Hess Announces $1.0 Billion Share Repurchase Program
Hess Corporation Logo header
SEARCH

Hess Announces $1.0 Billion Share Repurchase Program

  • Guyana_Exploration_HomepagePic
03.08.2018

The Hess Board of Directors has authorized the purchase of $1.0 billion of Hess common stock by the end of 2018. The newly authorized program is in addition to the $500 million share repurchase program Hess announced in late 2017.

Under the new authorization, the Company will purchase $500 million of common stock through an accelerated stock repurchase (“ASR”) program and $500 million of common stock in the open market by the end of 2018. The amount and timing of the open market repurchases are subject to a number of factors, including Hess’ stock price, trading volume, oil prices and general market conditions. The company intends to fund the repurchases from existing cash and proceeds from announced asset sales.

“We are pleased to be in a position to increase cash returns to shareholders, which remains one of our top priorities and is reviewed regularly by the management team and Board,” CEO  John Hess  said. “With a continued positive outlook for oil prices, a successful asset sale program, and increased visibility on production growth, cash flows and capital requirements for future phases of development on our Guyanaasset, we can expand the buyback authorization without compromising our ability to fund this world-class investment. We believe that repurchasing our shares represents a highly compelling return opportunity for our shareholders.”
Full story‚Äč

Related News
  • Hess Named to Dow Jones Sustainability Index North America for Tenth Consecutive Year

    Hess has earned a place on the prestigious Dow Jones Sustainability Index (DJSI) North America for the tenth consecutive year. The index, which recognizes public companies for outstanding performance across economic, environmental and social factors, is used as a reference by shareholders who consider sustainability when making investment decisions.
    Full story
  • Hess Announces Another Oil Discovery Offshore Guyana at Tripletail

    Hess announced a discovery at the Tripletail-1 well on the Stabroek Block offshore Guyana. Tripletail-1 encountered approximately 108 feet (33 meters) of a high quality oil bearing sandstone reservoir.
    Full story
  • Hess Announces Arrival of Liza Destiny Offshore Guyana

    Hess announced today that the Liza Destiny, Guyana's first oil production vessel, has arrived at the Stabroek Block. The Floating, Production, Storage and Offloading (FPSO) vessel arrived following a 42 day journey from Singapore. This FPSO is a significant component of the Liza Phase 1 development, which involves four undersea drill centers with 17 wells.
    Full story