Hess Provides Update on Progress

Posted On December 12th, 2018 - 8:10 pm | by Oil and gas press

Hess Corporation (NYSE:HES) will provide a detailed update on progress in executing its strategy for long term value creation at its Investor Day today in Houston. The company’s plans through 2025 are expected to deliver strong performance across the following areas:

Compound annual production growth of more than 10 percent combined with margin expansion set to drive compound annual cash flow growth of approximately 20 percent through 2025

Bakken production set to grow to approximately 200 thousand barrels of oil equivalent per day by 2021 and generate more than $1 billion of annual free cash flow post 2020 at a $60 per barrel WTI oil price

World class Guyana position with more than 5 billion barrels of oil equivalent gross discovered resources offers industry leading financial returns and cost metrics

Structurally lowering costs to a portfolio breakeven of less than $40 per barrel Brent by 2025

Strong cash position, 2019 WTI hedges and spending flexibility provide ability to fund high return growth projects in a low oil price environment without equity or debt financing

“We are at a transformative inflection point in our company’s history and are uniquely positioned to deliver strong financial returns, visible and low risk production growth and accelerating free cash flow well into the next decade,”

Chief Executive Officer John Hess said.

“As our portfolio generates increasing free cash flow, we will continue to prioritize return of capital to shareholders.”

Source / Further information : Hess Corporation

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