Sep 09, 2021 / 12:00PM GMT
Jeanine Wai - Barclays Bank PLC, Research Division - Research Analyst
Hi, good morning, everyone. Thanks very much for joining us. We are extremely pleased today to be kicking off the day with Mr. John Hess, CEO of Hess Corporation. Hess for those who aren't familiar is a diversified E&P with primary operations in the Bakken and the Gulf of Mexico and the U.S. And then internationally, they have assets in Southeast Asia. And of course, we have their world-class asset in Guyana that has development breakevens of only $25 to $35 Brent. And based on our forecast, Hess can easily pay off the remaining $500 million of their term loan -- sorry, it's early, that's due in early 2022. And earlier, if the strip holds and the company chooses to pay off earlier. And once they pay that off, it would put Hess' debt to EBITDA below 2x. And importantly, that's the trigger for incremental cash returns to equity holders.
So with line of sight with up to 10 FPSOs in Guyana, Hess is set to have outsized and differentiated free cash flow throughout the decade.
And I'm sure I didn't do the company justice
Hess Corp at Barclays CEO Energy-Power Conference (Virtual) Transcript
Jan 23, 2024
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