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Sydney Morning Herald
2 days ago
- Sport
- Sydney Morning Herald
They're the best soccer team in the bush. But they've got nowhere to play
In the middle of practically nowhere - six hours' drive west of Sydney, five hours' drive north of Melbourne - lies the best-kept secret in Australian soccer. Maybe Australian sport. Griffith, NSW, is a place that shouldn't exist. Without irrigation, it would be a desert - dry, flat, and empty. But in 1916, as part of the bold, utopian Murrumbidgee Irrigation Area scheme, it was built from scratch as a planned city, designed by Walter Burley Griffin, the same American architect who laid out Canberra. The early settlers, mostly returned servicemen and British migrants, struggled with the land; it wasn't until the Italians arrived, bringing with them generations of agricultural know-how and a relentless work ethic, that the region truly began to bloom. Today, around 60 per cent of the city's 25,000 residents are said to claim some degree of Italian heritage, and it shines through in everything they do. Top-notch Italian eateries line the city's main drag, Banna Avenue; walking into the famous old La Scala restaurant, down a dingy, dimly lit staircase, was like stumbling into a dinner scene from Goodfellas. The local wine scene is quietly excellent; Yellowtail, Australia's leading export brand and a bona fide global phenomenon, is produced in Yenda, which is a 13-minute drive to the east. Season two of Underbelly was also partially set in Griffith, harking back to a darker past that has unfairly coloured the town's reputation. And then, of course, there's the soccer. The standard of play at Griffith's grassroots is surprisingly high given its geographic isolation. The passion for the game is strong, and it has to be, considering the immense obstacles that need to be overcome just to take part. To play at any serious level is to accept many, many hours of driving for hundreds of kilometres just to find an opponent. In football, as in agriculture, Griffith's best produce ends up elsewhere. If you happen to be decent - like Brisbane Roar youngster Pearson Kasawaya, or former national league players such as Michael Musitano, Eliza Ammendolia or Jordan Jasnos - you eventually have to move to the big smoke to pursue your dreams. 'A big family affair' Griffith's biggest and most successful club is Yoogali Soccer Club, named for the small township on the city's eastern fringes, towards Yenda. It was formed in 1954 out of the Yoogali Club, one of Australia's oldest ethnic social clubs, which was where members of Sydney's Italian community visited for inspiration before founding Club Marconi - though it no longer plays there, having linked up with the Griffith Leagues Club down the road years ago. (That's why there's a second team based in Yoogali, known as Yoogali Football Club; the schism between 'YSC' and 'YFC' would require a whole book to properly explain.) Yoogali has won 34 first-grade titles in various competitions and regularly hosts teams from Sydney for pre-season matches. Tom Sermanni used to bring the Matildas there regularly for training camps during his first two stints as national team boss and spoke at Yoogali's season launch at the start of this year. In an alternate universe, where Griffith is, say, two hours' drive from Sydney instead of six, it's not difficult to imagine a club like Yoogali climbing the ranks into the old National Soccer League, back when it had promotion and relegation into the state leagues. Luke Santolin is the current coach of Yoogali's senior men's team. His grandfather (or nonno) Noé was one of the club's founding fathers - the field at the Yoogali Club is named for him - and his father Tony used to coach, and still plays. 'They used to play after church with all the Italian immigrants, and it just grew from there,' Santolin says. 'Like most football club stories, they were doing everything: they were cutting the grass, they were painting the lines, putting the nets up, all that jazz. It was a big family affair back then. My two boys have just started playing now. It's really all I've ever known.' Yoogali has an itinerant soccer history, through no fault of their own. Far too big for the local league in Griffith, they have spent decades trying to find somewhere to play, only to be consistently rebuffed. They've played in Shepparton (twice), Wagga Wagga, a short-lived Regional Premier League involving other Victorian teams, and most notably, in Canberra. Invariably, other teams get sick of driving to Griffith and find a way to get rid of them, even though they only have to travel once per year, and Yoogali every fortnight. 'We've never forfeited a game. Would you believe that? Never,' says Santolin. Griffith's greatest soccer triumph came in 1971, when a team called Griffith United (an amalgamation of Yoogali and Hanwood FC, their fierce rivals) won the league and cup double in the ACT. They played in front of big, boisterous crowds at home, and then jumped on a bus to Canberra every other weekend to fulfil their away commitments. In that team? Not only Tony Santolin and two Paraguayan brothers, Willie and George Wood, but a 16-year-old Walter Valeri, the father of future Socceroo Carl; his father (Carl's nonno) was one of Hanwood's founding members. The Valeris later moved to Canberra for work opportunities. 'The impossible dream came true,' wrote local newspaper The Area News when Griffith United were crowned champions. 'They trained hard, travelled long distance and fought tenaciously to give this town an enviable soccer supremacy. They won and thoroughly deserved it.' The next year, they were kicked out for administrative reasons. For the past five years, Yoogali has been competing in Canberra again, as part of the Capital Football system. In 2023, they won promotion to the top-flight NPL - putting them technically just one step below the A-League - and then last year, defied the odds to stay up. Unlike their opponents, they don't pay their players - although they do have a long, proud history of sourcing players from overseas, particularly from Scotland. They don't get paid either, but the club does cover their airfares and finds them work in Griffith (picking fruit, usually, at first) and a place to live. Some of them never go back. 'I remember as a kid growing up, my grandparents had a granny flat at the back of their house where the overseas players would live in,' Santolin says. 'I remember going to kick the ball with them and then seeing them play for Yoogali on a Sunday. We got to a level where players were calling us, saying they'd heard from a mutual friend or a contact about our club, and how do they come out? You only get that reputation by conducting yourselves the right way. Some of my best friends ever started off as visa players, and now they've got three, four kids, a wife, a business, when originally they just came over to kick a ball. So it's pretty special.' This year's team features five members of the Donadel family who, like the Santolins, are Yoogali royalty. Two of them are sons of Sante Donadel, assistant coach, former first-grade coach and a former player for over 50 years. The Donadels moved to Griffith in 1970; Sante's father played for Yoogali, and made life-long friends at the club, and his uncle was coach of Griffith United when they did the double in '71. 'We're still learning, as players, coaches and our committee, how to deal with that level of football, the NPL,' Donadel says. 'It's by far the best comp we've played in. But it's been good. We're one of the only [regional] clubs to have ever done something like this.' Things have been tracking well on the field. They recently smashed last season's premiers, Gungahlin United, 5-1. But then, without warning, Capital Football (CF) announced last month that the 2025 season would be Yoogali's last, having conducted a review which recommended the removal of teams from the Riverina - including the Wagga City Wanderers, who play in Canberra's second tier - from their competitions, again citing administrative reasons. History is repeating. 