Tuesday, April 7, 2020

John Hess News

Shale Pioneer Hess Says Key U.S. Fields Starting to Plateau

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Shale pioneer John Hess said Tuesday that key U.S. shale fields are starting to plateau, calling shale "important but not the next Saudi Arabia."Production in the Eagle Ford Shale in South Texas is starting to plateau, while the Bakken field…

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

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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…

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…

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.

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…

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.

ExxonMobil, Hess Announce Oil Discovery Offshore Guyana

Stena Carron (Photo: Stena Drilling)

ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality…

Hess Posts 13th Straight Quarterly Loss; Shares Dive

U.S. oil and gas producer Hess Corp posted its 13th straight quarterly loss on Monday as ballooning expenses offset rising crude prices, sending shares down nearly 5 percent. Hess last month began cutting roughly 13 percent of its workforce and streamlining operations…

Aker BP buys Hess' Norway unit for $2 bln

File Image (CREDIT: AdobeStock / (c) Tupungato)

Output from Hess Norway field stakes 24,000 boepd. Aker BP will add the Norwegian operations of U.S. oil company Hess to its expanding exploration and production portfolio under a $2 billion deal announced on Tuesday. Under billionaire investor Kjell Inge Roekke…

U.S. Shale Producers Cut CapEx as Oil Prices Lag

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U.S. shale producers have started to trim their 2017 capital spending budgets, a tacit acknowledgement that such plans were too aggressive when crafted months ago before commodity prices weakened. This week alone, Anadarko Petroleum Corp…

North Dakota Output to Rise as DAPL Opens

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North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs.

Oil Industry Renews Deepwater Quest

File Image: The Harvey Deepsea, operated by Harvey Gulf International, a firm focused on servicing the offshore oil industry. (CREDIT: Harvey Gulf)

Oil price recovery, low service cost boost offshore exploration; firms slash costs of deepwater projects by 50 pct. Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world's top energy firms are…

Deepwater Projects Survive, Even with Low Oil Price

File Image: an offshore oil platform. (Credit: BHP Billiton)

Deepwater seen working in Brazil, Gulf of Mexico; long-cycle projects require $60-$80/bbl oil price. The deepwater oil industry is not dead, even after the brutal drop in oil prices in recent years, but activity will focus on regions such…

Hess CEO: U.S. Shale can Maintain Output at $50/barrel

The U.S. shale oil industry can maintain flat output if oil prices stay at $50 per barrel, but a price of $60-$80 per barrel is needed to invest in long-cycle projects such as deep-water, the chief executive of oil firm Hess Corp said. "Because…

Hess Would Add Bakken Rigs When Oil Nears $60/Barrel

Hess Corp said on Wednesday it would add drilling rigs in North Dakota's Bakken shale basin, its largest area of operations, if oil prices approach $60 per barrel, a level executives believe offers the best chance to return to profitability. The update came after the U.S.

U.S. Shale to OPEC: Above $40, We are Coming Back

For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a generation.

Oil Industry: Climate Deal a Chance to Innovate

If a crisis is a terrible thing to waste, the oil industry sees the Paris climate accord not as a death knell, but an opportunity to innovate and even grow. The move is a shrewd one for an industry that has been on the defensive for years on climate issues…

Hess: Saudi Arabia, Not U.S. Shale, World's Swing Oil Producer

OPEC leader Saudi Arabia, not the United States and its shale fields, is the world's true swing oil producer, able to start or stop production quickly in response to demand, the chief executive of Hess Corp said on Tuesday. The frank admission…

Hess Profit Misses Estimate as Oil Prices Slump

Photo: Hess

Oil and natural gas producer Hess Corp posted a lower-than-expected profit on Wednesday, as a steep fall in global crude prices eroded results. The weak results from Hess, one of the first major U.S. oil companies to report quarterly earnings…