The cover story for the August issue of Oil & Gas Investor takes an in-depth look at the Bakken and how the play remains a stalwart for Hess and other operators, despite predictions by some that the current price environment would spell doom for oil and gas production in North Dakota.
The magazine found that “producers were considering at second-quarter-end how they would deploy a price-lift windfall—rather than just managing for their survival.”
Hess is advantaged in that its 575,000 net acres are concentrated along the Nesson Anticline and it has 40% more drilling spacing units in the core than any other operator, Greg Hill, Hess President and COO, told the magazine in a recent interview. “We could drill 12 rig years of inventory in the core of the core at $40 that generates a 15% return or higher.”
In January of 2015, as WTI was about $47, Hess Corp. was certain of its plan for the Williston Basin: It would keep drilling, the article reports, and keep completing. It still is.
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