?
net derivative losses of $13 million.
REVIEW BY SEGMENT General We serve clients through the following segments: ?
Risk Solutions acts as an advisor and insurance and reinsurance broker, helping clients manage their risks, via consultation, as well as negotiation and placement of insurance risk with insurance carriers through our global distribution network.  ?
HR Solutions partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance by designing, implementing, communicating and administering a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies.
## Table 0 ##
The demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases, affecting both the commissions and fees generated by our brokerage business.
The economic activity that impacts property and casualty insurance is described as exposure units, and is closely correlated with employment levels, corporate revenue and asset values.
During 2011 we began to see some improvement in pricing; however, we would still consider this to be a ‘‘soft market,’’ which began in 2007.
In a soft market, premium rates flatten or decrease, along with commission revenues, due to increased competition for market share among insurance carriers or increased underwriting capacity.
Changes in premiums have a direct and potentially material impact on the insurance brokerage industry, as commission revenues are generally based on a percentage of the premiums paid by insureds.
In 2011, pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012.
Additionally, beginning in late 2008 and continuing through 2011, we faced difficult conditions as a result of unprecedented disruptions in the global economy, the repricing of credit risk and the deterioration of the financial markets.
Weak global economic conditions have reduced our customers’ demand for our brokerage products, which have had a negative impact on our operational results.
Risk Solutions generated approximately 60% of our consolidated total revenues in 2011.
Revenues are generated primarily through fees paid by clients, commissions and fees paid by insurance and reinsurance companies, and investment income on funds held on behalf of clients.
Our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients’ policy renewals, the net effect of new and lost business, the timing of services provided to our clients, and the income we earn on investments, which is heavily influenced by short-term interest rates.
We operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms, as well as with individual brokers, agents, and direct writers of insurance coverage.
Specifically, we address the highly specialized product development and risk management needs of commercial enterprises, professional groups, insurance companies, governments, health care providers, and non-profit groups, among others; provide affinity products for professional liability, life, disability
Items 1 and 2.  Business and Properties Hess Corporation, incorporated in the State of Delaware in 1920, is a global Exploration and Production (E&P) company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas with production operations located primarily in the United States (U. S. ), Denmark, the Malaysia/Thailand Joint Development Area (JDA) and Malaysia.
The Corporation conducts exploration activities primarily offshore Guyana, Suriname, Canada and in the Gulf of Mexico, including at the Stabroek Block, offshore Guyana, where we have participated in six significant crude oil discoveries and sanctioned the first phase of a multi-phase development project at the Liza Field.
During 2017, we sold our interests in Equatorial Guinea, Norway and our enhanced oil recovery assets in the Permian Basin, onshore U. S.  The 2017 asset sales of higher cost, mature assets will provide funds toward our future development projects in the Stabroek Block, offshore Guyana.
In the fourth quarter of 2017, we announced that we would commence a process to sell our interests in Denmark in 2018.
The Corporation’s Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating natural gas liquids (NGLs); gathering, terminaling, loading and transporting crude oil and NGLs; and storing and terminaling propane, primarily in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota.
On January 1, 2017, the Corporation’s interests in a Permian Basin gas plant in West Texas and related CO2 assets, and water handling assets in North Dakota were transferred from the E&P segment to the Midstream segment as a result of organizational changes to the management of those assets.
In the third quarter of 2017, we completed the sale of our Midstream assets in the Permian Basin.
See Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details.
Exploration and Production Proved Reserves Proved reserves are calculated using the average price during the twelve-month period ending December 31 determined as an unweighted arithmetic average of the price on the first day of each month within the year, unless prices are defined by contractual agreements, and exclude escalations based on future conditions.
Crude oil prices used in the determination of proved reserves at December 31, 2017 were $51.19 per barrel for WTI (2016: $42.68) and $54.87 per barrel for Brent (2016: $44.45).
