Hess to Cut Capital Spending 40% on Low Oil, Gas Prices
- Exploration and production spending reduced to $2.4 billion
- Continental to cut 2016 spending by 66%, Noble by half
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Hess Corp. will cut spending by 40 percent this year, leading almost $5 billion in reductions announced Tuesday amid a prolonged slump in oil prices.
The updated guidance from Hess cuts spending to $2.4 billion from a year ago and compares with an October spending forecast of between $2.9 billion and $3.1 billion this year, according to a statement Tuesday. Since then, oil in New York has fallen by about 29 percent.