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Hess Boosts Bakken Frac Stages 30% YOY; GOM Production Dips
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Hess Corporation reported its second quarter 2016 results.
Chief Executive Officer John Hess said: "We remain confident in our ability to manage through the current environment and deliver strong production and cash flow growth as oil prices recover. During the quarter, we continued to pursue further cost reductions and now project our full-year 2016 E&P capital and exploratory expenditures to be about 48 percent below 2015 levels.
"Our resilient portfolio provides an attractive mix of growth options including an unparalleled position in the Bakken, two significant offshore developments that will come online in 2017 and 2018, and the recent world-class oil discovery in Guyana."
Bakken (Onshore U.S.) HighlightsDrilling and completion costs averaged $4.8 million per operated well in the…
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