'Unfortunately, we can't control where we're located. For some reason, our grandparents chose Griffith because of the soil,' Santolin says. 'When it comes to football, yeah, it's always been a hurdle. But it's never dulled our spirit. If anything, as a club, we've embraced it. It's a feather in our cap, in the sense that we go there, and we go toe-to-toe with these teams from the bigger cities, and in many cases, come out on top. We use it to galvanise us. And that's why we've got such a big club spirit, that we're just not willing to surrender. 'But it just gets to a point ... it's our 71st year in existence. When do we get to breathe easier? It feels like we're always looking over our shoulder. As soon as you start doing well or getting too comfortable in a competition, the rug gets pulled from under you.' 'People don't realise what they're doing to us' CF's review determined that, from 2026, all NPL teams must also field junior teams in their sanctioned leagues. While it has established an exemptions process, Yoogali has been explicitly excluded because the travel to and from Griffith - four hours each way from Canberra, on a good day - was deemed 'not a viable option' as there would be too many forfeits, according to a letter to the club from CF. It also said that them fielding a senior team without juniors would compromise the 'sustainability and integrity' of their competitions. It amounts to a reversal of CF's decision in 2017 to expand into the Riverina, partly to help broaden regional support for a Canberra A-League Men's bid. Until 2023, Griffith was represented at junior level by a team called the Riverina Rhinos (later Griffith FC), who were strong at most age groups but struggled at under-18s - largely because, as Santolin says, in a place with a small population like Griffith, a good player at that age is usually playing seniors, which is better for their development anyway. Numbers are further drained by the fact that many teenagers leave to board at schools in big cities, and because there is no university in Griffith, they often don't return. 'We've had a lot of kids that have come from here and played and gone to uni and played for decent clubs in Sydney. That's the pathway. We can't hold our kids,' Donadel says. 'Honestly, if we had a uni here ... we'd be unstoppable because we'd have these kids staying and playing for us.' Santolin argues that Yoogali has a strong junior base and affiliations with a local academy, and that a suitable workaround could be figured out if the desire existed. He says CF is applying a cookie-cutter model that might work fine in metropolitan areas, but not out in the bush. The situation is emblematic of how towns and cities like Griffith are cruelled by the tyranny of distance in Australian sport, and often disregarded by administrators based in big cities - even though a disproportionate amount of high-performing athletes come from regional areas. 'This is the thing about Griffith,' Santolin says. 'They look at us on a map, and they think we're in the middle of nowhere - and we are, but come to the town. We're not some country bumpkin, a thousand people. These decisions affect a lot of people - players, supporters, families, sponsors, everything that we do. People don't realise what they're doing to us, and if they wonder why we don't want to take this lying down ... we're fighting for our family, almost. 'Football gets in its own way sometimes. Rather than work with us, look at our situation … they kick the whole club out. If something's too rigid, it breaks. They've never taken a flexible approach. This is why we continue to arrive in these situations. I know that if they took a more big-picture approach to everything, it could be brilliant. But instead, they take the easy option. The way that we've risen through the ranks, beat every challenge and are continuing to progress - that should be celebrated.' Yoogali has other problems with CF's review. Not only was the club not consulted, they believe some of the people who conducted it are affiliated with clubs who would stand to benefit from their removal from the pyramid. 'There's so many holes in it, it shouldn't hold water,' Santolin says. Nine other clubs from Canberra and surrounds have sent a letter to CF expressing their 'serious concerns' about the 'profound impact' their decisions could have on a club like Yoogali. But there are suspicions in Griffith that some Canberra clubs would be happy for CF to take the bullets so they can avoid all that pesky travel without political repercussions. The decision has shattered Yoogali's playing group, president John Keenan says. 'Our immediate thoughts were, we are going to fulfil our commitments for the rest of the season and show them the club we are and continue to turn up and give our best,' he says. 'If anything, it's probably motivated the group a lot. But then reality set in, and we had to look at what our options were, and the first thing we asked for was the criteria so that we could examine through the right channels and through the right pathways if we could meet that criteria. We still believe there are avenues there for us to pursue. 'We weren't invited to play NPL. We earned the right to play NPL. We managed to qualify to go up into NPL, and then we managed to stay up there. We're determined to stay. We believe we belong there.' CF did not respond to a series of questions sent by this masthead. 'The strong will prevail' Unless CF's decision is reversed, Yoogali is facing a grim future. Playing in the Griffith competition is an option, but not a good one. It's not what it used to be. 'My 70-year-old father plays in the Griffith comp. You can print that, that's good publicity for him,' Santolin says. 'Where do we go from here? We've put all of our eggs into this basket. If we were crumbling, disintegrating, forfeiting games - you wouldn't get any pushback from us. The gap between where we are now and where we would likely have to drop to is huge.' Club officials have sought the assistance of Football NSW and Football Australia, but thus far to no avail. 'We're not here to make any trouble,' says Donadel. 'We just want to play soccer. Football in Griffith is the only sport that goes out of town to play. Rugby league is just around here. Aussie rules, it's West Wyalong, basically, as far as they go. We try to travel, and the reason is to get to the best comp we can. And this is the best comp we can get to.' One solution could be the establishment of a separate NPL competition for the Riverina, featuring clubs on both sides of the NSW-Victoria border. On paper, it would be compelling. Yoogali's age-old nemesis Hanwood, who currently play in Wagga, would be a perfect fit, and ensure the first-grade return of what we might describe as the best Australian sporting rivalry you've never heard of. Add the strongest teams from Wagga, Albury, Young and Cootamundra, and it could be something. 'You've got the basis of an NPL there,' Keenan says. 'It takes time, though, to organise competitions and get the structures in place for clubs to be able to compete at that level and under those guidelines of, say, a regional or Riverina NPL. That would be one of the directions that we're hoping for because the amount of talent that has come out of the Riverina regional areas is substantial and continues to evolve and develop. If they're serious about football in the regions, they need to consider it.' Yoogali doesn't have to look too far for some words of inspiration, if they need them. They are written on the club's badge. Their slogan is ' E Forte È Vincerà ', which roughly translates from Italian to: 'The strong will prevail.'
