- Hess with 900,000 acres in the ND Bakken
- Production: 20,000 bopd at end of 2010
- Production: 40,000 bopd average for 2011
- Dual-lateral wells cost $11 - $11.5 million
- Single-lateral wells cost $7 - $7.5 million
- EURs: ~ 500,000 bbls per lateral (thus a dual-lateral well with a EUR of 1 million barrels)
- IPs: 30-day average, 18-stage wells -- 400 - 500 bbls per lateral
- Recently revised their completion design state to 22 stages; IPs will go up
- 18 rigs in the Bakken (due to acqusitions; limited discussion)
- Four dedicated frack crews; will add another frack crew in last half of the year
- Both the American (AEZ) and the Tracker (TRZ) acreage were prospective for Three Forks
- Hess added 274 million bbls of reserves: 160 million in Norway, 70 million in ND -- those were the "two big hitters; also another 30 million bbls in Russia
- A shift from dual-laterals to single-laterals in an effort to "hold-by-production" acreage; will occur over the next two years; planning to meet their target by 2012
- Guidance: 40,000 bbls/day in 2011 in the Bakken, but unable to say what exit rate will be -- still digesting acquisitions
Wednesday, January 26, 2011
Hess in the Bakken -- Earnings Transcipt -- North Dakota, USA
Some data points:
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Scroll through the site for the links. Data is from recent CLR corporate presentation; may change with 4Q10 earnings report. Hess data is from Hess conference call this week.
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