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16 Pages

Hess Corporation oil and gas exploration summary

Hess Corporation oil and gas exploration summary

Report summary

Between 2010-2015, Hess successfully transitioning from an exploration-led, conventionally-biased, integrated IOC into a focused pure-play E&P company. It high-graded legacy assets and re-focused its high-impact deepwater exploration, to deliver sustainable, superior returns from five key areas: onshore US (unconventional), deepwater Gulf of Mexico, offshore West Africa, the Norwegian North Sea and the North Malay Basin. This focus resulted in new resources of 4.6 billion boe being discovered over the last decade. Future exploration drilling is central to Hess' medium term strategy, and the company is committed to conventional exploration across a geographically-focused portfolio, with risk reduced through partnering. However the company remains light on exposure internationally, with acreage concentrated in higher risk or unproven exploration provinces, and the drivers to further reload the acreage inventory therefore seem strong.

What's included?

This report includes 2 file(s)

  • Hess Corporation oil and gas exploration summary PDF - 684.69 KB 16 Pages, 6 Tables, 18 Figures
  • Hess Corporation.xls XLS - 602.00 KB


Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.

Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.

Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.

  • Executive summary
  • Strategy
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
  • Production
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Valuation
    • Good resource additions but commerciality is in question
    • Fast-follower strategy in deepwater starts to deliver
    • Guyana
    • Ghana
    • Liquids-rich unconventional expansion gives reserves a boost

In this report there are 24 tables or charts, including:

  • Executive summary
    • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
    • Ten year performance summary
  • Strategy
    • SWOT grid
    • Net active exploration acreage by water depth
    • Net active exploration acreage by country
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Investment and costs: Image 3
    • Discovery costs by water depth
  • Exploration
    • Gross conventional exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Top 40 discoveries (2006 to 2015)
    • Key organic unconventional plays
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production: Image 1
  • Valuation
    • Full-cycle economics
    • Full cycle value creation by year, with uncons
    • Exploration returns by year, with uncons
    • Costs and development value by reserve category
    • Exploration returns by water depth
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