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Hess Keeping Spending Flat at $2.1B in 2018; Ups Bakken Rig Count +50%
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Hess reported its 2018 capital budget.
The 2018 budget allocates increased capital for continuing exploration and development activities offshore Guyana and for the Bakken, which includes growing the rig count from four rigs to six rigs.
Details:- 2018 Capex: $2.1 billion (flat from 2017)
Production: $1,170 million (56%) Offshore Development: $555 million (26%) Exploration & Appraisal: $375 million (18%)- Drill 120 new Bakken wells
- TIL 100 wells (95 Bakken / 5 Utica)
- Rig Count Increase: Ramp up Bakken rig count from 4 to 6 rigs
DomesticBakken:
$900 million primarily to increase from four rigs to six rigs by the end of 2018 and to drill approximately 120 new wells and to bring online approximately 95 new wells in the Bakken Shale in North Dakota. Funds are also included for…- ✓ Full news archive — U.S., Canada & international coverage
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