In the Media: Evolution of Designs Hastens U.S. Shale Boom
Hess Corporation Logo header
SEARCH

In the Media: Evolution of Designs Hastens U.S. Shale Boom

  • Hess E&P Magazine Progression of Completions Article Cover
06.14.2019

By Brian Walzel, Hart Energy

Hess’ financial and production metrics have experienced a marked increase following its move to plug-and-perf (PNP) completion designs and improved well spacing after the price collapse of 2014. The company reported in its December 2018 investor presentation that its adoption of PNP completions is forecast to result in increases in production to about 200,000 boe/d and net present value by about $1 billion.

“Each area acts a little bit differently in the Bakken,” he said. “There’s no one-size-fits-all. Plug and perf offers the ability to add more entry points, which is the key here,” said Barry Biggs, Hess vice president of onshore

In addition to stage spacing and the shift to PNP completions, Hess has substantially increased its proppant loading design. Biggs said that in about 2014, when Hess was moving from 25 stages up to 60, its completion designs included about 70,000 lb per stage of proppant. That amount has more than tripled to as much as 280,000 lb per stage.

Full story

 

Related News
  • Hess Reports Estimated Results for the First Quarter of 2020

    Hess Corporation (NYSE: HES) today reported a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020, including impairment and other after-tax charges of $2,251 million resulting from the low price environment, compared with net income of $32 million, or $0.09 per common share, in the first quarter of 2019. On an adjusted basis, the Corporation reported a net loss of $182 million, or $0.60 per common share, in the first quarter of 2020.
    Full story
  • Hess Schedules Earnings Release Conference Call

    Hess announced that it will hold a conference call on Thursday, May 7, 2020 at 10 a.m. Eastern Time to discuss its first quarter 2020 earnings release.
    Full story
  • John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money

    CEO John Hess addressed the far-reaching impact of the oil price war on CNBC’s Fast Money on March 12, saying: “The economic problem we're facing today is a lot more than oil, and the oil price crash could be a catalyst that propels the world into an economic recession.”
    Full story