Hess Will Switch to 'Return of Capital Mode,' CEO Says

The independent producer also plans to accelerate its buyback program after strengthening its base dividends.

Sabrina Valle, Reuters

Hess Corp. will announce a "meaningful" dividend growth this year as it starts to prioritize returning capital to shareholders over business investments, Chief Executive John Hess said on Jan. 6.

Oil companies have been raising cash distribution programs to lure investors amid pressure over the transition to cleaner energy.

Hess has been investing to build its portfolio for the last several years, with 2022 being the year "we will go from the investment mode to the return of capital mode," the CEO said during a webcast presentation.

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