Amerada Hess Announces Capital and Exploratory Budget for 2006.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Amerada Hess Corporation The Hess Corporation (NYSE: HES) is an integrated oil company based in New York City. The company changed its name from Amerada Hess as of May 8, 2006. The company explores, produces, transports, and refines oil. (NYSE NYSE See: New York Stock Exchange :AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ) announced today a $4 billion capital and exploratory expenditure program for 2006, which includes $413 million for the acquisition of Egyptian assets from Apache Corporation and $366 million for the re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the to the Waha concessions in Libya. "We are pleased to have such excellent investment opportunities to sustain profitable growth for our company," said Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Hess. Excluding acquisitions, $3.1 billion is targeted for Exploration and Production and about $125 million is for Marketing and Refining. "Our exploration and production program in 2006 results largely from planned investments in world-class field developments such as Okume, JDA JDA Japan Defense Agency JDA Joint Development Agreement JDA Janne da Arc (band) JDA Joint Duty Assignment JDA Jerusalem Development Authority JDA Jovian Detention Authority (gaming) Phase II, Pangkah, and Shenzi, and growth opportunities in new country entries, including Egypt, Libya, and Russia. Additionally, higher industry-wide costs for services and materials contribute to the increase in expenditures," said Hess. Exploration and Production John O'Connor John O'Connor can refer to a number of people:
The 2006 program includes $1.4 billion for field developments. Projects which will account for a significant portion of 2006 development expenditures include: --Okume Complex - an oil development offshore Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. --Shenzi - a deepwater Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east oil and gas discovery --JDA Phase II - a gas development in Malaysia-Thailand JDA --Ujung Pangkah - an oil and gas development in East Java East Java (Indonesian: Jawa Timur) is a province of Indonesia. It is located on the eastern part of the island of Java and also includes neighboring Madura and Bawean islands. , Indonesia --Gassi El Agreb - an oil field redevelopment project in Algeria Funds are also included for two new field start-ups: Atlantic / Cromarty in the UK sector of the North Sea in the first quarter of 2006, and Phu Horm, onshore Thailand, in the fourth quarter of 2006. Exploration and exploitation expenditures are budgeted to be about $570 million. "More than half of the exploratory program will be focused on the deepwater Gulf of Mexico and will include drilling the Pony, Ouachita, Barossa, and Turtle Lake wildcat wells, and a Tubular Bells appraisal well," said O'Connor, "with the remainder of the program focused on the best basins in other selected prospective areas." Marketing and Refining About $125 million is targeted for marketing and refining and in 2006. This includes approximately $75 million for Marketing and $50 million for Refining, of which about $45 million is for clean fuels projects at the Port Reading facility.
2006 Estimated Capital and Exploratory Expenditures
($ Millions)
By Segment : By Region :
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Exploration and Production
Acquisitions $780 United States $760
Developments 1,370 Europe 620
Production 1,130 Africa, Asia, and Other 2,470
Exploration 570
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Total Exploration and
Production 3,850 $3,850
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Marketing and Refining 125
Corporate 25
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Total $4,000
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About Amerada Hess Corporation Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. |
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