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Hess Corp - Stock Quote HES

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Morningstar's Hess Corp Stock Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Hess’ Guyana Assets Continue to Impress, but Inflation Pushes Up 2022 Budget

Analyst Note

| Dave Meats, CFA |

Hess reported production of 276 mboe/d (ex. Libya), slightly above the high end of revised guidance given in March. Guyana production tagged the high end of guidance at 30 mboe/d for the quarter, with a contribution from Liza Phase 2, which came online in February as previously announced. Bakken volumes totaled about 152 mboe/d in the quarter, slightly hampered by severe weather conditions in North Dakota, and management continues to hint strongly at the addition of a fourth rig in the Bakken by year-end, which is already incorporated in our model and would see production ramp up to a durable 200 mboe/d by 2024. We intend to incorporate these results shortly, but after this first look our fair value estimate and moat rating are unchanged.

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Hess Corp's Company Profile

Business Description

Hess is an independent oil and gas producer with key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia. At the end of 2021, the company reported net proved reserves of 1.3 billion barrels of oil equivalent. Net production averaged 315 thousand barrels of oil equivalent per day in 2021, at a ratio of 69% oil and natural gas liquids and 31% natural gas.

Contact
1185 Avenue of the Americas
New York, NY, 10036
T +1 212 997-8500
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,545

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