New York-based independent oil and gas producer Hess Corporation on Wednesday announced it will cut back its 2017 capital expenditure budget in the wake of oil’s price slump this year, according to Reuters.
Hess, a Fortune 500 company, is reducing its capex by 4% to a new total of $2.15bn.
In doing so, Hess follows in the footsteps of Texas firm Anadarko Petroleum which announced a $300m cut to its capex two days previously.
Operations in the Gulf of Mexico are a significant part of the activities of both Hess and Anadarko.
