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Hess Corporation corporate report

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03 January 2019

Hess Corporation corporate report

Report summary

Hess has been transformed through outstanding exploration success offshore Guyana and portfolio high-grading. The company now has one of the strongest growth outlooks relative to peers over the next decade. There are challenges and uncertainties to navigate. Funding is in place but cash flows will be finely balanced. Investors will want to see the successful execution of the first phase of the Liza development offshore Guyana, and a continued to push on development capabilities in the Bakken.

Table of contents

  • Other Hess research
    • SWOT analysis
    • Overview
    • Strategic position
    • Strategic priorities and opportunities
      • 1. Growth engines to deliver leading production and value growth
      • 2. Growth engine one: Guyana
        • 2.1 World-class deepwater investment opportunity
        • 2.2 Long-term upside
        • 2.3 Potential challenges to mitigate
      • 3. Growth engine two: the Bakken
        • 3.1 Leading position in the Bakken
        • 3.2 Enhanced well completions key to unlocking material upside
        • 3.3 Bakken play infrastructure and cost dynamics
      • 4. Financial balance: capital commitments, cash flow and shareholder returns
        • 4.1 Is Hess positioned to deliver?
        • 4.2 Mitigating financial downside risk
      • 5. Exploration strategy focused on long-term growth
        • 5.1 Strategy
        • 5.2 World-class exploration outlook
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
  • Economic assumptions

Tables and charts

This report includes 50 images and tables including:

  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 1
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Executive summary: Table 1
  • Benchmark: share price performance
  • Benchmark: premium/discount to WM NPV10
  • Upstream strategic fit
  • Strategy: Image 4
  • Strategy: Image 5
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: by region
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Hess: production outlook
  • Benchmark: production CAGR
  • Guyana: discovered resources (billion boe)
  • Benchmark: deepwater production ramp-up
  • Benchmark: top offshore oil discoveries
  • Liza complex: economic sensitivity analysis
  • Benchmark: US Lower 48 CAGR (2017-27)
  • Benchmark: US Lower 48 NPV10
  • Hess well-type assumptions and economics
  • Hess: % Bakken reserves by breakeven price
  • Hess: Bakken average IP30 and total well cost
  • Hess: year-end net debt outlook
  • Hess: cash flow breakeven (US$/bbl Brent)
  • Hess: base upstream cash flow
  • Benchmark: producing asset cash flow margins
  • Hess: development capex profile
  • Benchmark: development investment intensity
  • Key asset sales 2015-2018
  • Hess: conventional full-cycle value creation
  • Hess: conventional volumes discovered by year
  • Hess Guyana-Suriname acreage position

What's included

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    Hess Corporation corporate report

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    Hess Corporation corporate report.xlsx

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