Hess Provides Update on Progress, Plans to Deliver Strong Cash Flow Growth and Increasing Returns Through 2025
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.”
Presenters at today’s Hess Investor Day will include Chief Executive
Officer John Hess, Chief Operating Officer Greg Hill, Chief Financial
Officer John Rielly and other members of the leadership team. A live
webcast of the meeting will be available on the Hess
website from 1:00 p.m. to 5:00 p.m. Central Time today. The
presentation and webcast also will be available for replay on the Hess
website.
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 http://www.hess.com.
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 Securities and Exchange Commission.
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 disclosure relating to proved reserves in
Hess’ 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 www.hess.com.
You can also obtain this form from the SEC on the EDGAR system.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181212005657/en/
Copyright Business Wire 2018
Source: Business Wire
(December 12, 2018 - 1:00 PM EST)
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