this, it has a strong balance sheet, low Income Statement Data (Dec) (US$ Millions) 2015A 2016A 2017E 2018E 2019E risk production visibility in the Bakken and a stable ones 986 4192 4379 5704 6 359 international base. As such, we view HES' valuation % Change -98 1% 1,363.2% AT% 30 3% 41.5% as attractiv

H17 and critically, an inflection in free cash flow that we expect will return Hess to free cash flow with the flexibility to re-up investment in the Bakken. We thus would view Hess as a dangerous ‘short’ for investors seeking to hedge other portfolio risks. Inflection point on multiple levels right arou

ger possible to the same extent. We can observe the resulting slowdown in productivity gains beginning around August in the Permian, October in the Bakken, and in forecast figures for the Eagle Ford in December. A second and more neutral assumption is that the level drilling activity EFTA01476143 r

f 440 kb/d will be extended over the coming months. A key assumption is that rig productivity growth will remain subdued in the major basins of the Bakken, Permian and Eagle Ford as the rate of contraction in drilling activity also slows. This is explained by the notion that a sharper rise in product

ecade. The same is true for "tight oil" coming from unconventional sources. We are seeing this begin to play out in North American fields such as the Bakken in North Dakota. As technology and investment are dispersed over the coming year, oil supply should positively surprise. Third, Saudi supply increase

ourt could force BNSF Railway Company not to use tracks on Swinomish Indian Tribal Community reservation land to carry crude oil from North Dakota's Bakken formation, saying the transport violated a long-standing agreement reached under the 1948 Indian Right of Way Act (IRWA) that limits the number of

m reservoirs that have been drilled through by the older straight hole technique, or have been poorly evaluated and thus not exploited, such as the Bakken, Three Forks and Sanish Formations in North Dakota and Montana, as well as the A, B and C Niobrara and Codell Formations in Northeast Colorado and

is achieving this by halving its rig program from 6 to 3 - two of the rigs will now be focused on its best asset, the Fort Berthold acreage of its Bakken play. The East Texas Eagle Ford play, where the company had previously planned a ramp-up, will now be allocated a solitary rig. The revised product

ttractive. Specifically, QEP lacks high quality assets with significant scale (i.e. lower inventory life) comparable to peers like RRC and NFX; its Bakken acreage is only 109K net acres of which the top quality South Antelope acreage is just 27K net acres. The issue was only partially addressed by its

atalysts: News flow starts with an expected capex budget unchanged from 2016 at ~$2bn, the company has stated it expects a return to drilling in the Bakken with a stated ramp up to 6 rigs from 2 currently returning the play to growth in 2017.. The first Guyana development (Liza) expected to achieve FID b

he period and still would have a modestly negative FCF in Pe 19E. Among the non-Permian names, we are more constructive on Oasis versus its larger Bakken player, WLL - both HOLD rated. OAS has meaningfully lower FCF B/E oil price (-$43) vs. closer to $50 for WLL, and just acquired a Permian asset wit

s. Look for thoughts around potential for further incremental improvements from here, as well as the impact of high density completions in both the Bakken and Permian. • Decision Points for Growth: The key question around a pick-up in activity remains at what combination of price and service cost def

to falling oil prices as well, especially if the initial decline is followed by a long slump. Whether a pipeline operator with operations near the Bakken shale rigs, say, will get into trouble partly depends on how soon oil prices and with it shale production - will recover. In assessing such risks,

CIO View Special Glossary Here we explain central terms of the CIO View Special. Bakken is one of the most active oil fields in the United States. The Barclays US High Yield Oil Field Services index tracks the performance of U.S. dolla

Platts has the following break-=ven prices for the major oil "finds" here in the US, The Permian Midland &=bsp; $33.17/barrel &nb=p; &=bsp; The Bakken =nbsp; &nbs=; &n=sp; 35.11 = The STACK &nbs=; &n=sp; =nbsp; 35.31 &nb=p; The Eagle Ford&nb=p; &=bsp; 36.=0 &n=sp; The SCOOP &=bsp; = 4

ade. The same is true for "tight oil" coming from unconventional sources. We are seeing this begin to play out in North American fields such as the Bakken in North Dakota. As technology and investment are dispersed over the coming year, oil supply should positively surprise. Third, Saudi supply incre

decline statistics by region, lead to the below sensitivities in supply growth. These figures deal with onshore tight oil regions only (Anadarko, Bakken, Permian, Appalachian, Eagle Ford, Haynesville and Niobrara), excluding some conventional and all offshore production. Caveats are that the profile

ally recoverable resource” case). Any production increase from current levels is expected to come from “tight oil”, extracted from formations such as Bakken and Eagle Ford, and the Permian Basin. While conventional crude production volumes in the Gulf may rise, these are expected by the EJA to offset decl