Hess Corporation

Hess Corporation reported strong operational performance in the second quarter, with net production averaging 387,000 barrels of oil equivalent per day, exceeding guidance.

The company expects full-year 2023 net production to average between 385,000 and 390,000 barrels of oil equivalent per day, up from previous guidance, primarily due to strong performance in the first half and the expected start-up of the Payara development in Guyana.

Hess has a robust inventory of high-return drilling locations in the Bakken, and it plans to steadily grow net production to approximately 200,000 barrels of oil equivalent per day by 2025. It will continue operating a four-rig program to optimize infrastructure and generate significant levels of free cash flow.