Hess Corp (HES) reported earnings for the first quarter of 2010, and held a conference call on April 28, 2010, to discuss the quarter. The company updated its operations in the Marcellus Shale in Pennsylvania.
The company is continuing to build its position in the Marcellus Shale, and has a total of 80,000 net acres in its own portfolio and in a joint venture with Newfield Exploration (NFX)
Hess Corp disclosed that the majority of its acreage is in Wayne County, Pennsylvania, in the extreme northeast corner of the state where there has been very little drilling activity so far.
“We’re continuing to build our position in the Marcellus. We're at about 80,000 net acres now in the Marcellus, primarily in Wayne County, Pennsylvania. About 50,000 of that is Hess operated and the balance is part of this joint venture we have with Newfield. Our plan this year are to drill five to 10 wells during the second half of 2010 in order to evaluate the resource potential on the acreage.”
Source: Seeking Alpha