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.