Hess Corp. remains laser-focused on developing assets in the Bakken Shale of North Dakota and offshore Guyana, directing the lion’s share of its $1.9 billion exploration and production (E&P) capital and exploratory budget to the “high return, low cost” assets for 2021.

The New York City-based producer in the first quarter is set to increase the number of rigs operating in the Bakken to two, with a plan to develop “a large inventory of future drilling locations that generate attractive financial returns at current prices,” according to CEO John Hess. This year it expects to drill about 55 gross operated wells and to bring online 45. Funds are also included for investing in nonoperated wells.

“By investing only in high return, low cost opportunities, we have built a...