Hess cuts 2014 capital budget but raises planned spending for shale

|About: Hess Corporation (HES)|By:, SA News Editor

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.