Gulf of Mexico Output Lifts Hess Profits
Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.The company said production from Bakken rose 17 percent to 130,000 barrels of oil equivalent per day (boe/d), while output from its offshore Gulf of Mexico operations rose nearly 71 percent to 70,000 boe/d.Shale production in major U.S.
Hess Production Tops Estimates
Oil and gas producer Hess Corp's fourth-quarter production beat Wall Street estimates on Wednesday, driven by higher output from the Bakken shale region and the Gulf of Mexico.Total production for the quarter ended Dec. 31, excluding its Libyan operations, was 267,000 barrels of oil equivalents per day (boe/d), while analysts were expecting 265,000 boe/d, according to Wells Fargo Securities.The…
DAVOS: Oil Majors Huddle in DAVOS to Mull Future
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer?
Exxon Continues Drilling Offshore Guyana
Exxon Mobil Corp said on Wednesday its oil drilling and development activities offshore Guyana were unaffected despite neighboring Venezuela's navy stopping two seismic survey vessels the company had hired.The closest of 10 oil finds Exxon has made off Guyana's coast is 110 km (68 miles) away from the northwest part of the Stabroek block, where the navy halted seismic data collection on Saturday, the company said.
US Oil Drillers Cut Rigs
U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.Drillers cut four oil rigs in the week to Dec. 14, bringing the total count down to 873, the lowest since mid October, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S.
Hess Expects Output Growth Through 2025
U.S. producer Hess Corp said on Wednesday it expects oil and gas output to grow more than 10 percent a year compounded through 2025, citing higher growth opportunities at its Bakken shale and offshore Guyana projects.The company projects higher margins will drive compound annual cash flow growth of 20 percent through 2025, it said ahead of a meeting with Wall Street investors.The company shrugged…
Hess, Conoco Raise 2019 Production Outlook
Oil and gas producer Hess Corp and Conocophillips both expect production for 2019 to be higher than this year even as they spend roughly the same amount of money on exploration, the companies said on Monday.Investors have been urging U.S. oil companies to increase returns on tight spending at a time when they are also looking beyond the Permian Basin, which is getting crowded and costly.Hess…
Exxon Expects 25 pct More Oil from Guyana's Offshore Block
Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain 25 percent more recoverable oil than previously estimated, the companies said on Monday.Exxon and Hess Corp said more than 5 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The companies…
Hess Corp Completes Drilling on Aspy Well Offshore
The exploration and production company Hess Corporation said that Aspy probe did not encounter commercial quantities of hydrocarbons.Hess Corporation announced in a press statement that drilling of the Aspy exploration well offshore Nova Scotia reached total depth of 7,400 meters."The prospect did not encounter commercial quantities of hydrocarbons and Hess’ share of the well cost through September 30…
Hess Points to Higher E&P Budget for 2019
Hess Corp Posts Quarterly Profit, Beats Estimates
U.S. oil and gas producer Hess Corp posted its first profit in about four years that also easily beat analysts' estimates, as it sold oil at higher prices and managed to slash costs by 62 percent.New York-based Hess has not reported a profit since 2014 and has been under intense pressure from shareholders after many of its peers turned profitable following the recovery in crude prices.Hess said on Wednesday its average realized oil selling price…
GoM Offshore Platforms Evacuated Ahead of Hurricane
Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the Gulf as forecasters predicted the storm would become a Category 3 hurricane.Companies turned off the daily production flow of 324…
Hess Corp Losses Shrink on Higher Oil Prices
Oil and gas producer Hess Corp posted a smaller-than-expected quarterly loss on Wednesday as it raked in more money per barrel even as production fell, thanks to higher oil prices.The company's average realized price of crude oil jumped 36 percent to $62.65 per barrel, while production fell 16 percent to 247,000 barrels of oil equivalent per day boe/d, excluding its operations in Libya.U.S.
Oil Companies Make Few Bids in US Offshore Lease Auction
Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S. auction of Gulf of Mexico exploration leases on Wednesday, showing tepid interest in the region for the second time this year.Oil giant Exxon Mobil Corp was awarded 25 blocks, the largest of any company, followed by BP Plc with 19 high bids and Hess Corp and Equinor, which each had 16.Smaller companies, including Talos Energy Offshore, Houston Energy and W&T Offshore were among the top ten high bidders.
Tullow Oil Plans to Drill First Guyana Well in 3Q of 2019
Tullow Oil plans to drill its first well in the much-watched Guyana offshore basin in the third quarter of next year in its Orinduik licence bordering discoveries by Exxon, a spokesman said on Wednesday.Exxon and U.S. partner Hess Corp said that more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block off Guyana, which is part of one of the world's biggest oil discoveries in the past decade.Reporting by Shadia Nasralla
Hess Has No Plans to Sell Remaining Asian Assets
U.S. oil producer Hess Corp has no intention to sell its assets in Asia as the region provides good, steady cash flow and a stable political environment, a senior company executive told Reuters on Tuesday.While the company sold assets in Thailand and Indonesia a few years ago as it saw little growth in those two countries, Southeast Asia still plays a key role in its portfolio, said Greg Hill…
Exxon Expects More Oil from Guyana's Offshore Block
Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent…
Guyana Puts Oil Auctions on Hold
Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation…
Ex-Hess Exec to Lead Restart of Idled Caribbean Refinery
The owners of an idled oil refinery in the U.S. Virgin Islands that once ranked among the world's largest have hired a former Hess Corp executive closely acquainted with the facility to oversee its return to service.Brian Lever, who ran the former Hovensa refinery on St. Croix for Hess and partner Petroleos de Venezuela until it filed for bankruptcy in 2012, joined Limetree Bay Refining this month as president and chief operating officer…
Hess Warns Focus on Returns Now Will Hurt US Shale Long-term
Investor pressure on oil producers to focus more attention on shareholder returns and less on output will drive down vital industry investment in the long term, a leading U.S. shale executive said on Thursday.Shareholders have been pushing for more dividends and buybacks from U.S. shale companies, whose heavy investment in production has helped the United States overtake Saudi Arabia to become…