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Thursday, February 4, 2016

Hess Plans to Drill Five New Wells in Utica Shale

From a Hess press release:
“In 2016 Hess will remain focused on preserving the strength of our balance sheet, our top quartile operating capabilities and our long term growth options,” CEO John Hess said. “While we are well positioned to navigate the current low oil price environment with one of the strongest balance sheets and liquidity positions among our E&P peers, we are also well positioned to benefit from a recovery in prices, with a high quality portfolio that is leveraged to oil and offers attractive investment opportunities which will create long term value for our shareholders.” 
Greg Hill, President and COO, stated: “We take a long term view to managing our business and we will continue to invest in our growth projects and prospects, including exploration and appraisal activities. However, in response to the current low oil price environment, we have significantly decreased our 2016 capital and exploratory expenditures and we plan to reduce activity at all of our producing assets. Moreover, we will continue to pursue further cost reductions and efficiency gains across our portfolio.” 
Unconventionals - $470 million, including:
  • $425 million to operate two rigs and bring online approximately 80 new wells in the Bakken Shale in North Dakota
  • $45 million to drill five wells and bring 14 new wells online in the Utica Shale in Ohio during the first quarter of 2016, after which the rig will be released
Click here to read the whole release. 

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