Wednesday, January 28, 2009

Bakken Shale: Hess ( HES ) January 29, 2009

Hess ( HES ) released earnings 1/28/09 and commented a little bit on the Bakken Shale.

( From Seeking Alpha ) - The Bakken contributed about 13% of the total net reserve adds at the end of the year and that’s both a consequence of performance as well as drilling so we’ve been very pleased with our experience in the Bakken. We’ve obviously shifted downwards in the Bakken in terms of drilling activity at this time because we were really ramped up and growing and going during 2008. So, we actually welcome the opportunity to take a more studied approach to the Bakken.
With respect to profitability and the Bakken is profitable right now and I expect that in this environment as we see as John Rielly mentioned pressures on contractors and suppliers to reduce costs, that we will continue to be profitable even should crude prices continue downwards.

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