Hess Corp. had net income of $346 million in first-quarter 2023, compared with net income of $417 million in first-quarter 2022. Adjusted net incomes in first-quarter 2023 and first-quarter 2022 were $346 million and $404 million, respectively. The decrease in after-tax results compared with the prior-year quarter reflects lower realized selling prices partially offset by the net impact of higher production volumes in first-quarter 2023.
The corporation’s exploration and production (E&P) net income was $405 million in first-quarter 2023, compared with $460 million in first-quarter 2022. Average realized crude oil selling price, including the effect of hedging, was $74.23/bbl in first-quarter 2023, compared with $86.75/bbl in the prior-year quarter. The average realized NGL selling price in first-quarter 2023 was $24.25/bbl, compared with $39.79/bbl in the prior-year quarter, while the average realized natural gas selling price was $4.39/mcf, compared with $5.28/mcf in first-quarter 2022. Net production was 374,000 boe/d in the first quarter of 2023, compared with 276,000 boe/d, proforma for asset sold, in first-quarter 2022, primarily due to higher production in Guyana and the US Bakken shale.
Hess’s net production from the Bakken was 163,000 boe/d in first-quarter 2023 compared with 152,000 boe/d in the prior-year quarter, primarily due to higher NGL volumes received under percentage of proceeds contracts and increased drilling and completion activity.
Net production from the Gulf of Mexico in first-quarter 2023 was 33,000 boe/d, compared with 30,000 boe/d in the prior-year quarter.
Guyana net oil production was 112,000 b/d, compared with 30,000 b/d in the prior-year quarter. A new discovery on the Stabroek block at the Lancetfish-1 well offshore Guyana followed last quarter's successful Fangtooth appraisal, and increased the likelihood of a stand-alone Fangtooth development. The Kokwari-1 exploration well was drilled during the quarter and did not encounter commercial hydrocarbons.
Hess also updated 2023 guidance. Full year net production is now forecast to be 365,000-375,000 boe/d, compared with previous guidance of 355,000-365,000 boe/d, primarily due to strong operational performance in first-quarter 2023.
