The global integrated energy company said it is increasing its five-year production growth rate forecast to 6%-10%.
With the success of its 2014 downspacing pilots confirmed, the company said it is increasing its Bakken net peak production guidance to approximately 175,000 barrels of oil equivalent per day (BOEPD) by 2020, adding an additional 1,000 well locations to a total of more than 4,000, and increasing its net estimated ultimate recovery (EUR) to more than 1.4 BBOE.
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Hess also provided guidance for the first time on its asset Utica, with net peak production forecast to reach approximately 40,000 BOEPD by 2020, with approximately 500 well locations and a net EUR of more than 300 MMBOE.
Shares of Hess are down 0.79% to $83.15.
Separately, TheStreet Ratings team rates HESS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HESS CORP (HES) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."