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Hess Spending +38% More in 2019; Bets Bulk on Bakken, Guyana Ops
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Hess has announced a 2019 E&P capital and exploratory budget of $2.9 billion, 75% of which will be allocated to activities in Guyana and in the Bakken.
This is a +38% increase over 2018 spending of $2.1B.
As demonstrated below, the company is continuing to increase its investment in its Bakken and offshore Guyana assets:
The $2.9 billion capital and exploratory budget is allocated as follows: $1,890 million (65 percent) for production, $570 million (20 percent) for offshore developments and $440 million (15 percent) for exploration and appraisal activities.
ProductionNet production is forecast to average between 270,000 and 280,000 barrels of oil equivalent per day in 2019, excluding Libya, compared to approximately 245,000 barrels of oil equivalent per day in 2018 - an increase of…
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