Hess Expects Higher Capital Spending, Production in 2022

Hess Corp. said on Jan. 25 that it expects 2022 capital budget for production to rise 37% as the oil company looks to focus on its operations in Guyana and the U.S. Bakken shale basin.

A more than 50% rise in global crude prices in the past year to above $86 a barrel is expected to encourage producers to spend more on exploration and drilling activity after years of prioritizing shareholder returns over business investments.