Hess Shares Priced for Perfection With $70/bbl WTI
After a second look at Hess' first-quarter results we've ratcheted up our fair value estimate to $42 per share. This was primarily driven by taking a more optimistic view on basis differentials (our previous estimates in the U.S. onshore area and also the Gulf of Mexico look overly pessimistic). For the remainder of 2018 we now expect average discounts of $4.34 and $6.69 for these areas against their respective benchmarks, WTI and Brent. We have also increased our estimate for the average initia...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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