To bring deepwater back, industry must align around standardization, simplification and collaboration
Hess Corporation Logo header
SEARCH

To bring deepwater back, industry must align around standardization, simplification and collaboration

  • Stampede
01.29.2019
Every part of the industry has a role to play in embracing Lean principles and disruptive technologies to drive better performance, increase competitiveness, Richard Lynch, a Hess Senior Vice President, told Drilling Contractor.

"While the downturn has placed a premium on short-cycle unconventionals, I do believe that investing in deepwater will be critical to the future success of our industry," Lynch says. "I also believe that deepwater can compete, and even demonstrate higher returns, if we focus on adopting Lean principles. This means focusing on performance, which encompasses safety, quality, delivery and cost, as well as technology."

“Our destiny is in our own hands. We have to be bold enough to stand up and lead, and then we need to be bold enough to stand up and continue to change to make that outcome happen.”

Full story
Related News
  • Hess to Participate in Bank of America Merrill Lynch 2019 Global Energy Conference

    CEO John Hess will deliver a keynote presentation: Perspectives on Global Oil Outlook at the Bank of America Merrill Lynch 2019 Global Energy Conference in Miami Beach, FL Nov. 13, 2019.
    Full story
  • Hess Reports Estimated Results for the Third Quarter of 2019

    Hess today reported a net loss of $205 million, or $0.68 per common share, in the third quarter of 2019, compared with a net loss of $42 million, or $0.18 per common share, in the third quarter of 2018. “We achieved strong operational performance once again this quarter, delivering higher production and lower capital and exploratory expenditures than previous guidance,” Chief Executive Officer John Hess said.
    Full story
  • Hess Announces Gulf of Mexico Oil Discovery and Plans for Tie Back to Tubular Bells Production Facilities

    Hess Corporation today announced an oil discovery at the Esox-1 exploration well located in Mississippi Canyon Block No. 726 in the deepwater Gulf of Mexico. “We expect the well to be producing in the first quarter of 2020. As a low cost tieback to existing infrastructure, Esox should generate strong financial returns,” CEO John Hess said.
    Full story