Hess Corporation operates as an exploration and production (E&P) company worldwide. The company engages in the exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas with production operations located primarily in the United States (U.S.), Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand (JDA), Malaysia, and Norway. E&P Operations The U.S. The company’s production in the U.S. is from onshore properties, principally in the Bakken oil shale play in the Williston Basin of North Dakota, the Utica Basin of Ohio, the Permian Basin of Texas, and offshore properties in the Gulf of Mexico. Onshore Bakken: As of December 31, 2015, the company held 583,000 net acres in the Bakken. During 2015, it operated an average of 8.5 rigs, drilled 182 wells, completed 212 wells, and brought on production 219 wells, bringing the total operated production wells to 1,201. In 2016, the company plans to operate an average of 2 rigs to drill approximately 50 wells and bring approximately 80 wells on production. Utica: The company owns a 50% working interest in approximately 50,000 net acres in the wet gas area of the Utica Basin of Ohio. During 2015, a total of 24 wells were drilled, 32 wells were completed and 32 wells were brought on production. In June 2015, the company and its joint venture partner reduced drilling activity to a single company operated rig. Permian: The company operates and holds a 34% interest in the Seminole-San Andres Unit in the Permian Basin. Offshore As of December 31, 2015, the company held interests in 108 blocks in the deepwater Gulf of Mexico. The company’s production offshore in the Gulf of Mexico was principally from the Tubular Bells (the company 57%), Shenzi (the company 28%), Llano (the company 50%), Conger (the company 38%), Baldpate (the company 50%), Hack Wilson (the company 25%), and Penn State (the company 50%) fields. In addition, the company is the operator of the Stampede development project (the company 25%) and has interests in non-operated exploration blocks, including Sicily (the company 25%) and Melmar (the company 35%). As of December 31, 2015, the company held 75 exploration blocks containing approximately 250,000 net undeveloped acres of which leases for 46 exploration blocks containing 165,000 net undeveloped acres are due to expire in the next 3 years. The company’s operations in the Offshore, the U.S. are as follows: Tubular Bells: Four production wells had been completed as of December 31, 2015. In 2016, the company intends to complete one water injector well, drill one production well, perform two wellbore stimulations, and complete a workover on a third well to open a stuck subsurface safety valve. Shenzi: At this BHP Billiton Petroleum operated field, drilling continued during 2015 with the completion of two production wells and one appraisal well. In 2016, the operator plans to complete a water injection well. Stampede: At the company operated project in the Green Canyon area of the Gulf of Mexico, the co-owners sanctioned the field development and committed to two deepwater drilling rigs in 2014. The first rig is expected to commence drilling in the first quarter of 2016 and the second rig is expected to commence drilling in the first quarter of 2017. Construction of production facilities and subsea equipment is underway, with first production from the field targeted for 2018 at an expected net rate of 15,000 barrels of oil equivalent (boe) per day (boepd). Sicily: At this Chevron operated prospect in the Keathley Canyon area of the deepwater Gulf of Mexico, the operator completed drilling and logging activities of its initial exploration well in 2015. The discovery well was drilled to a depth of 30,214 feet and is being evaluated. Drilling of an appraisal well to further evaluate the discovery commenced in December 2015. Melmar: At this ConocoPhillips operated prospect in the Alaminos Canyon area of the deepwater Gulf of Mexico, the operator commenced drilling of an initial exploration well in December 2015. Europe Norway: At the BP plc opera
hess corp (HES:New York)
1185 Avenue of the Americas
New York, NY 10036
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