Hess Raises FY24 E&P Capex Outlook To $4.9B from $4.2B Prior
Portfolio Pulse from Benzinga Newsdesk
Hess Corporation has increased its 2024 capital expenditure guidance for exploration and production to $4.9 billion from the previous $4.2 billion. This change is due to the accelerated purchase of two FPSOs, Liza Destiny and Prosperity, now planned for Q4 2024 instead of 2025.
October 30, 2024 | 11:33 am
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Hess Corporation has increased its 2024 capital expenditure guidance for exploration and production to $4.9 billion from $4.2 billion. This reflects an accelerated purchase of FPSOs, indicating a strategic investment in production capabilities.
The increase in capital expenditure suggests Hess is investing in expanding its production capabilities, which could lead to higher future revenues. The decision to accelerate the purchase of FPSOs indicates a strategic focus on enhancing production efficiency and capacity, likely viewed positively by investors.
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