2023-11-17 15:58:00
BISMARCK, N.D. (KUMV) – A new player will be entering the Bakken next year as Chevron says they intend to purchase the Hess Corporation.
The $53 billion purchase gives them more than 465,000 net acres of high-quality, long-duration inventory across the Bakken, supported by the integrated assets of Hess Midstream, according to a press release.
North Dakota Department of Mineral Resources Director Lynn Helms said it’s too early to tell how the purchase will impact state oil production, but they usually bring stable results.
“When you see these very large supermajors acquire North Dakota companies, it results in a very stable long-term plan and that would be our anticipation at this point,” said Helms.
Helms mentioned Chevron plays a big role with enhanced oil recovery, which is necessary to extend the lifespan of the Bakken for several decades.
Helms said he plans on speaking with Chevron executives and other industry leaders during a trip to Houston in February.
Hess is the third-largest producer in the Bakken, behind Continental Resources and Chord Energy.
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