Greg security execute essential John strategy. the tight quarter our markets first of and oil I transition. energy Thank security energy put for global importance an cover results. spotlight our Russia-Ukraine were and our will economy. critical our the our orderly progress Welcome, the conference Ukraine, of Russia's call. been before financial Today, the you, on to has gas to invasion will conflict. even is everyone, Jay. to will Energy Oil review then Rielly continuing With operations, Hill discuss and
to will reasonable be oil Energy global XX gas a consecutive In than way investment was each least The at next March, for time barrels million oil XXXX, $XXX an more and and estimated less had demand. the is is oil deficit, the quarters the a oil investment and year's Agency, last was than global that take year pre-COVID it impact. to now structural over more International global number estimate is to meet facing $XXX have and According inventories supply years end and of through at have billion. only X that XXX $XXX industry were We address billion billion investment to the of levels. inventory draws, to world
it. now So to come, for also a is ensure strong a and more In to have need offering And very than position, an affordable, oil we need significantly world must reliable to in resources just and we decades gas discourage that encourage gas. and and investment secure low-cost rather that policies energy differentiated government in oil transition, will a Hess value proposition. invest
leadership and in flow disclosure. high-return Our resource at the industry and growth, and maintain time, industry-leading performance deliver to same low while deliver environmental, supply deliver cost of strategy is cash our a social governance growth,
this of cash our long-term positioned by intrinsic value growing shareholders Our successful strategy execution to and value has company our to returns. deliver both uniquely growing
years. can multiple Mexico, deliver coming in have next the we of of profitable and built developments and online Bakken, oil of the we In Gulf more of growth deepwater Asia portfolio of inventory drilling over Southeast locations terms phases resource growth, in our than on highly Guyana production robust With balanced XX% focused Bakken, X the low-cost high-return a annually Guyana.
cost to us high-quality steadily Our curve. move the positions down expanding resource base
forecast by XXXX, to developments price decrease between per breakeven is of oil have $XX Brent barrel. per of barrel. Brent company in and Our $XX a Guyana approximately X to breakeven oil And price sanctioned portfolio oil $XX a our
story. and is and of change forecast In by a we approximately rate XX% as to between growth. Based increase industry-leading oil top $XX more flow flow cash annually an as of have growth, terms flat XXXX, than upon XXXX barrel, cash line of twice Brent per our durability our price fast
Our under to balance less sheet continue in with debt-to-EBITDAX years Xx in will XXXX in decline also the to than strengthen from coming expected Xx XXXX. to
and Our XX% low-cost investment cash to a position process to world-class our credit have and we strong have a to our disciplined maintain balance allocation to so in shareholders. are: return capital free high-return, invest can only first, Guyana; investment-grade rating third, our fund flow annual opportunities opportunities; of financial to sheet to and up that we priorities ensure second, that in cash
production B volatility, Hess the of Post price these barrels approximately XXX,XXX day manage XX,XXX $XX and owns Midstream. of Hess-owned have Hess Class $X per of our put XXXX, barrel and With Guyana, proceeds we X of $XXX Liza in on to cash shares To Brent units offshore at XX% oil Phase per add February day of of start-up scheduled options. mature Midstream our And we Hess-owned oil net a In term barrels to options the successful barrels Brent oil capacity in with of X, at of day secondary increased Hess billion will XXXX. March of late the repaid by we the In oil quarterly offering net regular per WTI from $X sale dividend $XX annually Hess March with February, price. barrel remaining transactions, which oil $XX the million flow for development billion oil Hess hedged total received A loan put XX,XXX of per Class of million per Midstream. XX%. $XXX operating April,
invasion and to removed volatility on the call fully in oil Ukraine, WTI previously Given place. the $XXX and in downside. the in March, Hess upside is positioned protected now that Russia's remaining we Brent in significant we of benefit on increase risk the markets the $XXX following options liquidity had while
increasingly flow the with portfolio the in cash commit remainder As annual strengthen increasing XX% going we coming free to return shareholders, becomes to to positive up to flow free the our sheet position balance debt. a of our years, in income-oriented cash to to cash that sustainable low dividend We price increasing environment. attractive plan investors our level regular but oil our our a to or reducing is further by continue
