March 8, 2018 / 1:03 PM / 7 months ago

Oil producer Hess to buy back $1 billion shares

(Reuters) - Hess Corp said on Thursday it would buy back $1 billion worth of shares by the end of 2018, becoming the latest U.S. oil and gas producer to do so amid a recovery in oil prices.

Hess said the new buyback program was in addition to the $500 million plan the company had announced in late 2017.

Investors have increasingly demanded companies to return more cash as oil prices have more than doubled since their lows in 2016.

The news from Hess comes a day after Devon Energy Corp laid out similar plans and industry major Chevron Corp on Tuesday said it was looking at buying back shares three years after halting its program.

Shares of Hess were marginally up at $46.77 in premarket trading.

Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel

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