Hess Corporation HES will review its growth strategy and provide a
detailed update on its portfolio at an Investor Day in Houston. Chief
Executive Officer John Hess, Chief Operating Officer Greg Hill and other
members of the leadership team will outline plans and targets that underpin
the company's strategy and commitment to deliver value to shareholders.
“Our company is uniquely positioned with our resilient portfolio of high
quality assets and strong balance sheet to provide low risk production growth
and generate free cash flow under various price scenarios,” CEO John Hess
said. “We are committed to capital discipline -- investing in projects with
the highest risk adjusted returns as well as moderating our capital and
exploratory expenditures to be cash generative through 2018. Our cash
generative growth provides the opportunity to improve shareholder returns.”
Highlights of today's meeting will include the following:
* The company is increasing its five-year production growth rate forecast to
6-10 percent compounded annually from 2013 through 2018 between $90 and
$100 Brent.
* With the success of its 2014 downspacing pilots confirmed, the company is
increasing its Bakken net peak production guidance to approximately
175,000 barrels of oil equivalent per day (BOEPD) by 2020; adding an
additional 1,000 well locations to a total of more than 4,000; and
increasing its net estimated ultimate recovery (EUR) to more than 1.4
BBOE.
* Utica's net peak production is forecast to reach approximately 40,000
BOEPD by 2020, with approximately 500 well locations and a net EUR of more
than 300 MMBOE. This is the first time the company is providing guidance
for this asset.
* Significant production growth and free cash generation are forecast from
Hess' offshore assets, particularly in the deepwater Gulf of Mexico with
the Stampede field sanctioned in October for first oil in 2018 and
production startup underway at Tubular Bells.
Webcast and Presentation Materials
A live webcast of the meeting will be available on the Hess website from 1:00
p.m. to 5 p.m. Central time today. The presentation and webcast also will be
available for replay on the Hess website.
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