Friday, October 28, 2016

Hess Plans To Increase Bakken Production In 2017 -- Argus Media -- October 28, 2016

Hess to increase Bakken production in 2017. Data points
  • plans will not be detailed until January; preliminary remarks in 3Q16 earnings call
  • Hess''s core in the Bakken competitive with Permian and Eagle Ford
  • Hess ND production in 3Q16: 107,000 boepd (113,000 a year earlier)
  • CWC: lowered to $4.7 million in the Bakken; down 11% yoy; 50-stage completion (previously, 35-stage completions); for a long lateral, $4.7 million is quite incredible; needs to be followed
  • average EUR: 900,000 boe in 3Q16; should reach 1 million boe in 4Q16
  • 4Q16 Bakken production: should reach 105,000 boepd
  • Utica: 30,000 boepd
  • IS Gulf of Mexico: 61,000 boepd
  • 3Q16 CAPEX: $435 million (global)
  • full-year 2016 CAPEX: $2 billion (global) -- down $100 million from recent projection and half of  of 2015 spending
  • loss in 3Q16 widened to $339 million compared to $279 million a year earlier

The Race Underground: Boston, New York, and the Incredible Rivalry That Built America's First Subway 
Doug Most,
c. 2014
DDS: 388.42 MOS

It may be best to read the Epilogue, the Acknowledgments, and the Author's Notes first before reading the book itself. I started to read the book but it did not catch my attention. I had no feeling for where the author was taking me or how he was going to get me there.

These will be the only notes I place on the MillionDollarWay. Any updates will be followed at another site

After reading the Epilogue, Acknowledgments, and Author's Notes, I had my bearings, and felt comfortable to begin reading the book.

Some quick takeaways: the London subway initially failed because they used steam engines underground, which made no sense. It was the relationship between the electric sector (think Edison) and the tunneling engineers that made the difference, and the success of the Boston and the NYC subways.

Some quick facts:
  • Boston won the race: 6:00 a.m. September 1, 1897, the subway opened to its first passengers
  • NYC: in the evening, 7:00 p.m., October 27, 1904, seven years later, NYC opens its first subway to passengers
  • within two days in Boston, the "novelty was over"
  • no neighborhood was more excited about the subway than Harlem
  • a rallying cry for a NYC subway was "fifteen minutes to Harlem"; that helped keep the dream alive
  • the blizzard of 1888 was perhaps the turning point in getting the NYC project going
  • Abram Hewitt's vision for the NYC, used the blizzard of 1888 to spur the project; came up with the idea for the city pay for and own the subway system but hire a private business to build and run it; Hewitt died a year before the subway opened
  • if one man deserves more credit than he's received for the birth of the subway, it's Frank J. Sprague, died 1934; he saw the greatest flaw (steam engines) in London's Underground which had opened 30 years before Boston/NYC decided to replicate it -- the delay was because steam did not work; Sprague, an employee of Edison's, figured it out; Sprague and Edison in huge public battle over share of glory; Edison won, Sprague lost
  • Fred Pearson, the Tufts prodigy, died aboard the Lusitania; Pearson owed much of his engineering legacy to the Whitney brothers
  • while living in Boston area for four years and traveling to Provincetown, Cape Cod, numerous times, I was never aware of the importance of the Cape Cod Canal, not built until 1913; "short-cut" from NYC to Boston; without it, ships had to sail clear around Cape Cod 
  • William Barclay Parsons: key engineer for both the NYC subway and the Cape Cod Canal
  • Parsons had a small firm; it became a behemoth which thrives to this day: Parsons Brinckerhoff -- also responsible for the infamous Big Dig in Boston
  • Parsons Brinckerhoff now responsible for the Second Avenue subway now under construction in NYC; the most complex, one of the most expensive public projects the city has ever undertaken; two 22-foot-wide tunnels, 80 feet below the surface; tunneling through solid rock [Update: Second Avenue Subway now open, January 1, 2017.]
  • number of pages devoted to the Boston subway pale in comparison to the number of pages written on the NYC subway
  • Boston's subway was America's first, but it has been largely ignored by historians and authors
  • the Whitney brothers have also been treated unequally

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