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HES

Hess Corp.

$43.49

-1.8 (-3.97%)

, CEO

CNOOC

$109.48

-0.82 (-0.74%)

08:18
06/16/17
06/16
08:18
06/16/17
08:18

Hess takes final investment decision for Liza Phase 1 development

Hess (HES) announced it has sanctioned the first phase of development of the Liza Field, one of the industry's largest oil discoveries of the past decade, located on the Stabroek Block offshore Guyana. In addition, the company announced positive results from the Liza-4 well, which encountered more than 197 feet of high-quality, oil-bearing sandstone reservoirs and will underpin a potential Liza Phase 2 development. Gross discovered recoverable resources for the Stabroek Block are now estimated to be 2.0 billion to 2.5 billion barrels of oil equivalent, including Liza and other successful exploration wells on Liza Deep, Payara and Snoek. The first phase of a planned multiphase development of the Liza Field is expected to have a gross capital cost of approximately $3.2B for drilling and subsea infrastructure and will develop approximately 450 million barrels of oil, with first oil expected by 2020. The first phase of development will utilize a leased floating production, storage and offloading vessel that will have the capacity to process up to 120,000 barrels of oil per day from four subsea drill centers consisting of 17 wells, including eight producers, six water injectors and three gas injectors. Hess' net share of development costs is forecast to be approximately $955M, of which $110M is already included in Hess' 2017 capital and exploratory budget. Of the remaining net development costs, approximately $250M is expected in 2018 and approximately $330M in 2019, with the balance expected between 2020 and 2021. In 2017 and 2018, Hess and its partners plan to continue exploration and appraisal of the 6.6 million acre Stabroek block. There are numerous prospects across multiple play types on the block, representing additional multibillion barrel unrisked exploration potential. Drilling of the Payara-2 well, which will also test a deeper prospect underlying the Payara oil discovery, is expected to commence in late June following completion of a drillstem test at Liza-4. Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Limited holds a 30% interest and CNOOC Nexen Petroleum Guyana Limited (CEO) holds a 25% interest.

HES

Hess Corp.

$43.49

-1.8 (-3.97%)

CEO

CNOOC

$109.48

-0.82 (-0.74%)

HES Hess Corp.
$43.49

-1.8 (-3.97%)

05/05/17
05/05/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Zynga (ZNGA) upgraded to Neutral from Underperform at BofA/Merrill with analyst Justin Post citing stronger engagement that is driving bookings growth. 2. Hess Corp. (HES) upgraded to Outperform from Market Perform at Wells Fargo citing what it sees as Hess' "growth potential, strong operating cost performance, balance sheet strength, exploration upside and current discounted valuation." Wells expects the company to grow at a compound annual rate of 4.9% through 2019. 3. CF Industries (CF) upgraded to Buy from Neutral at UBS with analyst John Roberts saying the stock is a top pick on the eventual agricultural recovery. Limited nitrogen capacity coming post 2017 and the dividend yield position the stock for upside, Roberts tells investors in a research note. The analyst keeps a $33 price target for the shares. 4. TreeHouse (THS) upgraded to Overweight from Equal Weight at Stephens. 5. Scripps Networks (SNI) upgraded to Overweight from Neutral at JPMorgan with analyst Alexia Quadrani citing the 10% pullback in the shares over the past month. The analyst notes Scripps offered "strong commentary" on ad revenue and is now included in Hulu Live. She keeps an $83 price target for the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/22/17
BOFA
05/22/17
NO CHANGE
Target $80
BOFA
Buy
Hess Corp. remains a top pick in E&P at BofA/Merrill
Bofa/Merrill analyst Doug Leggate said Hess Corp risk/reward looks attractive as shares are "discounting" below strip prices, but his base case assumes a gradual recovery above $60 by the end of the decade. The analyst said Hess remains a top idea and reiterated his Buy rating and $80 price target.
05/30/17
GSCO
05/30/17
DOWNGRADE
Target $58
GSCO
Neutral
Hess Corp. downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Brian Singer downgraded Hess Corp. to Neutral from Buy on valuation and cut its price target to $58 from $69 saying he prefers higher quality E&Ps that can deliver differentiated growth and returns in a long-term lower oil environment.
05/30/17
05/30/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ambarella (AMBA) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Brad Erickson citing concern the company's largest customer DJI may have dual-sourced. After speaking with DJI customer service, Erickson believes Ambarella may not be the video processing provider for Spark, the $499 drone launched last week by DJI. 2. Buffalo Wild Wings (BWLD) downgraded to Underperform from Neutral at Wedbush with analyst Nick Setyan saying the upcoming proxy vote is irrelevant as neither management's strategy nor Marcato Capital's plan offer a viable solution to the company's ongoing deterioration in fundamentals. 3. Valero (VLO) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Benny Wong citing refining headwinds and high exposure to RIN prices. 4. AutoZone (AZO) and O'Reilly Automotive (ORLY) were downgraded to Neutral from Outperform at Wedbush. 5. Whiting Petroleum (WLL) was downgraded to Sell from Neutral at Goldman Sachs, while Cimarex Energy (XEC) and Hess Corp. (HES) were downgraded to Neutral from Buy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CEO CNOOC
$109.48

-0.82 (-0.74%)

03/23/17
MACQ
03/23/17
UPGRADE
MACQ
Outperform
CNOOC upgraded to Outperform from Neutral at Macquarie
03/23/17
JPMS
03/23/17
UPGRADE
JPMS
Neutral
CNOOC upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Scott Darling upgraded CNOOC to Neutral following management's positive outlook for the business and recent share underperformance.
03/24/17
HSBC
03/24/17
UPGRADE
HSBC
Hold
CNOOC upgraded to Hold from Reduce at HSBC
06/05/17
HSBC
06/05/17
UPGRADE
HSBC
Buy
CNOOC upgraded to Buy from Hold at HSBC

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$NYE

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PSX

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ALDR

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AA

Alcoa

$32.33

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HCC

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BV

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LTRX

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