Our total proved developed and undeveloped reserves at December 31 were as follows:
## Table 1 ##
(a) At December 31, 2016, proved reserves in Norway, which were sold in 2017, included crude oil and condensate of 165 million barrels (developed - 75 million barrels; undeveloped - 90 million barrels), natural gas liquids of 8 million barrels (developed - 3 million barrels; undeveloped-5million barrels), and natural gas of 160 million mcf (developed - 72 million mcf; undeveloped – 88 million mcf).
(b) Asia and other includes proved undeveloped reserves in Guyana of 45 million boe at December 31, 2017 (2016: 0 million boe).
Financing Activities: In 2017, Hess Midstream Partners LP received proceeds of $365.5 million from the issuance of common units in an initial public offering, of which $350 million was distributed 50/50 to Hess Corporation and GIP.
Borrowings for debt with maturities in excess of 90 days were $800 million in 2017 (2016: $1,496 million; 2015: $600 million), while associated repayments of debt were $459 million (2016: $1,455 million; 2015: $67 million).
Common and preferred stock dividends paid were $363 million in 2017 (2016: $350 million; 2015: $287 million) and we settled the repurchase of $110 million of common stock in 2017 (2016: $-; 2015: $142 million).
Net outflows to noncontrolling interests were $243 million in 2017 (2016: $23 million net outflow; 2015: $2,296 million net inflow).
In 2016, we issued 28,750,000 shares of common stock and depositary shares representing 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock for total net proceeds of $1.64 billion.
Future Capital Requirements and Resources At December 31, 2017, Hess Corporation, had $4.5 billion in cash and cash equivalents, excluding Midstream, and total liquidity, including available committed credit facilities, of approximately $8.9 billion.
The Corporation has no significant near-term debt maturities.
Net production in 2018 is forecast to be in the range of 245,000 boepd to 255,000 boepd, excluding Libya, and we expect our 2018 E&P capital and exploratory expenditures will be approximately $2.1 billion.
Based on current forward strip crude oil prices, we forecast a net operating cash flow deficit (including capital expenditures) in 2018.
The Corporation expects to fund its 2018 net operating cash flow deficit (including capital expenditures), reduce debt by $500 million and repurchase $380 million of common stock with existing cash and cash equivalents.
On February 15, 2018, Hess Corporation redeemed $350 million principal amount of 8.125% notes due 2019 for $370 million.
The table below summarizes the capacity, usage, and available capacity of our borrowing and letter of credit facilities at December 31, 2017:
## Table 2 ##
(a) In January 2020, the capacity reduces to $3.7 billion.
(b) This credit facility may only be utilized by HIP and is non-recourse to Hess Corporation.
(c) This credit facility may only be utilized by HESM and is non-recourse to Hess Corporation.
(d) Committed and uncommitted lines have expiration dates through 2018.
On December 1, 2017, the Corporation amended its $4.0 billion syndicated revolving credit facility that expires in January 2020, by extending the facility for one year to January 2021, with a $3.7 billion commitment during the extension period.
Borrowings on the facility will generally bear interest at 1.30% above the London Interbank Offered Rate (LIBOR).
The interest rate will be higher if our credit rating is lowered.
The facility contains a financial covenant that limits the amount of the total borrowings on the last day of each fiscal quarter to 60% of the Corporation’s total capitalization, defined as total debt plus stockholders’ equity.
As of December 31, 2017, Hess Corporation had no outstanding borrowings under this facility and was in compliance with this financial covenant.
We had $246 million in letters of credit outstanding at December 31, 2017 (2016: $188 million), which primarily relate to our international operations.
See also Note 23, Financial Risk Management Activities in the Notes to Consolidated Financial Statements.
We also have a shelf registration under which we may issue additional debt securities, warrants, common stock or preferred stock.
In November 2017, HIP amended its senior unsecured syndicated credit facilities.
At December 31, 2017, HIP has $800 million of senior secured syndicated credit facilities, consisting of a $600 million 5-year revolving credit facility and a drawn $200 million 5-year Term Loan A facility.
The revolving credit facility can be used for borrowings and letters of credit to
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 75 major oil companies damaged the groundwater in Maryland by introducing thereto gasoline with MTBE.
The suit filed in Maryland was filed in state court, but has not been served to date.
