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Hess stock (NYSE: HES ) started the post-holiday week on a sour note as the company's stock was plummeting following a protest in Venezuela regarding one of its latest projects.
The project is very important for Hess's future growth ambitions and it is the most important item on its investor presentations at the moment. The goal with the Guyana project is to help increase its production growth and cash flow as it heads into the next decade.
Citizens of Venezuela have been pushing back against Guyana's offshore claims for a long time and protestors took an aggressive approach in interrupting the company's effort to map the sea floor on Dec. 22, according to a statement from U.S. State Department Deputy Spokesman Robert Palladino on Sunday. The project is being led by Exxon.
Venezuelan vessels had already withdrawn by early Monday following the protests.
HESS stock managed to recover later in the day, eventually rising back up by 9.3% on Wednesday. The company's stock had been falling by about 12% earlier in the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
