Hess in the Media: How A Lean-Efficient, Cost-Effective Well Workover Can Do Wonders
When Materion Corp. and Hess Corp. developed and added the new ToughMet Sucker Rod Couplings to Hess wells, run times tripled, workover costs were cut significantly and fluid production increased by 10% to 15%. Hess’s Bakken asset is implementing this solution in 250 wells or more in 2017 to drive costs down for the company by almost $20 million.
Hess Recognized for Strong Management and ESG Leadership
Hess has been recognized for strong management and environmental, social and governance (ESG) leadership in recent months. “We see sustainability as fundamental to our long term strategy and performance, supporting our purpose to be the world’s most trusted energy partner," said CEO John Hess.
Hess Reports Estimated Results for the Fourth Quarter of 2019
Hess today reported a net loss of $222 million, or $0.73 per common share, in the fourth quarter of 2019, compared with a net loss of $4 million, or $0.05 per common share, in the fourth quarter of 2018. On an adjusted basis, the Corporation reported a net loss of $180 million, or $0.60 per common share, in the fourth quarter of 2019, compared with an adjusted net loss of $77 million, or $0.31 per common share, in the prior-year quarter.
Hess Announces 2020 E&P Capital and Exploratory Budget
Hess today announced a 2020 Exploration & Production capital and exploratory budget of $3.0 billion, of which more than 80% will be allocated to high return investments in Guyana and the Bakken.
Net production is forecast to average between 330,000 and 335,000 barrels of oil equivalent per day in 2020, excluding Libya. Bakken net production is forecast to average approximately 180,000 barrels of oil equivalent per day in 2020.