In September 2003, we received a directive from the New Jersey Department of Environmental Protection (NJDEP) to remediate contamination in the sediments of the Lower Passaic River.
The NJDEP is also seeking natural resource damages.
The directive, insofar as it affects us, relates to alleged releases from a petroleum bulk storage terminal in Newark, New Jersey we previously owned.
We and over 70 companies entered into an Administrative Order on Consent with the Environmental Protection Agency (EPA) to study the same contamination; this work remains ongoing.
We and other parties settled a cost recovery claim by the State of New Jersey and also agreed with EPA to fund remediation of a portion of the site.
On March 4, 2016, the EPA issued a Record of Decision (ROD) in respect of the lower eight miles of the Lower Passaic River, selecting a remedy that includes bank-to-bank dredging at an estimated cost of $1.38 billion.
The ROD does not address the upper nine miles of the Lower Passaic River or the Newark Bay, which may require additional remedial action.
In addition, the federal trustees for natural resources have begun a separate assessment of damages to natural resources in the Passaic River.
Given that the EPA has not selected a remedy for the entirety of the Lower Passaic River or the Newark Bay, total remedial costs cannot be reliably estimated at this time.
Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us because there are numerous other parties who we expect will share in the cost of remediation and damages and our former terminal did not store or use contaminants which are of the greatest concern in the river sediments and could not have contributed contamination along most of the river’s length.
In March 2014, we received an Administrative Order from EPA requiring us and 26 other parties to undertake the Remedial Design for the remedy selected by the EPA for the Gowanus Canal Superfund Site in Brooklyn, New York.
The remedy includes dredging of surface sediments and the placement of a cap over the deeper sediments throughout the Canal and in-situ stabilization of certain contaminated sediments that will remain in place below the cap.
EPA has estimated that this remedy will cost $506 million; however, the ultimate costs that will be incurred in connection with the design and implementation of the remedy remain uncertain.
Our alleged liability derives from our former ownership and operation of a fuel oil terminal and connected ship-building and repair facility adjacent to the Canal.
We indicated to EPA that we would comply with the Administrative Order and are currently contributing funding for the Remedial Design based on an interim allocation of costs among the parties.
At the same time, we are participating in an allocation process whereby a neutral expert selected by the parties will determine the final shares of the Remedial Design costs to be paid by each of the participants.
On September 28, 2017, we received a general notice letter and offer to settle from the U. S.  Environmental Protection Agency relating to Superfund claims for the Ector Drum, Inc.  Superfund Site in Odessa, TX.
The EPA and Texas Commission on Environmental Quality (TCEQ) took clean-up and response action at the site commencing in 2014 and concluded in December 2015.
The site was determined to have improperly stored industrial waste, including drums with oily liquids.
The total clean-up cost incurred by the EPA was approximately $3.5 million.
We were invited to negotiate a voluntary settlement for our purported share of the clean-up costs.
Our share, if any, is undetermined.
From time to time, we are involved in other judicial and administrative proceedings, including proceedings relating to other environmental matters.
We cannot predict with certainty if, how or when such proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages.
Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably estimated for any proceeding.
Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of the aforementioned proceedings are not expected to have a material adverse effect on our financial condition, results of operations or cash flows.
