We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Hess (HES) Discovers Oil in Stabroek Block, Offshore Guyana
Read MoreHide Full Article
Hess Corporation (HES - Free Report) announced that the sixth oil discovery — Ranger-1 exploration well — since 2015 in the Stabroek Block, offshore Guyana, was a success.
The five world class discoveries in the block — Liza, Payara, Snoek, Liza Deep and Turbot —are projected to have total recoverable resources of over 3.2 billion barrels of oil equivalent. Further, resources related with the Ranger-1 discovery will raise this estimate.
The drilling of the Ranger-1 well was started by partner ExxonMobil Corporation’s (XOM) associate Esso Exploration and Production Guyana Ltd. on Nov 5, 2017. It hit about 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was drilled to a total depth of 21,161 feet (6,450 meters) in water depth of 8,973 feet (2,735 meters).
The Stena Carron drillship, which is being used to drill the Ranger-1 well, will be mobilized to the Pacora prospect, 4 miles from the Payara discovery, on completion of the same. For 2018, additional exploration drilling is planned in the Stabroek Block, which is spread across 6.6 million acres (26,800 square kilometers). Potential appraisal drilling at the Ranger discovery is also planned to be executed during 2018.
ExxonMobil, the operator of Stabroek Block, holds 45%, while Hess and CNOOC Nexen Petroleum Guyana Limited hold 30% and 25%, respectively.
The discovery further validates the significant potential of Guyana. This is likely to attract other oil giants to boost financial returns and create significant value for shareholders.
Price Performance
Hess’ shares have moved up 17.6% compared with the industry’s rally of 16.2% in the last three months.
Zacks Rank & Key Picks
Hess carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include Statoil ASA , Pioneer Natural Resources Company (PXD - Free Report) , and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Statoil, based in Norway, is a major international integrated oil and gas company. It reported an average negative earnings surprise of 8.44% in the last four quarters.
Headquartered in Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The company delivered an average positive earnings surprise of 67.62% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company posted an average positive earnings surprise of 175.00% during the same time frame.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Image: Bigstock
Hess (HES) Discovers Oil in Stabroek Block, Offshore Guyana
Hess Corporation (HES - Free Report) announced that the sixth oil discovery — Ranger-1 exploration well — since 2015 in the Stabroek Block, offshore Guyana, was a success.
The five world class discoveries in the block — Liza, Payara, Snoek, Liza Deep and Turbot —are projected to have total recoverable resources of over 3.2 billion barrels of oil equivalent. Further, resources related with the Ranger-1 discovery will raise this estimate.
The drilling of the Ranger-1 well was started by partner ExxonMobil Corporation’s (XOM) associate Esso Exploration and Production Guyana Ltd. on Nov 5, 2017. It hit about 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was drilled to a total depth of 21,161 feet (6,450 meters) in water depth of 8,973 feet (2,735 meters).
The Stena Carron drillship, which is being used to drill the Ranger-1 well, will be mobilized to the Pacora prospect, 4 miles from the Payara discovery, on completion of the same. For 2018, additional exploration drilling is planned in the Stabroek Block, which is spread across 6.6 million acres (26,800 square kilometers). Potential appraisal drilling at the Ranger discovery is also planned to be executed during 2018.
ExxonMobil, the operator of Stabroek Block, holds 45%, while Hess and CNOOC Nexen Petroleum Guyana Limited hold 30% and 25%, respectively.
The discovery further validates the significant potential of Guyana. This is likely to attract other oil giants to boost financial returns and create significant value for shareholders.
Price Performance
Hess’ shares have moved up 17.6% compared with the industry’s rally of 16.2% in the last three months.
Zacks Rank & Key Picks
Hess carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include Statoil ASA , Pioneer Natural Resources Company (PXD - Free Report) , and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Statoil, based in Norway, is a major international integrated oil and gas company. It reported an average negative earnings surprise of 8.44% in the last four quarters.
Headquartered in Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The company delivered an average positive earnings surprise of 67.62% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company posted an average positive earnings surprise of 175.00% during the same time frame.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>