Hess Corporation Announces 2007 Capital and Exploratory Budget.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 -- 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 : HES) today announced a $3.6 billion capital and exploratory expenditure budget for 2007. Approximately $3.5 billion is planned for Exploration and Production and $75 million for Marketing and Refining. Excluded from the 2007 program is the company's recently announced $378 million acquisition of a 28 percent interest in the Genghis Khan Genghis Khan: see Jenghiz Khan. Genghis Khan or Chinggis Khan orig. Temüjin (born 1162, near Lake Baikal, Mongolia—died Aug. Field, in the 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 , which is expected to close within the next 30 days. John B. Hess John B. Hess (born on April 5, 1954) is the Chairman and CEO of Hess Corporation. He was born in 1954 to Leon Hess and he graduated Harvard College in 1975; and Harvard University with an MBA in 1977. He married Susan Elizabeth Kessler. , Chairman and Chief Executive Officer, said, "Our 2007 Capital and Exploratory Budget focuses on attractive investment opportunities in support of our strategy to sustain profitable growth for our shareholders. This program reflects capital discipline and our commitment to maintaining a strong financial position." The 2007 program of $3.5 billion targeted for Exploration and Production includes $1.4 billion for field developments, $1.2 billion for production projects, and $900 million for exploration activities. Field developments in 2007 include: * Shenzi - a deepwater Gulf of Mexico oil and gas development (28 percent Hess working interest). In 2007, plans include the drilling of four development wells, continued construction of the Tension Leg Platform Tension leg platforms (TLPs) are wind turbines attached to floating platforms with steel cables tethered from the corners of the floating platform to a concrete-block or other mooring system on the ocean floor. hull, topsides and mooring MOORING, mar. law. The act of arriving of a ship or vessel at a particular port, and there being anchored or otherwise fastened to the shore. 2. Policies of insurance frequently contain a provision that the ship is insured from one place to another, "and till system, and subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". equipment installation. * Ujung Pangkah - a Hess operated oil and gas development in East Java, Indonesia (75 percent working interest). In 2007, the company will drill 10-12 wells and construct onshore and offshore facilities. Gas production from the Pangkah Field is on schedule to commence in the second quarter of 2007 and oil production is expected to begin in the second half of 2008. * Okume - a Hess operated offshore oil development in Equatorial Guinea (85 working interest). In 2007, investments will primarily be focused on completion of offshore production facilities and the drilling of 18 development wells. * 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 2 - a gas development in the Malaysia-Thailand Joint Development Area in the Gulf of Thailand Noun 1. Gulf of Thailand - an arm of the South China Sea between Indochina and the Malay Peninsula Gulf of Siam South China Sea - a tropical arm of the Pacific Ocean near southeastern Asia subject to frequent typhoons (50 percent working interest). In 2007, investments will primarily be geared toward facilities expansion and development drilling associated with the commencement of Phase 2 production in early 2008. Funds are also provided for development of the Residual Oil Zone (ROZ) at the Seminole-San Andres Unit in West Texas and the redevelopment of the Valhall Field in Norway. Production expenditures of $1.2 billion are primarily for improving performance of existing fields located in the United States, the North Sea, Africa and Southeast Asia. Exploration and exploitation expenditures are estimated to be about $900 million in 2007. Approximately $550 million is for drilling, including appraisal wells for the Pony and Tubular Bells discoveries in the deepwater Gulf of Mexico. The balance is for seismic acquisition and other activities. Capital expenditures in 2007 for Marketing and Refining, at approximately $75 million, will fund expansion of the Hess retail network and the addition of convenience stores to existing retail facilities. [TABLE OMITTED] Hess Corporation, with headquarters in New York, is a global, integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. More information on Hess Corporation is available at www@Hess.com. Forward Looking Statements Certain statements in this release constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, uncertainties inherent in the measurement and interpretation of geological, geophysical and other technical data. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion