Hess Eyes Higher Output, Dividends, Stock Repurchases

Hess looks to further boost its production in the Bakken shale play and offshore Guyana in the second half of 2022 while also increasing its dividend and share repurchases.

Hess Corp., Guyana, Bakken

"Hess plans to continue increasing its regular dividend to a level that is attractive to income-oriented investors, but sustainable in a low oil price environment,” CEO John Hess said during company’s second quarter earnings webcast on July 27. (Source: T. Schneider / Shutterstock.com)

Hess Corp. plans to grow production in the second half of 2022 with the addition of a fourth rig in the Bakken and rising output offshore Guyana after reporting a nine-fold increase in its second-quarter adjusted profit on July 27.

Despite the planned increase in production, the New York-based independent oil and gas producer said that it will maintain capital spending at $2.7 billion in 2022. On the financial side, the company expects to increase its dividend and buybacks after kicking of a share repurchase program in the second quarter.

Hess’ portfolio of onshore and offshore assets in the U.S. in the Bakken and Gulf of Mexico coupled with its newly added advantaged barrels offshore Guyana in the Stabroek Block continues to offer investors low-cost low carbon barrels and for decades to come, according to the company.

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