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Hess Corporation oil and gas exploration summary



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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.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Investment and costs: Image 3
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • 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


  • Ten year performance summary
  • Top 40 discoveries (2006 to 2015)
  • Key organic unconventional plays
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector

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