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Hess Ups Budget to $3.0B for 2020; Bets Bulk on Bakken, Guyana
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Hess Corp. has planned a 2020 capital and exploratory budget of $3.0 billion, the majority of which (80%) is focused on its operations in Guyana and the Bakken.
The Gulf of Mexico is taking the biggest spending hit, down 53% compared to 2019.
2020 Details More Budget DetailsCEO John Hess commented: "We continue to successfully execute our long term strategy, with the majority of our capital budget directed to Guyana and the Bakken -- two of the highest return investment opportunities in our industry that will become significant, long term cash generators for our company. We are well positioned to deliver industry leading cash flow growth while also achieving significant reductions in our unit costs, which will drive margin expansion and lower our breakeven oil price to below $40 per…
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