@StickyRiceοΌHess sets $3.7B capital and exploratory budget for 2023 Hess $Hess(HES)$ unveiled a FY 2023 exploration and production capital and exploratory budget of $3.7B, with more than 80% allocated to Guyana and the Bakken shale. The company forecasts full-year production will average 355K-365K boe/day, including Bakken net production of 165K-170K boe/day and Guyana net output of ~100K bbl/day of oil. Of the $3.7B capex budget, $1.45B, or 39%, is allocated for production, including $1.1B to fund a four rig program in the Bakken; $1.7B, or 46%, for offshore Guyana developments; and $550M, or 15%, for exploration and appraisal activities. In Guyana, the company allotted $1.21B for developments on the Stabroek Block at Payara, Yellowtail and Uaru: Payara is on track to come online by year-end of 2023 with 220K boe/day gross production capacity, Yellowtail is expected to come online in 2025 with 250K boe/day gross production capacity, and Uaru is seen coming online at year-end 2026 with a gross production capacity of 250K boe/day. Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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