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Wednesday, January 25, 2017

Hess To Triple Bakken Rig Count; Forecasts 2017 Supply Surge; Produces 50% More Oil From ND Than GOM -- Platts -- January 25, 2017

Link here. Data points:
  • CEO: "We are increasing activity in the Bakken."
  • 4Q16: 95,000 boe/d from the Bakken; down 13% from same quarter a year ago
  • 4Q16: fell from 73,000 to 61,000 boe/d in Gulf of Mexico
  • 4Q16: overall, global: 311,000 boe/d vs 314,000 a year earlier
  • CAPEX: CY16 -- $1.9 billion; down $4 billion from 2015
  • CAPEX: CY17 -- forecasts $2.25 billion
  • CY17: overall global production (Hess) will be flat, slightly negative over CY16 but forecasts production to average about 270,000 boe/d to 280,000 boe/d in 2Q17 but to grow as high as 340,000 boe/d by 4Q17
And then this: off-shore projects begun some years ago, will come on-line in 2017 or 2018.

Disclaimer: this is not an investment site. Do not make any investment, financial, travel, job, or relationship decisions based on what you read here or think you may have read here.

Did you note that CY16 CAPEX at $1.9 billion was $4 billion less than CY15, and yet production remained relatively unchanged? That seems like a pretty nice data point.

Note: data points from the full conference call here

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