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
  • 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
  • Hess Announces Significant Reduction to 2020 Capital and Exploratory Budget

    Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices.
    Full story
  • Hess Corporation to Give $12.5 Million Gift to the Salk Institute to Accelerate Development of Plant-Based Carbon Capture and Storage

    Salk’s Harnessing Plants Initiative (HPI) will receive a $12.5 million gift from Hess Corporation to advance two projects to enhance plants’ natural ability to store carbon and mitigate the effects of climate change: the CRoPS program and the Coastal Plant Restoration program. These projects build on the Salk discovery of a crucial gene that will help the team develop plants with larger root systems capable of absorbing and storing potentially billions of tons of carbon per year from the atmosphere.
    Full story