Yet another Hess earnings call was completed this morning, this the 1Q2011 earnings information. The Hess calls do not usually get into much detail regarding US onshore programs. Even though Hess is spending $1.8B in the Bakken in 2011, they have so many other assets that the focus tends to be more spread.
That being said, there was some new Bakken info during the call and Q&A. For one, Hess averaged 25 MBOE/D during the 1Q2010 and have a goal of 40 MBOE/D during 2011. They are currently operating 18 rigs, most of which is going towards HBP’ing their newly acquired American O&G and TRZ acreage. One other very interesting point which was discussed is the shift away from dual laterals. Hess has been touting the same dual lateral stats for over a year. $10-$11MM/dual lateral, 1 MMBOE / dual lateral EUR. According to Hess, they are moving towards single laterals for HBP purposes. This will go on for about 18 months.
Single lateral stats with an 18-22 stage job are as follows: $7-$7.5MM per, 550 MBO per, 30-Day IP of 700-750 bbl/D.
Below is a map of the last 6 months of Hess Bakken activity, this includes filings from American and TRZ.
The area to the NW I believe are the American Oil and Gas properties. The earnings call season is getting started which means PLENTY of good blog material. So if you are short on time available to listen to all the calls of your operators of interest, check back to this and the other Drillinginfo blogs, we will do all the leg work for you and present pretty Drillinginfo maps and charts to boot. If it is more in depth analysis you desire, shoot an inquiry to [email protected] and ask about DI-ESP Unconventional products.
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