March 5, 2018 / 9:50 PM / 4 months ago

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

NEW YORK, March 5 (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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