Hess, 3Q14 Earnings -- October 29, 2014

From Reuters via Yahoo!News:

Production in North Dakota, the second-largest oil producing state in the United States, jumped 21 percent to 86,000 boe/d.

Hess opened 59 Bakken wells in the third quarter, but still managed to slash production costs by 8 percent to $7.2 million per well, bucking an industry trend to increase spending per North Dakota well in an attempt to boost output.

Last month Continental Resources Inc, North Dakota's largest oil producer, said it would boost spending per well to $10 million as it uses much more sand, or proppant, to hydraulically fracture rock and extract oil, and combines several new fracking techniques.

Hess said it is comfortable with its current spending and believes its techniques are the best way to produce the most oil.

"We've tried some of these more expensive completion designs, but thus far none have proven to be economically superior to our methodology," Greg Hill, the Hess president, told investors.

Waiting for the transcript.