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“In 2014, our budget includes development of the Tubular Bells Field in
the deepwater Gulf of
Unconventionals -
-
$2.2 billion for the development of theBakken Shale inNorth Dakota . Hess plans to operate 17 rigs and plans to bring 225 new operated wells online. Hess plans to invest$350 million on major infrastructure projects including the completion of the expansion of the Tioga Gas Plant and associated pipeline and compression projects. -
$550 million for drilling approximately 35 wells primarily in the wet gas window of theUtica Shale play inOhio .
Production -
-
$350 million to drill five production wells at theOkume Complex and progress facility work at the Sendje Ceiba floating production, storage and offloading vessel (FPSO) at Block G (Hess 85 percent – operator) inEquatorial Guinea . -
$300 million to drill three production wells and install gas lift on four flank wells at the Valhall Field (Hess 64 percent) inNorway . -
$300 million to drill ten production wells, install two new wellhead platforms, and progress theBooster Compression Project at Block A-18 (Hess 50 percent) in the Joint Development Area in the Gulf ofThailand . -
$200 million to drill three production wells and one water injection well at the South Arne Field (Hess 62 percent – operator) inDenmark . -
$150 million to drill two production wells and one water injection well at the Shenzi Field (Hess 28 percent) in the deepwater Gulf ofMexico .
Developments -
-
$400 million for the development and start-up of the Tubular Bells Field in the deepwater Gulf ofMexico (Hess 57 percent – operator). Hess will install the hull, topsides and subsea equipment, complete two production wells and drill a fourth production well. -
$400 million to progress the full field development of the North Malay Basin project (Hess 50 percent – operator) inMalaysia .
Exploration -
-
Hess plans to drill three appraisal wells and perform one drill stem
test on the Deepwater Tano / Cape Three Points Block (Hess 90 percent
– operator) in
Ghana . -
Complete drilling two wells at the Dinarta and Shakrok Blocks (Hess 80
percent – operator) in Iraqi
Kurdistan . -
Conduct 3-D seismic and technical studies in the deepwater Gulf of
Mexico in preparation for resuming drilling in 2015.
2014 Estimated Capital and Exploratory Expenditures* |
||||||||||||||
($ Millions) |
||||||||||||||
By Segment: | By Region: | |||||||||||||
Exploration and Production | Exploration and Production | |||||||||||||
Unconventionals | $2,850 | United States | $3,700 | |||||||||||
Production | 1,475 | Europe | 525 | |||||||||||
Developments | 925 | Africa | 650 | |||||||||||
Exploration | 550 | Asia and Other | 925 | |||||||||||
Total | $5,800 | $5,800 | ||||||||||||
*Note: 2014 Capital and Exploratory expenditures of
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ materially
from those projected as a result of certain risk factors. A
discussion of these risk factors is included in the company’s periodic
reports filed with the
Source:
For Hess Corporation
Investor:
Jay Wilson,
212-536-8940
or
Media:
Sard Verbinnen & Co
Michael
Henson/Patrick Scanlan
212-687-8080