Chevron’s acquisition of Hess could mean oil production competition for Continental Resources

 

Oklahoma City’s Continental Resources could see some increased competition in its oil and gas exploration in the Bakken shale play in North Dakota, thanks to last week’s announced deal by Chevron to buy Hess.

Hess is one o f the largest operators in the Bakken play and the multi-billion dollar deal could mean an increased oil output in North Dakota….maybe.

As Reuters reported, Hess had production of 190,000 barrels of oil equivalent in the third quarter of this year and Chevron’s acquisition gives it that prodution and 465,000 net acres in the region.

Total Bakken region production is around 1.27 million barrels a day, which is nearly 18% less than the peak production back in 2019.

Hess had plans to increase its Bakken production to about 200,000 boepd in 2025 and Chevron is expected to follow through with the effort.

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