March 5, 2018 / 9:58 PM / 10 months ago

Oil from shale will be resilient with oil at $50: Hess CEO

FILE PHOTO: John Hess, CEO of the Hess Corporation, speaks during the IHS CERAWeek 2015 energy conference in Houston, Texas April 21, 2015. REUTERS/Daniel Kramer

NEW YORK (Reuters) - Oil production from shale formations will account for an increasingly large percentage of global oil production, Hess Corp. CEO John Hess said in Houston Monday.

Shale “will be resilient in a $50 world and we are in a $60 world,” Hess said, speaking at CERAWeek by IHS Markit. Shale’s output will grow as offshore production in the Gulf of Mexico plateaus, he said.

Reporting By Jessica Resnick-Ault; editing by Diane Craft

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