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Focus on returns now to hurt long-term U.S. shale investment, Hess CEO says

Published 06/21/2018, 11:48 AM
© Reuters. Focus on returns now to hurt long-term U.S. shale investment, Hess CEO says
HES
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  • Investor pressure on oil producers to focus more attention on shareholder returns and less on production will drive down needed investment over the long term, Hess (HES -1.5%) CEO John Hess says at the OPEC meeting in Vienna.
  • “Investor sentiment in the last year has really, markedly changed. I’d say it’s gone from, ‘drill, baby, drill,’ to ‘show me the money,’” Hess says. “While that financial discipline is healthy, I think it does act like a brake on long-term investment."
  • “There’s a worldwide obsession with shale. In the U.S., it’s irrational exuberance, and in other countries it’s irrational fear,” Hess also says, adding that he does not expect the industry to gain traction in other countries.
  • Hess does not operate in any OPEC member nation but is still sponsoring an oil seminar at this week's meeting.
  • Now read: Key Takeaways From Hess Midstream's Earnings Call


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