5/30/2014 | 05/30/2013 | 05/30/2012 | 05/30/2011 | 05/30/2010 | |
---|---|---|---|---|---|
Active Rigs | 189 | 186 | 214 | 172 | 119 |
Nineteen (19) new permits --
- Operators: Whiting (5), KOG (4), Statoil (4), Hunt (3), Emerald (2), Oasis
- Fields: Sand Creek (McKenzie), Truax (Williams), East Fork (Williams), Alexandria (Divide), Green River (Stark), Cottonwood (Burke)
- Comments:
Two Fidelity Ridl permits were canceled (#27569 and 27570). They were in the Green River oil field.
Operator transfer:
- a page-full of older wells were transferred from Liberty Resources, LLC, to Liberty Resources Management Company, LLC
**********************************
Hess: 2014 Annual Meeting of Stockholders
Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here.
Elsewhere:
- current share price: $92
- BoA/M/L target: $128
- Hess, completing switch from natural-gas focus to oil focus
- closing on retail division sale to MRO
- plans to monetize midstream assets with MLP spin-off; to provide additional cash returns
- the Bakken, in general, better than anticipated several years ago
- 640,000 net acres in the Bakken; Hess holds some of the "better" Bakken acreage
- Hess Tioga natural gas processing plant expansion complete; that's behind them
- this past year, increased annual divided 150%; many Bakken operators "unable" to pay any dividend, much less increase existing dividends
- up to $4 billion share repurchase funded by 2013 restructuring; commenced 3Q13
- company expects to be free cash flow positive post 2014
Slide 8: unconventional (Bakken)
- free cash flow positive in 2015
- goal of 150,000 boepd by 2018
- leading position in emerging Utica wet gas window
- US unconventional production will equal rest of Hess worldwide production by 2017
- Hess: 80%
- MRO: 79%
- OXY: 73%
- MUR: 72%
- COP: 62%
- EOG: 60%
- AP: 54%
- DVN: 48%
- APC: 45%
- Hess: $49 - $37
- MUR: $41 - $35
- OXY: $36 - $32
- EOG: $35 - $28
- APA: $33 - $30
- COP: $32 - $27
- CHK: $18 - $19
- single biggest contributor to production growth through 2018
- tighter infill testing program underway ni 2014
- 640,000 net acres; all in the better-to-best Bakken
- 17-rig program in 2014; CAPEX of $2.2 billion
- 2014 net production forecast: 85,000 boepd
- 2016 net production forecast: 125,000 boepd
- 2018 net production forecast: 150,000 boepd
- 2013 30-day IPs: 750 - 900 boepd
- 2013 EURs: 550,000 - 650,000 boe
- > 3,000 total operated drilling locations
- (17 rigs x 9 wells/year = 150 wells/year = 20 years of inventory)
- drilling performance, spud-to-spud, days: 45 days (1Q11) down to 23 days (1Q14
- drl/completions costs: $13.4 million (1Q12); $7.5 million (1Q14)
- Tioga rail terminal: 54,000 bopd; expandable to 120,000
- 9 crude oil train sets; 104 cars each
- entire fleet: Petition 1577 standards
- 240,000 bbls crude oil storage
- 12,000 b/d NGL loading capacity
- expansion from 110 million cfpd to 250 million cfpd
- increased NGL fractionation
- ethane sold under under long-term contract
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