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Operator IDs $2.25B Budget for 2017; Ups Bakken Rig Count +200%
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Hess announced a 2017 E&P capital and exploratory budget.
Key Points: 2017 Capex of $2.25 billion (up +18% compared to its 2016 actual spend of $1.9 billion). Increased capital for additional rigs in the Bakken - $700 million primarily to increase from two rigs to six rigs by the end of 2017 (up +200%) and to bring online approximately 75 new wells in the Bakken Shale in North Dakota. Net 2017 production is forecast to average between 300,000 and 310,000 barrels of oil equivalent per day (boepd), excluding Libya. 2017 E&P Capital and Exploratory BudgetThe company's 2017 E&P capital and exploratory budget will be $2.25 billion, compared to its 2016 actual spend of $1.9 billion. This includes increased capital for additional rigs in the Bakken, development activities at the…
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