Hess has key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia.
After incorporating Hess' stronger-than-expected first-quarter production data, we've nudged our fair value estimate to $37 per share (up from $34). However, we continue to believe that the stock is materially overvalued. While oil fundamentals look strong in 2018, the current oil price is more than 20% above our midcycle forecast, and the U.S. shale industry is running at least 100 more light tight oil rigs currently than it needs to to keep the market balanced in the long run. That means explo...
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