Hess

Ascent Resources LLC announced on Friday that it would acquire 113,400 net Utica Shale acres for $1.5 billion in a package of deals with multiple sellers, ballooning the company’s position in the play to more than 300,000 net acres and becoming one of the country’s largest private exploration and production (E&P) companies in the process.

Hess Corp. reported increased production in the Bakken Shale, saying this week that it plans to deploy a fifth rig there in the third quarter, followed by a sixth rig in 4Q2018. The company also plans to complete a comprehensive study in the play this year to determine the best drilling methods moving forward.

Despite posting its 13th consecutive quarterly loss, Hess Corp. executives indicated Monday the producer would not cut or eliminate the dividend to buy back shares, a position advocated by an activist investor group that has a long-running acrimonious relationship with management.

Houston-based Hess Midstream Partners LP and Targa Resources Corp. are teaming up to construct Little Missouri Four (LM4), a 200 MMcf/d natural gas processing plant in North Dakota.

Houston-based Occidental Petroleum Corp. (Oxy) went on a shopping and selling spree Monday in its favorite oil and natural gas mall, the Permian Basin, reducing its net acreage but adding to its growing enhanced oil recovery (EOR) properties.

Hitting nearly 100,000 b/d of production, or about one-third of its global total, Hess Corp.’s Bakken Shale oil production in North Dakota is poised for more rigs and substantial growth to kick in late this year, said CEO John Hess, who outlined 1Q2017 results during a conference call Wednesday.

Hess Corp. announced the initial public offering (IPO) Monday for units of Hess Midstream Partners LP, a master limited partnership (MLP) focused on midstream operations in North Dakota’s Williston Basin.

New York-based Hess Corp. detailed its 2017 capital expenditure (capex) budget Thursday, including plans to ramp up activity in the Bakken Shale.

Management for Hess Corp. on Wednesday hinted that the company could be adding rigs in the Bakken Shale next year based on lower drilling and completion costs and recent improvements in oil prices.