The Age
2 days ago
- Sport
- The Age
They're the best soccer team in the bush. But they've got nowhere to play
In the middle of practically nowhere - six hours' drive west of Sydney, five hours' drive north of Melbourne - lies the best-kept secret in Australian soccer. Maybe Australian sport. Griffith, NSW, is a place that shouldn't exist. Without irrigation, it would be a desert - dry, flat, and empty. But in 1916, as part of the bold, utopian Murrumbidgee Irrigation Area scheme, it was built from scratch as a planned city, designed by Walter Burley Griffin, the same American architect who laid out Canberra. The early settlers, mostly returned servicemen and British migrants, struggled with the land; it wasn't until the Italians arrived, bringing with them generations of agricultural know-how and a relentless work ethic, that the region truly began to bloom. Today, around 60 per cent of the city's 25,000 residents are said to claim some degree of Italian heritage, and it shines through in everything they do. Top-notch Italian eateries line the city's main drag, Banna Avenue; walking into the famous old La Scala restaurant, down a dingy, dimly lit staircase, was like stumbling into a dinner scene from Goodfellas. The local wine scene is quietly excellent; Yellowtail, Australia's leading export brand and a bona fide global phenomenon, is produced in Yenda, which is a 13-minute drive to the east. Season two of Underbelly was also partially set in Griffith, harking back to a darker past that has unfairly coloured the town's reputation. And then, of course, there's the soccer. The standard of play at Griffith's grassroots is surprisingly high given its geographic isolation. The passion for the game is strong, and it has to be, considering the immense obstacles that need to be overcome just to take part. To play at any serious level is to accept many, many hours of driving for hundreds of kilometres just to find an opponent. In football, as in agriculture, Griffith's best produce ends up elsewhere. If you happen to be decent - like Brisbane Roar youngster Pearson Kasawaya, or former national league players such as Michael Musitano, Eliza Ammendolia or Jordan Jasnos - you eventually have to move to the big smoke to pursue your dreams. 'A big family affair' Griffith's biggest and most successful club is Yoogali Soccer Club, named for the small township on the city's eastern fringes, towards Yenda. It was formed in 1954 out of the Yoogali Club, one of Australia's oldest ethnic social clubs, which was where members of Sydney's Italian community visited for inspiration before founding Club Marconi - though it no longer plays there, having linked up with the Griffith Leagues Club down the road years ago. (That's why there's a second team based in Yoogali, known as Yoogali Football Club; the schism between 'YSC' and 'YFC' would require a whole book to properly explain.) Yoogali has won 34 first-grade titles in various competitions and regularly hosts teams from Sydney for pre-season matches. Tom Sermanni used to bring the Matildas there regularly for training camps during his first two stints as national team boss and spoke at Yoogali's season launch at the start of this year. In an alternate universe, where Griffith is, say, two hours' drive from Sydney instead of six, it's not difficult to imagine a club like Yoogali climbing the ranks into the old National Soccer League, back when it had promotion and relegation into the state leagues. Luke Santolin is the current coach of Yoogali's senior men's team. His grandfather (or nonno) Noé was one of the club's founding fathers - the field at the Yoogali Club is named for him - and his father Tony used to coach, and still plays. 'They used to play after church with all the Italian immigrants, and it just grew from there,' Santolin says. 'Like most football club stories, they were doing everything: they were cutting the grass, they were painting the lines, putting the nets up, all that jazz. It was a big family affair back then. My two boys have just started playing now. It's really all I've ever known.' Yoogali has an itinerant soccer history, through no fault of their own. Far too big for the local league in Griffith, they have spent decades trying to find somewhere to play, only to be consistently rebuffed. They've played in Shepparton (twice), Wagga Wagga, a short-lived Regional Premier League involving other Victorian teams, and most notably, in Canberra. Invariably, other teams get sick of driving to Griffith and find a way to get rid of them, even though they only have to travel once per year, and Yoogali every fortnight. 'We've never forfeited a game. Would you believe that? Never,' says Santolin. Griffith's greatest soccer triumph came in 1971, when a team called Griffith United (an amalgamation of Yoogali and Hanwood FC, their fierce rivals) won the league and cup double in the ACT. They played in front of big, boisterous crowds at home, and then jumped on a bus to Canberra every other weekend to fulfil their away commitments. In that team? Not only Tony Santolin and two Paraguayan brothers, Willie and George Wood, but a 16-year-old Walter Valeri, the father of future Socceroo Carl; his father (Carl's nonno) was one of Hanwood's founding members. The Valeris later moved to Canberra for work opportunities. 'The impossible dream came true,' wrote local newspaper The Area News when Griffith United were crowned champions. 'They trained hard, travelled long distance and fought tenaciously to give this town an enviable soccer supremacy. They won and thoroughly deserved it.' The next year, they were kicked out for administrative reasons. For the past five years, Yoogali has been competing in Canberra again, as part of the Capital Football system. In 2023, they won promotion to the top-flight NPL - putting them technically just one step below the A-League - and then last year, defied the odds to stay up. Unlike their opponents, they don't pay their players - although they do have a long, proud history of sourcing players from overseas, particularly from Scotland. They don't get paid either, but the club does cover their airfares and finds them work in Griffith (picking fruit, usually, at first) and a place to live. Some of them never go back. 'I remember as a kid growing up, my grandparents had a granny flat at the back of their house where the overseas players would live in,' Santolin says. 