Tuesday, January 15, 2019

Hess Corp News

Exxon Continues Drilling Offshore Guyana

(Image: ExxonMobil)

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

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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

(Photo: Hess)

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

(Photo: Hess)

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

Photo: Exxon Mobil

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

Image: Hess Corporation

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

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Hess Corp Posts Quarterly Profit, Beats Estimates

(Photo: Hess)

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

(Image: NOAA)

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…

Guyana Puts Oil Auctions on Hold

(File photo: Hexx Corp)

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…

Hess Has No Plans to Sell Remaining Asian Assets

(Photo: Hess Corp)

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…

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…

Tullow Oil Plans to Drill First Guyana Well in 3Q of 2019

Photo: Tullow Oil

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

Oil Companies Make Few Bids in US Offshore Lease Auction

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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.

Hess Corp Losses Shrink on Higher Oil Prices

Logo: Hess Corp

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.

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…

Hess Warns Focus on Returns Now Will Hurt US Shale Long-term

John Hess (Photo: Hess Corporation)

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…

US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs

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Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year.

US Oil Rig Count Continues Climb

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The U.S. oil drilling rig count rose for the fourth week in a row and ended the month sharply higher as producers plan to boost output as they reap profits from crude trading near three-year highs.Drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month…

Hess Losses Narrow as Oil Rallies, Costs Dip

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U.S. oil and gas producer Hess Corp reported a smaller quarterly loss on Wednesday as the company benefited from higher crude prices and lower costs.   Net loss attributable to Hess narrowed to $106 million, or 38 cents per share, in the first quarter ended March 31, from $324 million, or $1.07 per share, a year earlier.   Total revenue and non-operating income rose to $1.39 billion from $1.25 billion.   Reporting by Karan Nagarkatti