Hess cuts 2014 capital budget but raises planned spending for shale


Hess (HES) says it plans $5.8B in E&P spending this year, 15% less than in 2013 as it focuses more on greater efficiency in its U.S. shale fields.

HES expects to spend $2.85B on shale development, up from $2.7B last year; it plans to bring 225 new Bakken wells online this year, up from 168 in 2013, and spend 21% more to develop wells in Ohio's Utica shale fields.

Hess plans to spend roughly $1.475B on production of offshore wells, 20% less than last year, and $925M on development and $550M on exploration.

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  • dutchduke
    , contributor
    Comments (58) | Send Message
     
    Chopped it by $1B to $5.8B vs 2013 budget, Europe down ~$475 MM, Asia down ~$500 MM per divestitures. Duke Research at $5.65B, essentially in-line.

     

    HES had guided close to $1B knockoff during previous earnings calls so not unexpected but still consider it a slight positive.
    23 Jan 2014, 06:15 PM Reply Like
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