Hess Corp (HES.N) said on Thursday it spent $750 million to purchase acreage in the Utica Shale in Ohio, a day after the company announced a joint venture in that basin with CONSOL Energy (CNX.N). Hess, based in New York, now has 185,000 acres in the Utica, a massive field that is thought to hold vast quantities of more valuable natural gas that has a high liquids content. "It's a major emerging U.S. unconventional play," John Hess, chief executive of Hess, told investors at the Barclays CEO Energy-Power conference in New York. The Utica shale has the potential to deliver the same kind of production and reserve growth comparable to the company's acreage in the Bakken Shale in North Dakota, Hess said.
Hess Corporation (Hess) is a global integrated energy company that operates in two segments: Exploration and Production (E&P), and Marketing and Refining (M&R). Shares of HES traded higher by 3.44% or $2.04/share to $61.30. In the past year, the shares have traded as low as $52.63 and as high as $87.40. On average, 4643740 shares of HES exchange hands on a given day and today's volume is recorded at 1760597.
CONSOL Energy Inc. (CONSOL Energy) is a multi-fuel energy producer and energy services provider primarily serving the electric power generation industry in the United States. Shares of CNX fell by 1.4% or $-0.64/share to $44.92. In the past year, the shares have traded as low as $33.64 and as high as $56.32. On average, 4128570 shares of CNX exchange hands on a given day and today's volume is recorded at 921197.
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