The Rising Influence of Rising Affluence

[DewDiligence]

HES increases 2017 cap-ex budget 18%:

http://finance.yahoo.com/news/hess-reports-estimated-results-third-113000540.html

The company’s 2017 E&P capital and exploratory budget will be $2.25 billion, compared to its 2016 actual spend of $1.9 billion. This includes increased capital for additional rigs in the Bakken, development activities at the world-class Liza Field in Guyana and restart of drilling at the Valhall Field in Norway.

The $2.25 billion budget is allocated as follows: $700 million (31 percent) for unconventional shale resources, $375 million (17 percent) for production, $825 million (37 percent) for developments and $350 million (15 percent) for exploration and appraisal activities.

Net 2017 production is forecast to average between 300,000 and 310,000 barrels of oil equivalent per day (boepd), excluding Libya… Bakken net production in 2017 is forecast to average between 95,000 and 105,000 boepd.

HES has not yet released 4Q16 results. This PR was issued on 1/12/17.