Hess is among the leading producers of crude in the Bakken oil shale play

With its industry-leading acreage position, Hess’ Bakken operations in North Dakota are competitive with the best shale-oil plays in the world. Through the application of Lean manufacturing techniques, our wells continue to be among the lowest cost and most productive in the Bakken. We have more drilling spacing units in the core of the play than any other operators

In 2015, Hess sold a 50 percent interest in our Bakken midstream assets and formed a joint venture with Global Infrastructure Partners, which resulted in total cash proceeds to Hess of $3 billion. The midstream joint venture assets include the Tioga Gas Plant, the Tioga Rail Terminal, a crude oil truck and pipeline terminal and the crude oil and natural gas gathering systems in North Dakota. Hess retains operational control of the venture, which makes the joint venture one of the largest midstream operators in the Bakken.

Hess Corp. swung to profits in the first quarter, even though oil prices remained weak in this period, but it continued to burn cash flows.

  • Oil has significantly and Hess will increase production from the Bakken where it has increased drilling activity – this will fuel earnings and cash flow growth in 2019.

Hess Corporation HES reported adjusted first-quarter 2019 earnings per share of 9 cents against the Zacks Consensus Estimate of a loss of 26 cents and the year-ago quarter adjusted loss of 27 cents.

Revenues increased to $1,599 million from $1,390 million in the year-ago quarter. The top line also surpassed the Zacks Consensus Estimate of $1,475 million.

The strong first-quarter results were attributed to higher hydrocarbon production, backed by prolific plays like Bakken and Gulf of Mexico.

In early-2020, the first phase of offshore Guyana’s Liza project will come online which will push the company’s production higher and accelerate earnings/cash flow growth.

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