Hess Announces 2019 E&P Capital and Exploratory Budget

Hess Completes Sale of Utica Acreage

Focus on High Return Investments to Deliver Capital Efficient
Production Growth and Significant Future Free Cash Flow

NEW YORK–(BUSINESS WIRE)–Dec. 10, 2018–
Hess Corporation (NYSE:HES) today announced a 2019 E&P capital and
exploratory budget of $2.9 billion. Of this, approximately 75 percent
will be allocated to high return growth assets in the Bakken and Guyana.

Net production is forecast to average between 270,000 and 280,000
barrels of oil equivalent per day in 2019, excluding Libya, compared to
approximately 245,000 barrels of oil equivalent per day in 2018 proforma
for the sale of the company’s joint ven…

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