Replies to post #8985 on The Rising Influence of Rising Affluence

[DewDiligence]

HES +2% on strong 3Q14 results, especially in the Bakken:

http://finance.yahoo.com/news/hess-reports-estimated-results-third-113000539.html

3Q14 Bakken production was 86K boe/d, up from 80K in 2Q14. The company’s forecast for 4Q14 is 92-97K.

During 3Q14, HES took advantage of the lower share price to repurchase shares aggressively (at an average price of $85).

Although HES continues to exclude Libyan production from its guidance, Libya generated 4K net boe/d for HES during the quarter.

HES also confirmed that it’s in discussions to sell the mothballed Hovensa refinery in the US Virgin Islands that is 50% owned by Venezuela’s national oil company. The WSJ broke this story yesterday (http://online.wsj.com/articles/st-croix-moves-to-reopen-oil-refinery-1414537126 ).