Unconditional Purchase Obligations and Commitments The following table shows aggregate information for certain unconditional purchase obligations and commitments at December 31, 2017, which are not included elsewhere within these Consolidated Financial Statements:

<table><tr><td>Years ended December 31,</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Revenue</td><td>$6,817</td><td>$6,423</td><td>$6,305</td></tr><tr><td>Operating income</td><td>1,314</td><td>1,194</td><td>900</td></tr><tr><td>Operating margin</td><td>19.3%</td><td>18.6%</td><td>14.3%</td></tr></table>
<table><tr><td></td><td colspan="2">Crude Oil & Condensate</td><td colspan="2">Natural Gas Liquids</td><td colspan="2">Natural Gas</td><td colspan="2">Total Barrels of Oil Equivalent (BOE)</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2017</td><td>2016</td><td>2017</td><td>2016</td><td>2017</td><td>2016</td></tr><tr><td></td><td colspan="2">(Millions of bbls)</td><td colspan="2">(Millions of bbls)</td><td colspan="2">(Millions of mcf)</td><td colspan="2">(Millions of bbls)</td></tr><tr><td>Developed</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td>239</td><td>245</td><td>87</td><td>59</td><td>526</td><td>404</td><td>414</td><td>371</td></tr><tr><td>Europe (a)</td><td>45</td><td>116</td><td>—</td><td>3</td><td>80</td><td>125</td><td>58</td><td>140</td></tr><tr><td>Africa</td><td>112</td><td>138</td><td>—</td><td>—</td><td>117</td><td>132</td><td>132</td><td>160</td></tr><tr><td>Asia and other</td><td>5</td><td>5</td><td>—</td><td>—</td><td>696</td><td>739</td><td>121</td><td>128</td></tr><tr><td></td><td>401</td><td>504</td><td>87</td><td>62</td><td>1,419</td><td>1,400</td><td>725</td><td>799</td></tr><tr><td>Undeveloped</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td>194</td><td>110</td><td>84</td><td>27</td><td>354</td><td>186</td><td>337</td><td>168</td></tr><tr><td>Europe (a)</td><td>4</td><td>94</td><td>—</td><td>5</td><td>12</td><td>95</td><td>6</td><td>115</td></tr><tr><td>Africa</td><td>16</td><td>24</td><td>—</td><td>—</td><td>7</td><td>11</td><td>17</td><td>26</td></tr><tr><td>Asia and other (b)</td><td>44</td><td>—</td><td>—</td><td>—</td><td>149</td><td>5</td><td>69</td><td>1</td></tr><tr><td></td><td>258</td><td>228</td><td>84</td><td>32</td><td>522</td><td>297</td><td>429</td><td>310</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td>433</td><td>355</td><td>171</td><td>86</td><td>880</td><td>590</td><td>751</td><td>539</td></tr><tr><td>Europe (a)</td><td>49</td><td>210</td><td>—</td><td>8</td><td>92</td><td>220</td><td>64</td><td>255</td></tr><tr><td>Africa</td><td>128</td><td>162</td><td>—</td><td>—</td><td>124</td><td>143</td><td>149</td><td>186</td></tr><tr><td>Asia and other (b)</td><td>49</td><td>5</td><td>—</td><td>—</td><td>845</td><td>744</td><td>190</td><td>129</td></tr><tr><td></td><td>659</td><td>732</td><td>171</td><td>94</td><td>1,941</td><td>1,697</td><td>1,154</td><td>1,109</td></tr></table>
<table><tr><td></td><td>Expiration Date</td><td>Capacity</td><td>Borrowings</td><td>Letters of Credit Issued</td><td>Total Used</td><td>Available Capacity</td></tr><tr><td></td><td></td><td colspan="5">(In millions)</td></tr><tr><td>Revolving credit facility - Hess Corporation (a)</td><td>January2021</td><td>$4,000</td><td>$—</td><td>$—</td><td>$—</td><td>$4,000</td></tr><tr><td>Revolving credit facility - HIP (b)</td><td>November 2022</td><td>600</td><td>—</td><td>—</td><td>—</td><td>600</td></tr><tr><td>Revolving credit facility - Hess Midstream Partners LP (HESM) (c)</td><td>March 2021</td><td>300</td><td>—</td><td>—</td><td>—</td><td>300</td></tr><tr><td>Committed lines</td><td>Various (d)</td><td>445</td><td>—</td><td>29</td><td>29</td><td>416</td></tr><tr><td>Uncommitted lines</td><td>Various (d)</td><td>217</td><td>—</td><td>217</td><td>217</td><td>—</td></tr><tr><td>Total</td><td></td><td>$5,562</td><td>$—</td><td>$246</td><td>$246</td><td>$5,316</td></tr></table>

Question: What will Developed in Total Barrels of Oil Equivalent (BOE) be like in 2018 if it develops with the same increasing rate as current? (in million)