This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hess Corporation Announces 2014 Capital And Exploratory Budget

Unconventionals - $2.85 billion:

  • $2.2 billion for the development of the Bakken Shale in North Dakota. Hess plans to operate 17 rigs and plans to bring 225 new operated wells online. Hess plans to invest $350 million on major infrastructure projects including the completion of the expansion of the Tioga Gas Plant and associated pipeline and compression projects.
  • $550 million for drilling approximately 35 wells primarily in the wet gas window of the Utica Shale play in Ohio.

Production - $1.475 billion:

  • $350 million to drill five production wells at the Okume Complex and progress facility work at the Sendje Ceiba floating production, storage and offloading vessel (FPSO) at Block G (Hess 85 percent – operator) in Equatorial Guinea.
  • $300 million to drill three production wells and install gas lift on four flank wells at the Valhall Field (Hess 64 percent) in Norway.
  • $300 million to drill ten production wells, install two new wellhead platforms, and progress the Booster Compression Project at Block A-18 (Hess 50 percent) in the Joint Development Area in the Gulf of Thailand.
  • $200 million to drill three production wells and one water injection well at the South Arne Field (Hess 62 percent – operator) in Denmark.
  • $150 million to drill two production wells and one water injection well at the Shenzi Field (Hess 28 percent) in the deepwater Gulf of Mexico.

Developments - $925 million:

  • $400 million for the development and start-up of the Tubular Bells Field in the deepwater Gulf of Mexico (Hess 57 percent – operator). Hess will install the hull, topsides and subsea equipment, complete two production wells and drill a fourth production well.
  • $400 million to progress the full field development of the North Malay Basin project (Hess 50 percent – operator) in Malaysia.

Exploration - $550 million:

  • Hess plans to drill three appraisal wells and perform one drill stem test on the Deepwater Tano / Cape Three Points Block (Hess 90 percent – operator) in Ghana.
  • Complete drilling two wells at the Dinarta and Shakrok Blocks (Hess 80 percent – operator) in Iraqi Kurdistan.
  • Conduct 3-D seismic and technical studies in the deepwater Gulf of Mexico in preparation for resuming drilling in 2015.
 

2014 Estimated Capital and Exploratory Expenditures *

($ Millions)

 
By Segment:                     By Region:      
       
Exploration and Production Exploration and Production
 
Unconventionals $2,850 United States $3,700
Production 1,475 Europe 525
Developments 925 Africa 650
Exploration 550 Asia and Other 925
 
Total $5,800 $5,800
 

*Note: 2014 Capital and Exploratory expenditures of $5.8 billion exclude capital spending associated with Retail Marketing and the $290 million acquisition of the 56 percent equity interest in WilcoHess that Hess Corporation does not own. This transaction which was originally expected to close in the fourth quarter of 2013 is now anticipated to close in the first quarter of 2014. As previously announced, Hess Corporation plans to spin or sell its Retail Marketing business with completion expected in mid-2014.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

Cautionary Statements

This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.



2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs