Hess, ConocoPhillips Raise 2019 Oil And Gas Production Outlook

[Editor’s note: This release was updated at 4 p.m. CST Dec. 10.]

Hess Corp. (NYSE: HES) and ConocoPhillips Co. (NYSE: COP) expect to produce more oil in 2019 than last year without altering their exploration budget in a big way, the two oil and gas producers said Dec. 10.

ConocoPhillips will spend more on Alaska and Canada than before in the next year while keeping expenses in the continental U.S., which includes the costly and crowded Permian Basin, largely unchanged.

Pipelines in the basin are running at full capacity, while unprecedented drilling has resulted in a labor shortage.