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Hess CEO John Hess. Image courtesy of Foreign Policy Association/Youtube.

Hess boosted its production forecasts for its Bakken and Utica shale assets Monday by more than 10 percent as the company adds new wells at the plays.

The company said that its successful downspacing pilot program at Bakken this year has paved the way for a spike in output after it added 1,000 wells in the play.

Net peak production at Bakken is now projected to reach 175,000 barrels of oil equivalent per day by 2020, up by 17 percent over previous forecasts.

Estimated net ultimate recovery from the company’s Bakken assets increased to over 1.4 billion barrels of oil equivalent.

Hess currently has stakes in over 4,000 Bakken wells.

Projected output at the company’s holdings in the Utica shale play was boosted to 40,000 barrels of oil equivalent per day by 2020.

The company has stakes in 500 well locations in Utica with estimated net ultimate recovery now placed at 300 million barrels of oil equivalent.

Production growth is expected to rise between 6 percent to 10 percent across the company’s portfolio during the next five years assuming Brent crude prices between $90 and $100.

Hess also expects “significant production growth and free cash generation” from its offshore assets, particularly in the deepwater Gulf of Mexico with the Stampede field and Tubular Bells.

Stampede, a co-venture with Chevron, is expected to produce first oil in 2018.

Production is currently underway at Tubular Bells.

New York-based Hess had a stronger than expected third quarter with production at Bakken jumping 21 percent and revenue growing by 3.2 percent to $2.8 billion thanks to high production and asset sales.

“Our company is uniquely positioned with our resilient portfolio of high quality assets and strong balance sheet to provide low risk production growth and generate free cash flow under various price scenarios,” CEO John Hess said.