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

Hess Announces $1.0 Billion Share Repurchase Program

  • Guyana_Exploration_HomepagePic

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

Latest Hess News
  • Hess to Participate in Citi Global Energy & Utilities Conference

    Hess announced today that John Hess, Chief Executive Officer, will present at the Citi Global Energy & Utilities Conference in Boston on Tuesday, May 15 at 4:15 p.m. Eastern Time. A live audio webcast and a replay of the presentation will be available.
    Full story
  • Hess Ranked Top Oil and Gas Company on 2018 Best Corporate Citizens List

    Hess has earned a place as the No. 1 oil and gas company on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for 2018. Hess is ranked No. 40 on the 2018 list, moving up 11 places from last year’s ranking. The company has been named to the list each of the last 11 years.
    Full story
  • Hess in the Media: Stampede stays astride in turbulent times

    Hess credits the successful launch of Stampede to its ability to stick to plan amid change as crucial to its ultimate execution of the project, says Gerbert Schoonman, Hess vice president for global production offshore.
    Full story