Hess Sees Oil Output Growing Driven By Bakken, Offshore Guyana Projects

U.S. oil and gas producer Hess Corp. (NYSE: HES) said Dec. 12 it expects output of barrels of oil equivalent to grow more than 10% per year compounded through 2025, citing higher growth opportunities at its Bakken shale and offshore Guyana projects.

Hess projects higher margins will drive compound annual cash flow growth of 20% through 2025, it announced ahead of a meeting with Wall Street investors.

The company shrugged off a recent dip in oil prices and said it was moving from growth and investment mode to one where all of its major assets will start producing free cash flow. “We are at a transformative inflection point,” CEO John Hess said during the investor meeting on Dec. 12, broadcast over the internet.