Hess Corporation said it reduced its 2015 capital and exploratory budget for 16 percent to $4.7 billion, compared to the company’s 2014 actual spend of $5.6 billion.
Of this, $2.1 billion (45 percent) is budgeted for unconventional shale resources, $1.2 billion (26 percent) for production, $1.0 billion (21 percent) for developments and $0.4 billion (8 percent) for exploration, the company said in a statement.
The company’s CEO John Hess said: “Hess is well positioned to manage through the current price environment, with a strong balance sheet and resilient portfolio. Our 2015 budget reflects a disciplined approach to maintaining our financial strength and flexibility while preserving our long-term growth options.”
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