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Title : Hess Will Spend Almost Half Its Entire 2018 CAPEX In North Dakota
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Hess Will Spend Almost Half Its Entire 2018 CAPEX In North Dakota

Previously posted with one additional data point (in bold). Hess will spend almost 50% of its entire 2018 CAPEX in North Dakota:

Hess: from Reuters via Yahoo!Finance, Hess plans $2.1 billion budget for 2018, unchanged from 2017.

• mostly in North Dakota and Guyana, keeping its budget unchanged from 2017 amid a battle over corporate strategy with activist investor Elliott Management Corp.
• Hess Corporation will spend $900 million to drill 120 wells with six drilling rigs and completing 85 wells in 2018 in the Bakken
• executives across the U.S. oil industry have been feeling pressure to focus on profitability and shareholder returns, a departure from their long-established practice of boosting production regardless of the cost
• Hess said it expects it can be "cash generative" after 2020 with oil prices of $50 per barrel. The company has not made a profit since 2014
• Hess has recently been in the news: the recently announced Hess-Targa Resources joint venture

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