Hess cuts Bakken activity until oil nears $60/b

摘要

Houston-Upstream operator Hess has reduced its operations in the Bakken Shale in the first quarter and plans to further pare down activity in the giant oil play until WTI approaches $60/b, the company’s executives said Wednesday. The company ran four rigs during Q1 in the Bakken, which spans North Dakota and Montana, down from 12 in Q1 2015. It is now running three rigs there and will shave off a rig in Q3, leaving two for the rest of the year, CEO John Hess said during a quarterly earnings call.