Reuters reports:Hess said that it is seeking partners to explore two fields in Kurdistan and a block offshore Ghana.View original articleKurdistan FieldsDinatra Block covers 1,319 sq km and Shakrok Block covers 418 sq kmOwnership of both blocks: Hess (64%, operator), Petroceltic (16%), KRG (20%)Deepwater Tano/Cape...
Hess Corporation will pursue the sale of its terminal network located along the US East Coast. It has a total of 28 MMbbl of storage capacity in 19 terminals, 12 of which have deep water access.
St. Lucia oil storage terminal in the Caribbean with 10 MMbbl of capacity will also be included in the package for sale.
In addition to the proceeds from the sale, the transaction should also release ~ $1 billion of working capital for redeployment to fund Hess’ future growth opportunities.
Hess also announced that by the end of Feb-2013, it will close its Port Reading, New Jersey refinery - the company's last - which had incurred losses in two of the past three years.
“By closing the Port Reading refinery and selling our terminal network, Hess will complete its transformation from an integrated oil and gas company to one that is predominantly an exploration and production company,” said John Hess, Chairman and CEO.
Hess announced a 23% YoY fall in production to 310 MBOE/d. The decrease was due to asset sales in Russia, UK North Sea and Azerbaijan (83 MBOE/d), extended shutdowns in GoM and lower production in Libya (23 MBOE/d), and maintenance and declines (24 MBOE/d).The reductions were partially offset by rising production at Valhall...
Hess announced a 23% YoY fall in production to 310 MBOE/d. The decrease was due to asset sales in Russia, UK North Sea and Azerbaijan (83 MBOE/d), extended shutdowns in GoM and lower production in Libya (23 MBOE/d), and maintenance and declines (24 MBOE/d).
The reductions were partially offset by rising production at Valhall field, offshore Norway (up by 30 MBOE/d), and Bakken (up by 8 MBOE/d).
Q3-2013 operational highlights
Bakken: Production rose 14% YoY to 71 MBOE/d; guidance remains unchanged at 64-70 MBOE/d
Valhall, offshore Norway: Production of 37 MBOE/d, up from 7 MBOE/d in Q3-2012; full year production expected at lower end of the guidance of 24-28 MBOE/d
Kurdistan: First exploration well spud in Shakrok Block; a second well, on the Dinarta Block, due to be spud in Nov-2013
Divestiture processes advanced for upstream assets in Indonesia and Thailand
Q3-2013 financial highlights
Net profit down 25% YoY to $420 million
Total revenue of $2.7 billion, down 23% YoY
Capex of $1.5 billion, down 35% YoY
Capex expected to be 18% YoY lower at $6.8 billion
Production to be at the lower end of its guidance of 340-355 MBOE/d due to unrest in Libya
Hess released its Q2-2012 results:Exploration and production revenues of $644 million; down 14% YoYNet income of $549 million; down 9.5% YoYProduction of 429 MBOE/d; up 15% YoYBakken production of 55 MBOE/d; up 120% YoYNet cash of $1,240 million; down 26% YoYCapex of $2,078 million; up 39% YoYThe increase in production...
US explorer and producer, Hess, reported higher Q4 profits, backed by increased production at its Bakken Shale Play. Q4 2012 Highlights:Net income at $566 million compared to net loss of $131 million in Q4-2011Total costs dropped to $ 8.7 billion compared to $ 9 billion in Q4 2011Oil and gas production at 396...
Modec has secured a contract from Hess to provide engineering and management services for the Stampede tension leg platform (TLP) in the deep-water Gulf of Mexico.The scope of the contract includes project management, engineering, procurement management, and construction management for the hull and mooring systems of a...