Analyst Note| Dave Meats, CFA |
Our July 28 earnings update for Hess incorrectly used stale oil price forecasts. After refreshing, our updated fair value estimate is $72 (previously $69). We now assume oil (West Texas Intermediate) prices in 2021 and 2022 will average $57 per barrel and $67/bbl respectively (previously $55 and $57). That makes the stock look more or less fairly valued at the current price.