Hess Corp slashes capital and exploratory budget by 40%

Hess Corp slashes capital and exploratory budget by 40%

New York-based oil driller Hess Corporation has slashed its capital and exploratory spending budget by 40% to $2.4bn for 2016.

Hess, a Fortune 100 company that explores for, extracts, transports and refines crude oil and natural gas, is taking the action in anticipation of output decreasing because of the plunging oil price.

The company has a global reach with an exploration presence in Europe, Africa, Asia and the Americas where it is notably active offshore in the Gulf of Mexico.

On Wednesday Hess posted a $1.8bn net loss for the fourth quarter of 2015, a period during which its production grew 7% while revenues dropped 42% to $1.4bn.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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