11 Best Crude Oil Stocks To Buy Right Now

2. Hess Corporation (NYSE:HES)

Number of Hedge Fund Holders: 92

Hess Corporation (NYSE:HES) is a global exploration and production company with a strong focus on crude oil and natural gas development. The company operates a high-quality asset base, with key production centers in the Bakken Shale in North Dakota, the deepwater Gulf of Mexico, and offshore Guyana, where it partners with XOM in one of the most significant oil discoveries of the past decade. While crude oil is the core of its portfolio, HES also produces natural gas, particularly from its Southeast Asian assets. With a strategy centered on long-term resource development and operational excellence, HES plays a key role in supplying global energy markets with high-quality crude oil and natural gas.

Hess Corporation (NYSE:HES) delivered outstanding operational and financial performance in 2024, meeting or beating guidance across its portfolio. The company achieved its 2025 Bakken production target of 200,000 barrels per day ahead of schedule in 2024, driven by efficiency improvements and lean manufacturing practices. In Guyana, the company’s three Floating Production Storage and Offloading units (FPSOs) are producing 660,000 barrels per day gross, significantly exceeding their sanctioned capacity due to highly prolific reservoirs with greater oil in place than initially estimated. The company is progressing toward having 6 FPSOs producing 1.3 million barrels per day by 2027, and 8 FPSOs producing 1.7 million barrels per day by 2030.

Looking forward, Hess Corporation (NYSE:HES) expects continued strong performance from its Guyana assets, with future FPSOs likely to exceed nameplate capacity similar to the first three ships. The company has additional growth potential through tiebacks and unexplored deeper horizons in Guyana, along with future gas development opportunities. The pending merger with CVX is expected to close following the arbitration process, which should conclude around late August or September. Management claims that the oil and gas industry faces an investment challenge over the next 5-10 years, with a positive oil price outlook due to continued demand growth and the maturing of shale production.