Hess Expects Improving Profitability by Focusing on High-Return Projects in Guyana and the Bakken
On Aug. 30 no-moat Hess announced a positive result from the Hammerhead exploration well in the Stabroek Block (Guyana). This marks the ninth discovery in the block, and further extends the partnership's exploration track record in what is clearly a very prolific oil province. The well encountered 197 feet of high-quality oil-bearing sandstone, putting it on par with the block's previous discoveries. However, success at Hammerhead was already factored into our model on a risked basis, and while ...Hess is a global exploration and production company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquid (NGL), and natural gas with production operations located primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, Malaysia and Denmark. The company's Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota.
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