'I remember going to kick the ball with them and then seeing them play for Yoogali on a Sunday. We got to a level where players were calling us, saying they'd heard from a mutual friend or a contact about our club, and how do they come out? You only get that reputation by conducting yourselves the right way. Some of my best friends ever started off as visa players, and now they've got three, four kids, a wife, a business, when originally they just came over to kick a ball. So it's pretty special.' This year's team features five members of the Donadel family who, like the Santolins, are Yoogali royalty. Two of them are sons of Sante Donadel, assistant coach, former first-grade coach and a former player for over 50 years. The Donadels moved to Griffith in 1970; Sante's father played for Yoogali, and made life-long friends at the club, and his uncle was coach of Griffith United when they did the double in '71. 'We're still learning, as players, coaches and our committee, how to deal with that level of football, the NPL,' Donadel says. 'It's by far the best comp we've played in. But it's been good. We're one of the only [regional] clubs to have ever done something like this.' Things have been tracking well on the field. They recently smashed last season's premiers, Gungahlin United, 5-1. But then, without warning, Capital Football (CF) announced last month that the 2025 season would be Yoogali's last, having conducted a review which recommended the removal of teams from the Riverina - including the Wagga City Wanderers, who play in Canberra's second tier - from their competitions, again citing administrative reasons. History is repeating. 'Unfortunately, we can't control where we're located. For some reason, our grandparents chose Griffith because of the soil,' Santolin says. 'When it comes to football, yeah, it's always been a hurdle. But it's never dulled our spirit. If anything, as a club, we've embraced it. It's a feather in our cap, in the sense that we go there, and we go toe-to-toe with these teams from the bigger cities, and in many cases, come out on top. We use it to galvanise us. And that's why we've got such a big club spirit, that we're just not willing to surrender. 'But it just gets to a point ... it's our 71st year in existence. When do we get to breathe easier? It feels like we're always looking over our shoulder. As soon as you start doing well or getting too comfortable in a competition, the rug gets pulled from under you.' 'People don't realise what they're doing to us' CF's review determined that, from 2026, all NPL teams must also field junior teams in their sanctioned leagues. While it has established an exemptions process, Yoogali has been explicitly excluded because the travel to and from Griffith - four hours each way from Canberra, on a good day - was deemed 'not a viable option' as there would be too many forfeits, according to a letter to the club from CF. It also said that them fielding a senior team without juniors would compromise the 'sustainability and integrity' of their competitions. It amounts to a reversal of CF's decision in 2017 to expand into the Riverina, partly to help broaden regional support for a Canberra A-League Men's bid. Until 2023, Griffith was represented at junior level by a team called the Riverina Rhinos (later Griffith FC), who were strong at most age groups but struggled at under-18s - largely because, as Santolin says, in a place with a small population like Griffith, a good player at that age is usually playing seniors, which is better for their development anyway. Numbers are further drained by the fact that many teenagers leave to board at schools in big cities, and because there is no university in Griffith, they often don't return. 'We've had a lot of kids that have come from here and played and gone to uni and played for decent clubs in Sydney. That's the pathway. We can't hold our kids,' Donadel says. 'Honestly, if we had a uni here ... we'd be unstoppable because we'd have these kids staying and playing for us.' Santolin argues that Yoogali has a strong junior base and affiliations with a local academy, and that a suitable workaround could be figured out if the desire existed. He says CF is applying a cookie-cutter model that might work fine in metropolitan areas, but not out in the bush. The situation is emblematic of how towns and cities like Griffith are cruelled by the tyranny of distance in Australian sport, and often disregarded by administrators based in big cities - even though a disproportionate amount of high-performing athletes come from regional areas. 'This is the thing about Griffith,' Santolin says. 'They look at us on a map, and they think we're in the middle of nowhere - and we are, but come to the town. We're not some country bumpkin, a thousand people. These decisions affect a lot of people - players, supporters, families, sponsors, everything that we do. People don't realise what they're doing to us, and if they wonder why we don't want to take this lying down ... we're fighting for our family, almost. 'Football gets in its own way sometimes. Rather than work with us, look at our situation … they kick the whole club out. If something's too rigid, it breaks. They've never taken a flexible approach. This is why we continue to arrive in these situations. I know that if they took a more big-picture approach to everything, it could be brilliant. But instead, they take the easy option. The way that we've risen through the ranks, beat every challenge and are continuing to progress - that should be celebrated.' Yoogali has other problems with CF's review. Not only was the club not consulted, they believe some of the people who conducted it are affiliated with clubs who would stand to benefit from their removal from the pyramid. 'There's so many holes in it, it shouldn't hold water,' Santolin says. Nine other clubs from Canberra and surrounds have sent a letter to CF expressing their 'serious concerns' about the 'profound impact' their decisions could have on a club like Yoogali. But there are suspicions in Griffith that some Canberra clubs would be happy for CF to take the bullets so they can avoid all that pesky travel without political repercussions. The decision has shattered Yoogali's playing group, president John Keenan says. 'Our immediate thoughts were, we are going to fulfil our commitments for the rest of the season and show them the club we are and continue to turn up and give our best,' he says. 'If anything, it's probably motivated the group a lot. But then reality set in, and we had to look at what our options were, and the first thing we asked for was the criteria so that we could examine through the right channels and through the right pathways if we could meet that criteria. We still believe there are avenues there for us to pursue. 'We weren't invited to play NPL. We earned the right to play NPL. We managed to qualify to go up into NPL, and then we managed to stay up there. We're determined to stay. We believe we belong there.' CF did not respond to a series of questions sent by this masthead. 