Hess Corp (HES) held its third quarter earnings conference call on October 28, 2009, and made the following comments on the Bakken Shale. The company is planning a major capital exploration program over the next five years, and plans in boosting production to 80,000 barrels per day in five years.
“We’ve got 135 wells in the ground. We’ve got three rigs operating in the Bakken. We’re in the middle of our 2010 budget and operating plan exercise, so we haven’t yet finalized our plans on the Bakken, but what I will say is, what we plan to do is significantly step up activity there.”
“So our plans contemplate a $4 billion to $5 billion spend over the next four to five years in the Bakken. Next year it will probably be around $800 million, although we haven’t finalized our plans yet. So you can assume $800 million walking up to $1 billion a year thereafter, and the production that follows that will be a peak rate of 80,000 barrels a day at the end of five years. So that’s currently what we are contemplating for the Bakken.”
Source: Seeking Alpha
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