Hess Corporation (HES)

[eFinanceMarkets]

$HES Hess (NYSE:HES) CEO John Hess says he has met with at least 50 top investors to tout the prospects of an offshore Guyana field the company is developing with Exxon even though it will not flow for at least two years, promising that his long-term approach will “make our shareholders a lot of money.”

Hess is under renewed pressure from activist investor Elliott Management for faster results, but the CEO is placing his faith in the $4.4B Guyana project, which is expected to produce at least 120K bbl/day, about half the company’s total forecast output this year - when it starts producing in 2020.

“I wish the stock price were higher," Hess tells Bloomberg, as the company's stock price has plunged 20% over the past two weeks. “But I’m confident that as each quarter goes by and we get closer to first oil from Guyana," and as the company hits goals for production and cash growth, “those milestones will help people that are waiting on the sidelines to get in.”