a our globally. one Guyana As of oil province last largest flow a share in capital. to decade. industry's generation the cash is free discovered our of the to highest-margin, lowest steadily represent repurchases will oil increases, the is Wood our Key proportion Guyana, developments return Mackenzie, According of intensity strategy by study carbon growing
these world for demand. resources come to oil to earlier, low-cost meet future the will decades discussed energy As need
by to XXX,XXX XXX,XXX up expected quarter. X is per gross milestones nameplate On The third recently expected this course FPSO oil ramping day, production the Liza a of a gross achieved. the and ExxonMobil oil the oil its approximately X production barrels at Liza of and XX% work reach over achieved Stabroek February, is of is Current on to Block of in Guyana, per increase ahead where original operator, following of day development its XXX,XXX of optimization Hess is of day barrels than the in production first ahead Phase important the development, capacity. schedule number oil more Phase quarter. per to has barrels Destiny And of which were capacity interest Liza the
to work oil work with Meco submit in the in engineering benefit study, approvals. April, Payara ahead at early start the gross barrels regulatory million Block. the Block late and developments, project a barrels and in approximately position and and design Our development In Uaru production development on per an per Front-end XXX,XXX anticipate also the in our gross project a development in of a XXXX. of The and the which now for the industry plan Yellowtail day at the a the largest develop of government resource growth Stabroek best base of will day, Stabroek that According outstanding estimated fifth Yellowtail year-end. third XXX,XXX thank of world-class Block of after major economics compared underway, with to to oil to The a development ExxonMobil want with is schedule will execution. and as approximately and expected the XXX congratulate we on ramp delivering will sanction oil to by Wood exceptional of the approximately production capacity up be Guyana we government receiving the operator the Mackenzie barrels their for is field is to development oil deepwater capacity is and We of be of the management has first date people and shareholders. XXXX. of for other Stabroek our expected announced have will ExxonMobil
the We or for X with on oil floating FPSOs and barrels continue the offloading up storage million and to per than see of the least more block in block. X at XX on production develop discovered resources day a potential vessels, gross XXXX the production to to capacity of FPSOs,
more with the Stabroek strengthens of announced in for potential on in discoveries we the which invest In at and the we further Fangtooth block. development at discoveries wells, block and queue wells Lukanani continue opportunities. Lau XX future exploration Barreleye, Guyana, of X the In of exploration further and underpin active we our additional to announced appraisal Lau which development significant approximately X terms an low-cost XXXX. program January, Block planned Yesterday, of Patwa, the in
previous billion these the we estimate future from oil remaining. has the of billion XX to potential of block barrels barrels been barrels estimate see exploration equivalent, recoverable oil gross multibillion increased for the With more equivalent, to of than of and discoveries, XX continue resource discovered up approximately
Now in approximately where net an the have XXX,XXX acres industry-leading of turning core position Bakken, with we the the play. to
currently are program. operating X-rig a We
accelerate optimize the the oil oil maximize our which infrastructure. of to generation, production barrels level approximately give net and we to market cash which will lower of XXX,XXX consideration a and for costs flow unit rig the per year, this adding world's ramp-up will free Given later need serious our oil day, equivalent a supply, would cash strength our more fourth
remain to our execute commitment to sustainability continue top a priority. we our As strategy,
year. We consecutive leader Campaign's for the XXX% coming flow are have cash is growth score third uniquely Corporate diversity, for financial equity Equality Rights In well on Gender in positioned Index deliver in summary, on honored Index years. Human industry a place in as top a earning to the the industry-leading of returns to portfolio as an recognized inclusion XXXX, been January as and with differentiated our Equality the Bloomberg and
our flow the Greg to over to I for becomes return our through increasingly of prioritizing will share portfolio further the operational and positive, an dividend commit capital call shareholders we repurchases. increases to free turn As cash now update.