•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Hess earmarks majority of $3.9B budget for E&P

    Hess Corp.’s $3.9 billion capital and exploratory budget for 2010 is earmarked almost entirely for exploration and production: $2.4 billion for production, $600 million for developments and $850 million for exploration.

    John B. Hess, chairman and CEO, stated, "We are fortunate to have a strong portfolio of attractive investment opportunities. We will invest in a disciplined manner to sustain long-term profitable growth for shareholders and expect to fund our 2010 program from internally generated cash flow."

    Production expenditures of approximately $2.4 billion include:
    • Bakken Shale development in North Dakota, where Hess plans to increase rig count to eight by year-end 2010 from three currently and expand production facilities, including the Tioga gas plant
    • Drilling production wells at Okume Complex (Hess 85% working interest - operator) in the Rio Mumi Basin of Equatorial Guinea
    • Drilling production wells at Shenzi (Hess 28%) in the deepwater Gulf of Mexico, Beryl (Hess 22%) in the United Kingdom and Valhall (Hess 28%) in Norway 

    Field development expenditures of $600 million include:
    • Valhall, where field redevelopment is underway
    • Ujung Pangkah (Hess 75% - operator) in Indonesia, where development of the oil rim is ongoing
    • Pony (Hess 100% - operator) in the deepwater Gulf of Mexico, where engineering and design work for field development is progressing 

    Exploration expenditures are budgeted at $850 million, including:
    • Five exploration wells on Permit WA-390-P (Hess 100% - operator) and eight wells on Permit WA-404-P (Hess 50%) in the Northwest Shelf of Australia
    • One exploration well on BM-S-22 (Hess 40%) in the Santos Basin of Brazil
    • Exploration activities in the deepwater Gulf of Mexico, Ghana and Indonesia

    Most Popular

    Related Articles

    EIA forecasts US shale production to fall 91,000 b/d next month

    07/14/2015 Next month, shale oil production in the US is forecast to decline 91,000 barrels per day (b/d) to 5.36 million b/d, according to the US Energy Information Administration’s (EIA’s) latest Drilling P...

    Unconventional resources

    07/08/2015

    Cost deflation and the effect on 2015 breakeven prices 

    Hess completes sale, establishes Bakken midstream JV

    07/02/2015

    Hess Corp. has completed the sale of a 50% interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.

    Primus Green Energy offers small-scale STG+ solution for flared gas applications

    06/30/2015 Primus Green Energy Inc., a gas-to-liquids (GTL) technology development company that transforms methane and other natural gas and oilfield feedstocks into end products including transportation fuel...

    WPX Energy increases activity and EURs in Williston Basin

    06/26/2015

    WPX Energy plans to increase its activity in the Williston Basin during the second half of 2015 by resuming completions and increasing its rig count from one to three before year-end.

    Magnum Hunter to sell interest in Eureka Hunter pipeline, pay down debt

    06/25/2015

    Magnum Hunter Resources Corp. intends to monetize 100% of its 45.53% interest in the Eureka Hunter pipeline, according to commentary from Wunderlich Securities Inc.

    More Oil & Gas Financial Articles

    EIA forecasts US shale production to fall 91,000 b/d next month

    Tue, Jul 14, 2015

    Next month, shale oil production in the US is forecast to decline 91,000 barrels per day (b/d) to 5.36 million b/d, according to the US Energy Information Administration’s (EIA’s) latest Drilling Productivity Report.  

    Unconventional resources

    Wed, Jul 8, 2015

    Cost deflation and the effect on 2015 breakeven prices 

    Hess completes sale, establishes Bakken midstream JV

    Thu, Jul 2, 2015

    Hess Corp. has completed the sale of a 50% interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.

    Primus Green Energy offers small-scale STG+ solution for flared gas applications

    Tue, Jun 30, 2015

    Primus Green Energy Inc., a gas-to-liquids (GTL) technology development company that transforms methane and other natural gas and oilfield feedstocks into end products including transportation fuels, methanol, and diluent, has developed a small-scale GTL solution for flared gas applications using the company’s proprietary STG+ technology.  

    WPX Energy increases activity and EURs in Williston Basin

    Fri, Jun 26, 2015

    WPX Energy plans to increase its activity in the Williston Basin during the second half of 2015 by resuming completions and increasing its rig count from one to three before year-end.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