Hess (HES -4.5%) hits the bottom of today’s S&P 500 performers in the wake of Tullow Oil’s (OTCPK:TUWLF -28.9%) warning that it is assessing the commercial viability of its Guyana oil discoveries.

Tullow says the quality of crude it recently discovered offshore Guyana is heavy, containing high levels of sulfur.


Tullow owns a 60% stake in the shallow water Orinduik Block of the prospective Suriname-Guyana Basin; the block is adjacent and updip to the Stabroek Block, where Hess and Exxon Mobil (XOM -0.7%) have announced 13 discoveries with an estimated 6B-plus boe of recoverable resources.

Also, Scotiabank initiates coverage of Hess with an Underperform rating and $75 price target.

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