Hess expects drilling ban to have a "minimal" effect on output

07/28/2010 | Wall Street Journal, The · Reuters

The U.S. government's current ban on deepwater drilling would have a "relatively minimal" effect on Hess' 2010 production figures, said CEO John Hess. The moratorium delayed the drilling of a Gulf of Mexico well in which Hess owns shares and prompted the company to recall its sole operating rig in the area. Also, Hess has agreed to purchase American Oil & Gas for about $445 million in a deal that will increase its holdings in North Dakota's Bakken Shale.

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Wall Street Journal, The · Reuters

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