This boggles my mind! Some people will step over a dollar to pick up a dime. Meanwhile, back in my 'lake in the woods' cabin in minn, was quoted today 5.10 a gal---plus delivery==for propane.
* Hess sells 74,000 acres in a "dry gas" window area for some $12,500 per acre in what it says are poor economics for this type of play. A very big difference of opinion on the belief in dry gas prices given the magnitude of this deal.
NEW YORK, Jan. 29 (UPI) -- Hess Corp.'s chief executive said Wednesday his company decided to unload acreage in the Utica shale play in the United States because it wasn't profitable.
Hess Corp. said it sold 74,000 acres in the Utica shale reserve area to an undisclosed party for $924 million. The shale area is spread out over much of the Appalachian Basin.
Chief Executive Officer John Hess said the sale is part of an ongoing effort to reshape the company's portfolio. He said his company was "no longer justified [in] retaining this acreage" because of poor economics.
Hess Corp. last week said it would spend $2.85 billion, about half of its 2014 exploration and production budget, on exploiting shale reserves, primarily in North Dakota.
Shale reserves in North Dakota are stimulating the overall production of oil and natural gas in the United States.
Hess Corp. last year said it was working to transform into an exploration and production company after it left the refining business by closing a facility in New Jersey.
Read more: http://www.upi.com/Business_News/Energy-Resources/2014/01/29/Hess-sells-74000-acres-of-Utica-shale/UPI-75331391020628/#ixzz2rpDcWDAR
...and....
HOUSTON, Jan. 29
01/29/2014
By OGJ editors
Hess Corp. has agreed to sell 74,000 acres of its dry gas acreage in the Utica shale to an undisclosed buyer for $924 million.
“While our wells in the dry gas portion of the Utica were highly productive, we concluded that the potential returns from such an investment, at current and projected natural gas prices, no longer justified retaining this acreage as a strategic part of our overall liquids-based asset portfolio,” said John B. Hess, chief executive officer.
Hess this month stated plans to increase expenditures in the Utica to $550 million from $455 million in 2013, targeting the wet gas window with 35 new wells (OGJ Online, Jan. 24, 2014).
The company in 2011 acquired Marquette Exploration LLC, which held 85,000 net acres in the Utica, for $750 million
* Hess sells 74,000 acres in a "dry gas" window area for some $12,500 per acre in what it says are poor economics for this type of play. A very big difference of opinion on the belief in dry gas prices given the magnitude of this deal.
NEW YORK, Jan. 29 (UPI) -- Hess Corp.'s chief executive said Wednesday his company decided to unload acreage in the Utica shale play in the United States because it wasn't profitable.
Hess Corp. said it sold 74,000 acres in the Utica shale reserve area to an undisclosed party for $924 million. The shale area is spread out over much of the Appalachian Basin.
Chief Executive Officer John Hess said the sale is part of an ongoing effort to reshape the company's portfolio. He said his company was "no longer justified [in] retaining this acreage" because of poor economics.
Hess Corp. last week said it would spend $2.85 billion, about half of its 2014 exploration and production budget, on exploiting shale reserves, primarily in North Dakota.
Shale reserves in North Dakota are stimulating the overall production of oil and natural gas in the United States.
Hess Corp. last year said it was working to transform into an exploration and production company after it left the refining business by closing a facility in New Jersey.
Read more: http://www.upi.com/Business_News/Energy-Resources/2014/01/29/Hess-sells-74000-acres-of-Utica-shale/UPI-75331391020628/#ixzz2rpDcWDAR
...and....
HOUSTON, Jan. 29
01/29/2014
By OGJ editors
Hess Corp. has agreed to sell 74,000 acres of its dry gas acreage in the Utica shale to an undisclosed buyer for $924 million.
“While our wells in the dry gas portion of the Utica were highly productive, we concluded that the potential returns from such an investment, at current and projected natural gas prices, no longer justified retaining this acreage as a strategic part of our overall liquids-based asset portfolio,” said John B. Hess, chief executive officer.
Hess this month stated plans to increase expenditures in the Utica to $550 million from $455 million in 2013, targeting the wet gas window with 35 new wells (OGJ Online, Jan. 24, 2014).
The company in 2011 acquired Marquette Exploration LLC, which held 85,000 net acres in the Utica, for $750 million