Hess 2014 Annual Report Download - page 26

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11 11
Number of net exploratory and development wells drilled during the years ended December 31
Net Exploratory Wells Net Development Wells
2014 2013 2012 2014 2013 2012
Productive wells
United States ........................................................................ 810 3 202 146 184
Europe .................................................................................. —— 341 23
Africa ................................................................................... 223421
Asia and other ...................................................................... —43418 20
10 16 12 214 167 228
Dry holes
United States ........................................................................ 1— 1— — —
Europe .................................................................................. —33
— — —
Asia and other ...................................................................... 312
— — —
446
— — —
Total ................................................................................... 14 20 18 214 167 228
Number of wells in process of drilling at December 31, 2014
Gross Net
Wells Wells
United States ........................................................................................................................ 175 81
Europe* ...................................................................................................................... .......... 5 3
Africa ................................................................................................................................... 1 1
Asia and other ....................................................................................................................... 2 1
Total ................................................................................................................................... 183 86
* Gross and net wells in process of drilling in Norway were 4 and 3, respectively.
Marketing and Refining- Discontinued Operations
All downstream businesses were sold or shutdown as of December 31, 2014, except for the energy trading joint venture,
HETCO, which was sold in February 2015, and HOVENSA, which will be shut down in the first quarter of 2015.
In the third quarter of 2014, the Corporation sold its retail marketing business consisting of approximately 1,350 retail
gasoline stations, most of which had convenience stores. In addition, the Corporation sold in 2014 two joint venture
investments in natural gas fueled electric generating projects in Newark and Bayonne, New Jersey.
In the fourth quarter of 2013, the Corporation sold its energy marketing and terminal network businesses which marketed
refined petroleum products, natural gas and electricity on the East Coast of the U.S. primarily to wholesale distributors,
industrial and commercial users, and public utilities. In the first quarter of 2013, the Corporation permanently shut down
refining operations at its Port Reading, New Jersey facility, thus completing its exit from all refining operations.
Hess Oil Virgin Islands Corp. (HOVIC), a subsidiary of the Corporation, has a 50% interest in HOVENSA, a joint venture
with a subsidiary of PDVSA, which owns a refinery in St. Croix, U.S. Virgin Islands. In January 2012, HOVENSA shut
down its refinery and continued operating solely as an oil storage terminal through the first quarter of 2015. HOVENSA and
the Government of the Virgin Islands agreed to a plan to pursue a sale of HOVENSA and the sales process commenced in the
fourth quarter of 2013. In the fourth quarter of 2014, the Government of the Virgin Islands did not approve a proposed
operating agreement required to complete a proposed sale of HOVENSA. See Item 3. Legal Proceedings.
Competition and Market Conditions
See Item 1A. Risk Factors Related to Our Business and Operations, for a discussion of competition and market conditions.