Hess to Cut Capital Spending 40 Percent on Low Oil Prices

Hess Corp. said it will cut capital spending on exploration and production this year 40 percent from 2015 to $2.4 billion on low oil prices.

The New York-based oil and natural gas producer previously said it would spend between $2.9 billion and $3.1 billion in 2016, according to a statement Tuesday. The company affirmed its production forecast of between 330,000 barrels of oil equivalent a day and 350,000 barrels for 2016.

Link to Statement:Link

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