Hess Corporation, which holds a 30 percent stake in Guyana’s Stabroek Block, today reported that it earned US$430 million in the first quarter of 2025. While this reflects a significant slump in earnings when compared with net income of US$972 million in the first quarter of 2024, Hess said the decline is due to lower oil prices on the market. It was also keen to note the impact of a decrease in production in Guyana.
At the Stabroek Block, the American oil giant said net production totaled 183,000 barresl of oil per day (bopd) in the first quarter of 2025, compared with 190,000 bopd in the prior-year quarter, due to tax barrels being lower by 13,000 bopd in the first quarter of 2025 compared to the prior-year quarter. Guyana’s net production is forecast to be approximately 180,000 bopd in the second quarter of 2025.
In the first quarter of 2025, the company told the market that 14 cargos of crude oil were sold from Guyana, compared with 15 cargos in the prior-year quarter. In the second quarter of 2025, 15 cargos of crude oil are expected to be sold.
Additionally, Hess reported that the fourth and largest oil development on the block to date, Yellowtail, is on track to start up in the third quarter of 2025 with an initial gross production capacity of approximately 250,000 bopd utilizing the ONE GUYANA FPSO, which arrived offshore Guyana on April 15, 2025.
It also reminded that the fifth development, Uaru, was sanctioned in April 2023 with a gross production capacity of approximately 250,000 bopd and first production expected in 2026. As for the sixth development, Whiptail, it was sanctioned in April 2024 with a gross production capacity of approximately 250,000 bopd and first production expected in 2027.
A field development plan for the seventh development, Hammerhead, was submitted to the Government of Guyana in March 2025. Pending government and regulatory approval and project sanctioning, the development is anticipated to have a gross production capacity of approximately 150,000 bopd and first production expected in 2029.