'The strong will prevail' Unless CF's decision is reversed, Yoogali is facing a grim future. Playing in the Griffith competition is an option, but not a good one. It's not what it used to be. 'My 70-year-old father plays in the Griffith comp. You can print that, that's good publicity for him,' Santolin says. 'Where do we go from here? We've put all of our eggs into this basket. If we were crumbling, disintegrating, forfeiting games - you wouldn't get any pushback from us. The gap between where we are now and where we would likely have to drop to is huge.' Club officials have sought the assistance of Football NSW and Football Australia, but thus far to no avail. 'We're not here to make any trouble,' says Donadel. 'We just want to play soccer. Football in Griffith is the only sport that goes out of town to play. Rugby league is just around here. Aussie rules, it's West Wyalong, basically, as far as they go. We try to travel, and the reason is to get to the best comp we can. And this is the best comp we can get to.' One solution could be the establishment of a separate NPL competition for the Riverina, featuring clubs on both sides of the NSW-Victoria border. On paper, it would be compelling. Yoogali's age-old nemesis Hanwood, who currently play in Wagga, would be a perfect fit, and ensure the first-grade return of what we might describe as the best Australian sporting rivalry you've never heard of. Add the strongest teams from Wagga, Albury, Young and Cootamundra, and it could be something. 'You've got the basis of an NPL there,' Keenan says. 'It takes time, though, to organise competitions and get the structures in place for clubs to be able to compete at that level and under those guidelines of, say, a regional or Riverina NPL. That would be one of the directions that we're hoping for because the amount of talent that has come out of the Riverina regional areas is substantial and continues to evolve and develop. If they're serious about football in the regions, they need to consider it.' Yoogali doesn't have to look too far for some words of inspiration, if they need them. They are written on the club's badge. Their slogan is ' E Forte È Vincerà ', which roughly translates from Italian to: 'The strong will prevail.'
Yahoo
21-05-2025
- Yahoo
Ukrainian MiG-29 downs Russian Shahed drone in night mission
Ukraine's Air Force released footage of a MiG-29 operated by Ukrainian pilot Yellowtail shooting down a Russian Shahed kamikaze drone during a night mission. Source: Ukraine's Air Force Command on Facebook, as reported by Ukrainska Pravda Quote: "Night combat mission by pilot Yellowtail. The video, captured from a MiG-29 fighter, shows the destruction of an enemy Shahed kamikaze drone during a defence against a Russian large-scale airstrike on infrastructure facilities." Details: The Air Force stated that Yellowtail, a pilot from the Tactical Aviation Brigade of Air Command Zakhid (West), has completed over 100 sorties. Background: On the night of 20-21 May 2025, from 00:30, Russian forces attacked Ukraine with 76 kamikaze drones, of which 22 were shot down and 41 disappeared from radar. Support Ukrainska Pravda on Patreon!
Yahoo
30-04-2025
- Business
- Yahoo
Hess Reports Estimated Results for the First Quarter of 2025
Key Development: The fourth and largest oil development on the Stabroek 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 barrels of oil per day (bopd) utilizing the ONE GUYANA floating production, storage and offloading vessel (FPSO), which arrived offshore Guyana on April 15th First Quarter Financial and Operational Highlights: Net income was $430 million, or $1.39 per share, compared with $972 million, or $3.16 per share, in the first quarter of 2024; adjusted net income1 in the first quarter of 2025 was $559 million, or $1.81 per share Oil and gas net production was 476,000 barrels of oil equivalent per day (boepd) in the first quarter of both 2025 and 2024 E&P capital and exploratory expenditures were $1,085 million, compared with $927 million in the prior-year quarter NEW YORK, April 30, 2025--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today reported net income of $430 million, or $1.39 per share, in the first quarter of 2025, compared with net income of $972 million, or $3.16 per share, in the first quarter of 2024. On an adjusted basis, the Corporation reported net income of $559 million, or $1.81 per share, in the first quarter of 2025. The decrease in adjusted after-tax earnings compared with the prior-year quarter primarily reflects lower realized oil selling prices and sales volumes in the first quarter of 2025. 1. "Adjusted net income" is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. As provided in the reconciliation, there were no items identified as affecting comparability of earnings between periods for the three months ended March 31, 2024. After-tax income (loss) by major operating activity was as follows: Three Months Ended March 31, (unaudited) 2025 2024 (In millions, except per share amounts) Net Income Attributable to Hess Corporation Exploration and Production $ 434 $ 997 Midstream 70 67 Corporate, Interest and Other (74 ) (92 ) Net income attributable to Hess Corporation $ 430 $ 972 Net income per share (diluted) $ 1.39 $ 3.16 Adjusted Net Income Attributable to Hess Corporation Exploration and Production $ 563 $ 997 Midstream 70 67 Corporate, Interest and Other (74 ) (92 ) Adjusted net income attributable to Hess Corporation $ 559 $ 972 Adjusted net income per share (diluted) $ 1.81 $ 3.16 Weighted average number of shares (diluted) 308.6 307.9 Exploration and Production: E&P net income was $434 million in the first quarter of 2025, compared with $997 million in the first quarter of 2024. On an adjusted basis, E&P first quarter 2025 net income was $563 million. The Corporation's average realized crude oil selling price was $71.22 per barrel in the first quarter of 2025, compared with $80.06 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the first quarter of 2025 was $24.08 per barrel, compared with $22.97 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.89 per mcf, compared with $4.62 per mcf in the first quarter of 2024. Net production was 476,000 boepd in the first quarter of both 2025 and 2024. In the second quarter of 2025, E&P net production is expected to be in the range of 480,000 boepd to 490,000 boepd. Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $12.27 per barrel of oil equivalent (boe) excluding items affecting comparability of earnings between periods in the first quarter of 2025, compared with $10.79 per boe in the prior-year quarter, primarily due to increased maintenance activity in North Dakota. Cash operating costs in the second quarter of 2025, are expected to be higher compared to the first quarter of 2025, reflecting increased workover activity in the Gulf of America and Southeast Asia. Operational Highlights for the First Quarter of 2025: Bakken (Onshore U.S.): Net production from the Bakken was 195,000 boepd in the first quarter of 2025, compared with 190,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity partially offset by the impact of winter weather in the first quarter of 2025. NGL and natural gas volumes received under percentage of proceeds contracts were 19,000 boepd in the first quarter of both 2025 and 2024. During the first quarter of 2025, the Corporation operated four rigs and drilled 28 wells, completed 36 wells, and brought 32 new wells online. The Corporation plans to continue operating four drilling rigs in 2025. Bakken net production is forecasted to be in the range of 210,000 boepd to 215,000 boepd in the second quarter of 2025. Gulf of America (Offshore U.S.): Net production from the Gulf of America in the first quarter of 2025 was 41,000 boepd, compared with 31,000 boepd in the prior-year quarter, primarily due to start up of the Pickerel well (Hess – 100%) that achieved first production in June 2024 as a tieback to the Tubular Bells production facility. Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 183,000 barrels bopd2 in the first quarter of 2025, compared with 190,000 bopd2 in the prior-year quarter, due to tax barrels being lower by 13,000 bopd2 in the first quarter of 2025 compared to the prior-year quarter. Guyana net production is forecasted to be approximately 180,000 bopd2 in the second quarter of 2025. In the first quarter of 2025, 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. 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. 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. The sixth development, Whiptail, 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. Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 57,000 boepd in the first quarter of 2025, compared with 65,000 boepd in the prior-year quarter. Midstream: The Midstream segment had net income of $70 million in the first quarter of 2025, compared with net income of $67 million in the prior-year quarter. In January 2025, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM), repurchased approximately 2.6 million HESM Opco Class B units held by Hess Corporation and Global Infrastructure Partners for $100 million, of which the Corporation received $38 million. The Corporation continues to own approximately 37.8% of HESM on a consolidated basis. Corporate, Interest and Other: After-tax expense for Corporate, Interest and Other was $74 million in the first quarter of 2025, compared with $92 million in the first quarter of 2024, reflecting higher capitalized interest. Capital and Exploratory Expenditures: E&P capital and exploratory expenditures were $1,085 million in the first quarter of 2025, compared with $927 million in the prior-year quarter, primarily due to higher development activities in Guyana. Full year 2025 E&P capital and exploratory expenditures are expected to be approximately $4.5 billion. Midstream capital expenditures were $50 million in the first quarter of 2025 and $35 million in the prior-year quarter. Liquidity: Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.3 billion and debt and finance lease obligations totaling $5.3 billion at March 31, 2025. The Corporation's debt to capitalization ratio as defined in its debt covenants was 27.8% at March 31, 2025 and 28.3% at December 31, 2024. The Midstream segment had cash and cash equivalents of $7 million and total debt of $3.6 billion at March 31, 2025. During the first quarter of 2025, HESM Opco issued $800 million in aggregate principal amount of 5.875% fixed-rate senior unsecured notes due in 2028 and used the proceeds to redeem its outstanding $800 million 5.625% fixed-rate senior unsecured notes due in 2026. Net cash provided by operating activities was $1,401 million in the first quarter of 2025, compared with $885 million in the first quarter of 2024. Net cash provided by operating activities before changes in operating assets and liabilities3 was $1,315 million in the first quarter of 2025, which includes a charge for items affecting comparability of $129 million for accrued legal claims in North Dakota, compared with $1,729 million in the prior-year quarter, primarily due to lower realized oil selling prices and sales volumes in the first quarter of 2025. Changes in operating assets and liabilities increased cash flow from operating activities by $86 million in the first quarter of 2025. Changes in operating assets and liabilities decreased cash flow from operating activities by $844 million in the first quarter of 2024, primarily due to an increase in accounts receivable related to Guyana oil liftings and a decrease in accrued liabilities which included a payment in connection with the HONX, Inc. settlement. Items Affecting Comparability of Earnings Between Periods: The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods: Three Months Ended March 31, (unaudited) 2025 2024 (In millions) Exploration and Production $ (129 ) $ — Midstream — — Corporate, Interest and Other — — Total items affecting comparability of earnings between periods $ (129 ) $ — First Quarter 2025: E&P results include a pre-tax charge of $129 million ($129 million after income taxes) for anticipated settlement of legal claims related to post production gathering, processing and transportation fees in North Dakota, and is included in General and administrative expenses in the income statement. 2. Net production from Guyana included 20,000 bopd of tax barrels in the first quarter of 2025 and 33,000 bopd of tax barrels in the first quarter of 2024. Net production guidance for Guyana for the second quarter of 2025 includes tax barrels of approximately 20,000 bopd. 3. "Net cash provided by (used in) operating activities before changes in operating assets and liabilities" is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. Reconciliation of U.S. GAAP to Non-GAAP Measures: The following table reconciles reported net income attributable to Hess Corporation and adjusted net income: Three Months Ended March 31, (unaudited) 2025 2024 (In millions) Net income attributable to Hess Corporation $ 430 $ 972 Less: Total items affecting comparability of earnings between periods (129 ) — Adjusted net income attributable to Hess Corporation $ 559 $ 972 The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities: Three Months Ended March 31, (unaudited) 2025 2024 (In millions) Net cash provided by (used in) operating activities before changes in operating assets and liabilities $ 1,315 $ 1,729 Changes in operating assets and liabilities 86 (844 ) Net cash provided by (used in) operating activities $ 1,401 $ 885 Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its first quarter 2025 results. