Hess Corp. announces FY23 E&P capital, exploratory budget of $3.7B

Hess Corp. announced a 2023 Exploration & Production capital and exploratory budget of $3.7B, of which more than 80% will be allocated to Guyana and the Bakken. Net production is forecast to average between 355,000 and 365,000 barrels of oil equivalent per day in 2023. Bakken net production is forecast to average between 165,000 and 170,000 barrels of oil equivalent per day and Guyana net production is forecast to average approximately 100,000 barrels of oil per day in 2023. "Our capital program reflects continued execution of our strategy to invest only in high return, low cost opportunities within our portfolio," CEO John Hess said. "More than 80% of our 2023 budget is allocated to Guyana, which is positioned to be one of the highest margin, lowest carbon intensity oil developments in the world, and to the Bakken, our largest operated asset where we have a robust inventory of high return future drilling locations."