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Hess Focuses on Big Fracs in Bakken; Completion Numbers Down 38% YoY
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Hess reported its Q3 2017 results. Highlights from its call / release include:
Total Q3 production was 299,000 boe/d, Bakken production was 103,000 boe/d E&P capex was $553 million in Q3, $1.479 billion for the 9 months ending 9/30/2017 Bakken:Hess is currently operating 4 rigs in the Bakken and plan to add two more rigs in 2018. In Q3, Hess drilled 24 wells, completed 13, but only brought 13 online because of weather. The 13 wells brought online in Q3 is a 40% decrease from the 22% put on line in Q3 2016.
Bakken Wells Brought on Production:The company fracked 14, 50-stage wells and 20 60-stage wells with proppant loadings of 140,000 pounds per stage. Of the 18 online thus far, results have been favorable. Hess expects wells drilled in 2017 to exceed 1 mmboe per well.
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