Latest news with #HessMidstream
Yahoo
20-05-2025
- Business
- Yahoo
Continental Resources files lawsuit against Hess over alleged $69m fraud
Continental Resources has reportedly initiated legal action against Hess, alleging that the company has been defrauded out of as much as $69m, according to a report by Reuters. The lawsuit, filed in a federal court in Houston, accuses Hess of inflating midstream service fees via transactions with its subsidiaries. These transactions affected Continental's revenue from oil and gas production wells, in which the company holds a non-operating working interest. The litigation points to Hess' operation of approximately 483 wells in the Williston Basin, North Dakota. According to the lawsuit, net revenues for hydrocarbons have been significantly reduced due to the excessive service fees paid to Hess Midstream Partners, the report said. Continental, based in Oklahoma, claims that Hess has prioritised the transfer of value to its midstream assets, neglecting the best interests of non-operating working interest owners. Hess Midstream, in which Hess Corp holds a 38% interest, has seen an increase in throughput volumes across gas processing, oil terminals and water gathering, as reported in its earnings last month. The financial impact on Continental is substantial, with an estimated loss of revenue ranging from $34m to $69m, according to the lawsuit. Continental has stated that it does not comment on pending litigation. Meanwhile, Hess has not provided a response to the allegations. In a related development, an arbitration is scheduled for 26 May concerning the dispute between Exxon and Chevron over Chevron's proposed $53bn acquisition of Hess. This acquisition, which includes the significant Stabroek block off the coast of Guyana, has been a contentious issue between the two leading US oil producers for the past 18 months. Exxon, which filed the arbitration claims in March last year, operates the Stabroek block with a 45% interest, alongside CNOOC with a 25% stake. "Continental Resources files lawsuit against Hess over alleged $69m fraud" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
19-05-2025
- Business
- Reuters
US oil producer Continental Resources claims Hess defrauded it out of $69 million
HOUSTON, May 19 (Reuters) - U.S. shale producer Continental Resources has filed a lawsuit against Hess Corp (HES.N), opens new tab alleging that it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Net revenues for hydrocarbons from the wells, in which Continental holds a non-operating working interest, were far below market value due to excessive service fees paid to Hess Midstream Partners, the lawsuit said. "Hess Corp has transferred value from its upstream assets to its midstream assets rather than operate with the best interests of non-operating working interest owners in mind," said the lawsuit filed in a federal court in Houston. Hess Bakken Investments, a Hess subsidiary, operates about 483 producing wells in the Williston Basin in which Continental owns a working interest. Continental is based in Oklahoma City, Oklahoma. Hess Corp has a 38% interest in Hess Midstream, which owns oil, gas and produced water handling assets primarily in the Bakken and Three Forks shale plays, Continental said. As a result, Continental said, it and other non-operating working interest owners in those wells bear a larger financial burden than Hess for midstream fees. Continental has been deprived of about $34 million to $69 million of revenue for oil and gas production, the filing said. Hess Midstream's throughput volumes rose 8% for gas processing, 7% for oil terminaling and 9% for water gathering in the first quarter, compared with the year-ago period, mainly due to higher production, the company said in its earnings report last month. Continental Resources said it does not comment on pending litigation. Hess did not immediately respond to requests for comment.
Yahoo
15-05-2025
- Business
- Yahoo
Looking For Yields: Hess Midstream, Southern, And VICI Properties Are Consistent Moneymakers
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Hess Midstream, Southern, and VICI Properties have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of up to 7%. Hess Midstream LP (NYSE:HESM) owns, operates, develops, and acquires midstream assets and provides fee-based services to Hess and third-party customers in the U.S. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Invest Where It Hurts — And Help Millions Heal: The company has raised dividends consecutively for the last eight years. In its most recent dividend hike announcement on April 28, the company's board increased the quarterly payout from $0.7012 to $0.7098, which is equal to $2.84 annually. Currently, the dividend yield on the stock stands at 7.45%. Hess Midstream's annual revenue as of Dec. 31 stood at $1.49 billion. In its Q1 2025 earnings release on April 30, the company posted revenues of $382 million, beating the consensus estimate of $381.62 million, while EPS of $0.65 missed the consensus of $0.69. Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — The Southern Company (NYSE:SO) engages in the generation, transmission, and distribution of electricity. Southern has raised its dividends every year for the last 24 years. According to its most recent dividend hike announcement on April 21, it raised the quarterly dividend from $0.72 to $0.74, equaling an annual figure of $2.96 per share. Currently, the dividend yield is 3.28%. Southern's annual revenue as of March 31 stood at $27.85 billion. In its Q1 2025 earnings release on May 1, the company posted revenues of $7.78 billion and EPS of $1.23, both beating the consensus estimates. What does the market think about Southern? Check out this article by Benzinga to learn Properties Inc. (NYSE:VICI) is a real estate investment trust that owns one of the largest portfolios of gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties has increased its dividends every year for the last seven years. In its most recent dividend hike announcement on Sept. 5, its board raised the quarterly payout by 4.2% to $0.4325 per share, equal to an annual figure of $1.73 per share. More recently, in its dividend announcement on March 6, the company maintained the payout at the same level. Currently, the yield on the dividend is 5.48%. VICI Properties' annual revenue as of March 31 stood at $3.88 billion. In its most recent earnings release on April 30, the company posted Q1 2025 EPS of $0.58, in line with expectations, while revenues of $984.20 million missed the consensus of $985.56 million. Check out this article by Benzinga for nine analysts' insights on VICI Properties. Hess Midstream, Southern, and VICI Properties are good choices for investors seeking reliable passive income. Their dividend yields of up to 7% and long history of consistent hikes make them attractive to income-focused investors. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — Image: Shutterstock Send To MSN: 0 This article Looking For Yields: Hess Midstream, Southern, And VICI Properties Are Consistent Moneymakers originally appeared on Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
Hess Midstream LP raises quarterly distribution 5% to 70.98c per share
Hess Midstream announced that the Board of Directors of its general partner declared a quarterly cash distribution of 70.98c per Class A share for the quarter ended March 31, 2025, an increase of 0.86c per Class A share as compared with the fourth quarter of 2024, consistent with Hess Midstream's targeted 5% growth in annual distributions per Class A share through 2027. 'With today's announcement, we continue to execute on our differentiated financial strategy, prioritizing consistent and ongoing return of capital to our shareholders,' said Jonathan Stein, Chief Financial Officer of Hess Midstream. 'We expect to continue to have more than $1.25 billion of financial flexibility through 2027 that can be used to support our return of capital framework, including potential unit repurchases that could support further distribution per share level increases.' Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Disclaimer & DisclosureReport an Issue Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Hess Midstream Full Year 2024 Earnings: EPS Beats Expectations
Revenue: US$1.50b (up 11% from FY 2023). Net income: US$223.1m (up 88% from FY 2023). Profit margin: 15% (up from 8.8% in FY 2023). The increase in margin was driven by higher revenue. EPS: US$2.51 (up from US$2.11 in FY 2023). All figures shown in the chart above are for the trailing 12 month (TTM) period Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.5%. Looking ahead, revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Performance of the American Oil and Gas industry. The company's shares are up 2.3% from a week ago. We should say that we've discovered 2 warning signs for Hess Midstream (1 is potentially serious!) that you should be aware of before investing here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
