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Replies to post #15532 on The Rising Influence of Rising Affluence
DewDiligence
10/25/17 11:17 AM
#15535 RE: DewDiligence #15532
Hess Corp said on Wednesday that third-quarter revenue surged nearly 40 percent as it benefited from higher oil prices, but warned that operational issues caused by U.S. hurricanes would weigh on production for the rest of the year.
11/16/17 12:53 PM
#15633 RE: DewDiligence #15532
This year, the company has announced sales of mature, lower growth assets that will result in proceeds of $3.4 billion and the release of $1.3 billion of asset retirement obligations (excluding the sale of its interests in Denmark expected in 2018). The company plans to use these proceeds to: • Prefund a world class oil development in Guyana [see #msg-135666616] • Increase to a total of six rigs from four rigs currently in the Bakken during 2018, where the company has a robust inventory of high return drilling locations in the core of the play • Return cash to shareholders through a share repurchase program of up to $500 million of stock to be completed in 2018 • Reduce Hess Corporation debt (excluding midstream) by $500 million in 2018
06/21/18 9:10 PM
#16801 RE: DewDiligence #15532
Under its deal, Exxon is permitted to use as much as 75% of annual oil proceeds to recoup exploration and production costs once commercial pumping begins. Guyana gets a 2% royalty of the proceeds plus 50% of the remaining proceeds. That is on par with the world average for “frontier exploration,” said IHS Markit analyst Carlos Bellorin. But the oil companies’ local taxes are paid from the country’s share of the profits, cutting into Guyana’s take.