Hess' Bakken Production Grows by 14% & Well Costs Fall 18%

Hess' Bakken Acreage Map
Hess' Bakken Acreage Map

Hess Corp has grown Bakken production by 14% and driven well costs down 18% over the past year.

The company is producing more than 70,000 boe/d from the region and is on target to meet full-year 2013 guidance of 64,000-70,000 boe/d from the Bakken.

In the third quarter, Hess brought 50 wells to production, while spending $579 million in the play. The company has now completed 122 wells to date in 2013.

The average well was drilled and completed during the quarter at a cost of $7.8 million or 18% less than the same period in 2012.

The Bakken accounts for 19% of Hess' production and 23% of the company's reserves.

Read the full press release at Hess.com