The Rising Influence of Rising Affluence

[DewDiligence]

HES building war chest for Guyana, says Bloomberg:

https://finance.yahoo.com/news/hess-building-war-chest-fund-163838544.html

With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade… Counting a June deal to sell properties in Texas, the New York-based company has sold off almost $3.3 billion in assets this year.

With the makeover, Hess is building a war chest to help develop a discovery off the coast of Guyana in South America that may hold the equivalent of 2.5 billion barrels of oil, according to company estimates. Its partner in the project, Exxon Mobil Corp., has said the initial building phase may cost $4.4 billion and take until 2020 to deliver its first oil. The payoff: More than a decade of growth for Hess shareholders.

HES reports 3Q17 results tomorrow morning.