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DewDiligence

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DewDiligence

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Re: DewDiligence post# 9567

Wednesday, 01/28/2015 12:00:48 PM

Wednesday, January 28, 2015 12:00:48 PM

Post# of 29293
HES projects 2015 production 350-360K* boe/d, 10-14% growth vs 2014:

http://finance.yahoo.com/news/hess-reports-estimated-results-fourth-123000572.html

In the Bakken, HES projects 2015 production of 95-105K boe/d, 14-27% growth vs 2014 as a whole, but flattish vs the 102K rate in 4Q14.

HES (rightfully) won’t give any detailed forecasts about oil prices, but they think the curtailment of US shale drilling should begin to have an effect by early 2016.

HES’ average cash (i.e. excluding DD&A) cost per barrel is about $22 (and HES’ average cash cost in the Bakken is even lower than this), so HES is reducing cap-ex outlays (#msg-110269783) but is not suspending or canceling any projects.

HES had $2.4B in cash and $6B of debt as of 12/31/14.

There are no FIDs scheduled for 2015.

*Excluding Libya.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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