which are not directly relevant to the main topic.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the oil and gas industry, as well as the companies involved in the production and sale of oil and gas, such as Hess Corp. and Chevron.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The news article primarily focuses on the financial performance of Hess Corp. and its increase in oil and gas production. There is no mention of any extreme events or their impact.
