<< Back |
- Highlights Company’s High Graded Portfolio, Proforma Cash Flow Growth and Prefunding of “Transformative” Guyana Opportunity
-
Announces
$500 Million Share Repurchase Plan in addition to$500 Million in Debt Reduction
Financial strength and shareholder focus
This year, the company has announced sales of mature, lower growth
assets that will result in proceeds of
-
Prefund a world class oil development in
Guyana - Increase to a total of six rigs from four rigs currently in the Bakken during 2018, where the company has a robust inventory of high return drilling locations in the core of the play
-
Return cash to shareholders through a share repurchase program of up
to
$500 million of stock to be completed in 2018 -
Reduce
Hess Corporation debt (excluding midstream) by$500 million in 2018
High graded, focused portfolio
“We have moved aggressively to focus and high grade our portfolio with
asset sales that exceeded expectations in terms of value and timing,”
The company’s portfolio will be focused on
The high graded portfolio combined with a planned
Prefunding Guyana, one of the industry’s largest oil discoveries in a decade
Hess has a 30 percent interest in the Stabroek Block offshore
“The Stabroek Block is a massive world class resource that keeps getting bigger and better,” Hess said. “Guyana is an extraordinary oil investment opportunity that is uniquely advantaged by its scale, reservoir quality, cost advantages, rapid cash paybacks and strong financial returns, which we believe will create significant value for our shareholders for many years to come.”
A replay of the company’s presentation at the
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that these projections
will be achieved, and actual results could differ materially from those
projected as a result of certain risk factors. A discussion of these
risk factors is included in the company’s periodic reports filed with
the
View source version on businesswire.com: http://www.businesswire.com/news/home/20171116005830/en/
Source:
Hess Corporation
Investors:
Jay Wilson,
212-536-8940
jrwilson@hess.com
or
Media:
Lorrie
Hecker, 212-536-8250
lhecker@hess.com