The Hess Corporation plans to cut $100 million from its 2017 budget, despite increased Bakken production.
Hess announced its second quarter results last week that included and a net loss was $449 million. Total production dipped and exectutives
For the full year 2017, we forecast Bakken production to average approximately 105,000 barrels of oil equivalent per day at the high end of our previous guidance of 95,000 barrels to 105,000 barrels of oil equivalent per day due to strong performance by our Bakken team and results of our new completions.
Second Quarter Highlights
- Net production in the Bakken averaged 108,000 boepd, compared to 106,000 boepd for 2016 Q2
- Overall net production was 294,000 boepd compared to 313,000 boepd for 2016 Q2
- Announced plan to sell company interests oil recovery assets in the Permian Basin
E&P capital and exploratory expenditures are projected to be $2.15 billion, down from original guidance of $2.25 billion