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at Forward-looking Statements This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "estimate," "expect," "forecast," "guidance," "could," "may," "should," "would," "believe," "intend," "project," "plan," "predict," "will," "target" and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron. Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC). As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Non-GAAP financial measures The Corporation has used non-GAAP financial measures in this earnings release. "Adjusted net income" presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. "Net cash provided by (used in) operating activities before changes in operating assets and liabilities" presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income to evaluate the Corporation's operating performance and believes that investors' understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation's ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income or net cash provided by (used in) operating activities. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income, and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release. Cautionary Note to Investors We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation's Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at You can also obtain this form from the SEC on the EDGAR system. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Income Statement Revenues and non-operating income Sales and other operating revenues $ 2,912 $ 3,309 $ 3,194 Other, net 26 32 31 Total revenues and non-operating income 2,938 3,341 3,225 Costs and expenses Marketing, including purchased oil and gas 578 622 653 Operating costs and expenses 470 412 532 Production and severance taxes 51 56 53 Exploration expenses, including dry holes and lease impairment 76 42 139 General and administrative expenses 271 124 135 Interest expense 92 113 93 Depreciation, depletion and amortization 619 557 692 Total costs and expenses 2,157 1,926 2,297 Income before income taxes 781 1,415 928 Provision for income taxes 259 348 288 Net income 522 1,067 640 Less: Net income attributable to noncontrolling interests 92 95 98 Net income attributable to Hess Corporation $ 430 $ 972 $ 542 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) March 31, 2025 December 31, 2024 Balance Sheet Information Assets Cash and cash equivalents $ 1,324 $ 1,171 Other current assets 1,752 2,002 Property, plant and equipment – net 20,422 19,921 Operating lease right-of-use assets – net 599 652 Finance lease right-of-use assets – net 86 90 Other long-term assets 2,955 2,715 Total assets $ 27,138 $ 26,551 Liabilities and equity Current portion of long-term debt $ 25 $ 23 Current portion of operating and finance lease obligations 346 346 Other current liabilities 2,479 2,457 Long-term debt 8,654 8,555 Long-term operating lease obligations 347 404 Long-term finance lease obligations 126 132 Other long-term liabilities 2,776 2,631 Total equity excluding accumulated other comprehensive income (loss) 11,727 11,424 Accumulated other comprehensive income (loss) (206 ) (208 ) Noncontrolling interests 864 787 Total liabilities and equity $ 27,138 $ 26,551 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) March 31, 2025 December 31, 2024 Total Debt Hess Corporation $ 5,107 $ 5,106 Midstream (a) 3,572 3,472 Hess Consolidated $ 8,679 $ 8,578 (a) Midstream debt is non-recourse to Hess Corporation. March 31, 2025 December 31, 2024 Debt to Capitalization Ratio (a) Hess Consolidated 41.6 % 42.1 % Hess Corporation as defined in debt covenants 27.8 % 28.3 % (a) Includes finance lease obligations. Three Months Ended March 31, 2025 2024 Interest Expense Gross interest expense – Hess Corporation $ 83 $ 87 Less: Capitalized interest – Hess Corporation (49 ) (23 ) Interest expense – Hess Corporation 34 64 Interest expense – Midstream (a) 58 49 Interest expense – Hess Consolidated $ 92 $ 113 (a) Midstream interest expense is reported in the Midstream operating segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Cash Flow Information Cash Flows from Operating Activities Net income $ 522 $ 1,067 $ 640 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 619 557 692 Exploratory dry hole costs 21 — 92 Exploration lease impairment 7 3 6 Stock compensation expense 43 39 21 Provision (benefit) for deferred income taxes and other tax accruals 103 63 70 Net cash provided by (used in) operating activities before changes in operating assets and liabilities 1,315 1,729 1,521 Changes in operating assets and liabilities 86 (844 ) (209 ) Net cash provided by (used in) operating activities 1,401 885 1,312 Cash Flows from Investing Activities Additions to property, plant and equipment - E&P (966 ) (902 ) (1,661 ) Additions to property, plant and equipment - Midstream (46 ) (55 ) (95 ) Proceeds from asset sales, net of cash sold 2 — 15 Other, net — (1 ) — Net cash provided by (used in) investing activities (1,010 ) (958 ) (1,741 ) Cash Flows from Financing Activities Net borrowings (repayments) of debt with maturities of 90 days or less 113 115 (15 ) Debt with maturities of greater than 90 days: Borrowings 800 — — Repayments (805 ) (3 ) (5 ) Cash dividends paid (157 ) (137 ) (154 ) Noncontrolling interests, net (156 ) (151 ) (92 ) Employee stock options exercised 6 11 8 Withholding tax on stock-based incentive awards (24 ) (8 ) (1 ) Payments on finance lease obligations (3 ) (3 ) (3 ) Other, net (12 ) (1 ) (2 ) Net cash provided by (used in) financing activities (238 ) (177 ) (264 ) Net Increase (Decrease) in Cash and Cash Equivalents 153 (250 ) (693 ) Cash and Cash Equivalents at Beginning of Period 1,171 1,688 1,864 Cash and Cash Equivalents at End of Period $ 1,324 $ 1,438 $ 1,171 Additions to Property, Plant and Equipment included within Investing Activities Capital expenditures incurred $ (1,087 ) $ (923 ) $ (1,720 ) Increase (decrease) in related liabilities 75 (34 ) (36 ) Additions to property, plant and equipment $ (1,012 ) $ (957 ) $ (1,756 ) HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Capital and Exploratory Expenditures E&P Capital and exploratory expenditures United States North Dakota $ 360 $ 288 $ 331 Offshore and Other 95 159 104 Total United States 455 447 435 Guyana 613 447 1,209 Malaysia and JDA 5 28 27 Other 12 5 6 E&P Capital and exploratory expenditures $ 1,085 $ 927 $ 1,677 Total exploration