Hess Announces 2022 E&P Capital And Exploratory Budget; Majority Of Budget Allocated To Guyana

(RTTNews) - Hess Corp. (HES) announced a 2022 Exploration & Production capital and exploratory budget of $2.6 billion, of which approximately 80% will be allocated to Guyana and the Bakken. Net production is projected to average between 330,000 and 340,000 barrels of oil equivalent per day in 2022, excluding Libya.

Chief Operating Officer Greg Hill said: "In the Bakken, we plan to operate a three rig program, which will enable us to generate significant free cash flow, lower our unit cash costs and further optimize our infrastructure. In Guyana, our focus in 2022 will be on advancing our high value oil developments on the Stabroek Block, and continuing our active exploration and appraisal program."

The company projects Bakken net production to average between 165,000 and 170,000 barrels of oil equivalent per day in 2022.