US independent Hess reported estimated results for the fourth quarter and full year of 2023, but the company did not issue any additional commentary due to the pending merger with supermajor Chevron.

Hess posted a net profit of $413 million, or $1.34 per share in the fourth quarter of 2023, down 17% from $497 million, or $1.61 per share, in the same period a year ago.

Quarterly results beat expectations, according to consultancy firm TD Cowen. Net revenues fell from $3.05 billion to $3.04 billion.

Oil and natural gas production increased 11% to 418,000 barrels of oil equivalent per day, thanks to strong performance from Guyana and the US Bakken shale.

Net output in the Bakken was up from 158,000 boepd to 194,000 boepd, while production in Guyana from the Liza and Payara fields went from 116,000 barrels per day of oil to 128,000 bpd.

For the full 2023 year, Hess reported a 34% drop in net profit to $1.38 billion from $2.1 billion in 2022. Net revenues were down 8% from $11.57 billion to $10.65 billion.

Oil and gas proven reserves at the end of 2023 stood at 1.37 billion barrels of oil equivalent, up from 1.26 billion boe at the end of 2022.