Hess Surpasses Q2 Estimates, Raises FY23 Production Outlook
Portfolio Pulse from Lekha Gupta
Hess Corp reported Q2 revenues of $2.32 billion, surpassing the consensus of $2.09 billion. Oil and gas net production rose 28% Y/Y to 387,000 barrels of oil equivalent per day (boepd). The company raised the net production outlook for 2023 due to strong operational performance. However, HES shares are trading lower by 0.29%.
July 26, 2023 | 2:55 pm
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NEGATIVE IMPACT
Hess Corp reported better than expected Q2 results and raised its 2023 production outlook. Despite this, its shares are trading lower.
Hess Corp's strong Q2 results and raised 2023 production outlook would typically be expected to boost the stock. However, the shares are trading lower, possibly due to other market factors or investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100