Yahoo Finance Hess Issues Operational Update Post Enchilada Incident
Hess Corporation HES has issued an update following the breakout of a fire, which affected operations at the Royal Dutch Shell plc’s RDS.A Enchilada platform in the Gulf of Mexico.
Hess has temporarily abandoned production at its Baldpate, Conger and Penn State fields. Production has been shut in the Llano Field, operated by Royal Dutch Shell, wherein, Hess holds an interest of 50%. Hess’ share of production from these fields amounts to approximately 30 thousand barrels of oil equivalent per day.
Royal Dutch Shell stated that a plan is being developed for restoring the damaged assets. Production coming through the Garden Banks Gas Pipeline system will be closed until further notice.
Hess is co-operating with Royal Dutch Shell to set up the exact restart time of the Enchilada platform.
About Hess
Hess is a global Exploration & Production (E&P) company. The company engages in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas. Currently, the company has two operating segments — E&P and Bakken Midstream.
The company’s E&P activities are concentrated in Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand (JDA), Malaysia, Norway and the United States.
Price Movement
The company’s shares have declined 15% as against the industry’s rally of 14.8% in the last three months.
Zacks Rank & Key Picks
Hess currently carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector are ConocoPhillips COP and Northern Oil and Gas Inc NOG. Both of these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an earnings surprise of 100.00% in the preceding quarter.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Royal Dutch Shell PLC (RDS.A) : Free Stock Analysis Report
Northern Oil and Gas, Inc. (NOG) : Free Stock Analysis Report
Hess Corporation (HES) : Free Stock Analysis Report
ConocoPhillips (COP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