expenses charged to income included above $ 48 $ 39 $ 41 Midstream Capital expenditures $ 50 $ 35 $ 84 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS) First Quarter 2025 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,545 $ 1,359 $ 2,904 Other, net 8 3 11 Total revenues and non-operating income 1,553 1,362 2,915 Costs and expenses Marketing, including purchased oil and gas (a) 571 28 599 Operating costs and expenses 260 129 389 Production and severance taxes 47 4 51 Midstream tariffs 348 — 348 Exploration expenses, including dry holes and lease impairment 60 16 76 General and administrative expenses 205 9 214 Depreciation, depletion and amortization 298 270 568 Total costs and expenses 1,789 456 2,245 Results of operations before income taxes (236 ) 906 670 Provision for income taxes — 236 236 Net income (loss) attributable to Hess Corporation $ (236 ) $ 670 $ 434 First Quarter 2024 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,523 $ 1,780 $ 3,303 Other, net 10 1 11 Total revenues and non-operating income 1,533 1,781 3,314 Costs and expenses Marketing, including purchased oil and gas (a) 589 51 640 Operating costs and expenses 205 133 338 Production and severance taxes 54 2 56 Midstream tariffs 328 — 328 Exploration expenses, including dry holes and lease impairment 34 8 42 General and administrative expenses 64 8 72 Depreciation, depletion and amortization 244 263 507 Total costs and expenses 1,518 465 1,983 Results of operations before income taxes 15 1,316 1,331 Provision for income taxes — 334 334 Net income (loss) attributable to Hess Corporation $ 15 $ 982 $ 997 (a) Includes amounts charged from the Midstream segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS) Fourth Quarter 2024 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,546 $ 1,642 $ 3,188 Other, net 12 — 12 Total revenues and non-operating income 1,558 1,642 3,200 Costs and expenses Marketing, including purchased oil and gas (a) 628 46 674 Operating costs and expenses 258 186 444 Production and severance taxes 52 1 53 Midstream tariffs 364 — 364 Exploration expenses, including dry holes and lease impairment 124 15 139 General and administrative expenses 81 11 92 Depreciation, depletion and amortization 282 358 640 Total costs and expenses 1,789 617 2,406 Results of operations before income taxes (231 ) 1,025 794 Provision for income taxes — 265 265 Net income (loss) attributable to Hess Corporation $ (231 ) $ 760 $ 529 (a) Includes amounts charged from the Midstream segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Net Production Per Day (in thousands) Crude oil - barrels United States North Dakota 87 88 93 Offshore 30 22 22 Total United States 117 110 115 Guyana (a) 183 190 195 Malaysia and JDA 4 5 5 Total 304 305 315 Natural gas liquids - barrels United States North Dakota 73 69 76 Offshore 3 2 3 Total United States 76 71 79 Natural gas - mcf United States North Dakota 212 200 232 Offshore 45 41 30 Total United States 257 241 262 Malaysia and JDA 317 358 345 Total 574 599 607 Barrels of oil equivalent 476 476 495 (a) Production from Guyana includes 20,000 bopd of tax barrels in the first quarter of 2025, 33,000 bopd of tax barrels in the first quarter of 2024 and 29,000 bopd of tax barrels in the fourth quarter of 2024. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Sales Volumes Per Day (in thousands) (a) Crude oil – barrels 288 308 319 Natural gas liquids – barrels 78 73 80 Natural gas – mcf 574 599 607 Barrels of oil equivalent 462 481 500 Sales Volumes (in thousands) (a) Crude oil – barrels 25,891 28,053 29,369 Natural gas liquids – barrels 7,032 6,650 7,363 Natural gas – mcf 51,682 54,495 55,880 Barrels of oil equivalent 41,537 43,786 46,045 (a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA First Quarter 2025 First Quarter 2024 Fourth Quarter 2024 Average Selling Prices Crude oil - per barrel United States North Dakota $ 67.52 $ 71.75 $ 68.10 Offshore 71.44 75.86 69.94 Total United States 68.53 72.58 68.47 Guyana 73.03 84.27 74.19 Malaysia and JDA 64.05 81.10 72.07 Worldwide 71.22 80.06 72.10 Natural gas liquids - per barrel United States North Dakota $ 24.06 $ 23.03 $ 23.03 Offshore 24.61 21.36 23.74 Worldwide 24.08 22.97 23.05 Natural gas - per mcf United States North Dakota $ 2.66 $ 1.80 $ 1.22 Offshore 4.13 2.11 1.91 Total United States 2.92 1.85 1.30 Malaysia and JDA 6.49 6.49 6.24 Worldwide 4.89 4.62 4.10 View source version on Contacts For Hess Corporation Investor Contact: Jay Wilson(212) 536-8940 Media Contacts: Lorrie Hecker(212) 536-8250 Nick RustFGS Global(917) 439-0307 Sign in to access your portfolio
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25-04-2025
- Business
- Yahoo
Guyana Q1 oil production sees 3% YoY increase
Guyana has reported a 3% increase in oil production in March, reaching an average of 631,000 barrels per day (bpd) compared with the same period last year. However, there was a slight dip in March output to 627,000bpd from February, reported Reuters, citing data from the country's Energy Ministry. In 2024, Guyana emerged as Latin America's fifth-largest oil exporter, trailing behind Brazil, Mexico, Venezuela and Colombia. The nation is poised for further growth with the anticipated installation of a fourth floating production facility for the Yellowtail project, which is expected to increase capacity to around 940,000bpd. The consortium leading Guyana's oil and gas operations, headed by US major ExxonMobil, recorded an output of approximately 613,000bpd in the first quarter of the previous year. The government forecasts a surge in production to an average of 786,000bpd, driven by the commencement of the Yellowtail project, Exxon's fourth venture in the country. Negotiations are currently in the final stages between the Exxon group and the government regarding the release of a section of the vast Stabroek offshore block. The Finance Ministry earlier reported oil revenue of $605.46m from royalties and sales in the last quarter of the previous year. This revenue includes the export of seven cargoes of crude from the government's share of production within the country. In a move to expand its natural gas operations, ExxonMobil announced plans in February to increase gas production in Guyana. This project aligns with the government's request for a greater gas supply to support onshore power generation and petrochemical industries. With ExxonMobil's offshore activities having catapulted Guyana to the status of the world's "fastest-growing" oil producer, the government is focusing on the more efficient use of associated natural gas. "Guyana Q1 oil production sees 3% YoY increase" 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. Sign in to access your portfolio
