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Hess' Proved Reserves Dip to 1,086 MMBOE as Activity Lulls
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Hess Corporation has reported its fourth quarter 2015 results.
Key Points: Oil and gas proved reserves were 1,086 million barrels of oil equivalent (boe) at December 31, 2015, compared with 1,431 million boe at December 31, 2014. Proved reserve additions and other technical revisions added 84 million boe in 2015, primarily from Bakken drilling activity in 2015. Pro forma net production in the fourth quarter of 2015 was 358,000 boepd, up 4 percent from 343,000 boepd in the fourth quarter of 2014. Oil and Gas Reserve EstimatesOil and gas proved reserves were 1,086 million barrels of oil equivalent (boe) at December 31, 2015, compared with 1,431 million boe at December 31, 2014. Lower crude oil prices and reduced drilling plans resulted in negative revisions to proved reserves of 282…
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