John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money
Hess Corporation Logo header

John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money

  • CNBC1_cropped

CEO John Hess addressed the far-reaching impact of the oil price war on CNBC’s Fast Money on March 12, saying: “The economic problem we're facing today is a lot more than oil, and the oil price crash could be a catalyst that propels the world into an economic recession.”

Hess also said U.S. shale producers will be the real casualty and noted the broader implications. “Shale is a strategic engine of the United States with a significant impact on jobs, national security, and, as we’ve all seen, on the stock market,” he said.

Asked about the impact on Hess Corporation, Hess said, “Our company is in a very strong position to weather the storm. First of all, we have 80% of our oil hedged for this year at $55 WTI and $60 Brent. Secondly, we're going to be making an announcement soon that has a major capex reduction planned... In addition, what makes us different than most of the shale companies in the United States is our diversified portfolio... So our goal right now is to preserve cash, to live to fight another day, and protect the great investment opportunity we have in Guyana.”

Please click for video.

Related News
  • Hess Schedules Q2 2020 Earnings Release Conference Call

    Hess announced that it will hold a conference call on Wednesday, July 29, 2020 at 10 a.m. Eastern Time to discuss its second quarter 2020 earnings release.
    Full story
  • Hess Ranked No. 9 on 100 Best Corporate Citizens List of 2020

    Hess has once again been recognized as the No. 1 oil and gas company on the 100 Best Corporate Citizens list, ranking No. 9 on the 2020 list for outstanding environmental, social and governance (ESG) transparency and performance. The annual list ranks the Russell 1000 Index of U.S. public companies based on an independent assessment by ISS-ESG.
    Full story
  • Hess to Participate in J.P. Morgan 2020 Energy, Power & Renewables Conference

    John Hess, Chief Executive Officer, will participate in a Fireside Chat at the J.P. Morgan 2020 Energy, Power & Renewables Conference June 16 at 4:20 p.m. Eastern Time. A live audio webcast and a replay of the discussion will be accessible via Hess Corporation’s website.
    Full story