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Hess Starts Using 50-Stage Fracs in the Bakken in Q3
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Hess reported a net loss of $339 million, or $1.12 per common share, in the third quarter of 2016 compared with a net loss of $279 million, or $0.98 per common share, in the third quarter of 2015.
Bakken Highlights: Increased our standard well design to a 50-stage completion from the previous 35-stage completion design. Operated an average of three rigs in the quarter Brought 22 gross operated wells on production (down from 26 in Q2) Average well cost of $4.7 million (down from $4.8 million in Q2) Highlights: Net loss was $339 million (compared to $392 million in Q2) Reduced E&P capital and exploratory expenditures by 49 percent to $435 million from $849 million in the prior-year quarter Oil and gas production was 314,000 barrels of oil equivalent per day (boepd); Bakken net…- ✓ Full news archive — U.S., Canada & international coverage
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