Hess announced a 2011 capital and exploratory budget of $5.6 billion, nearly all of which is targeted for Exploration and Production: $3.1 billion for production, $1.6 billion for developments and $900 million for exploration.
John B. Hess, Chairman and CEO, stated, "We are pleased to have a global portfolio of attractive investment opportunities. We expect to fund our 2011 program from internally generated cash flow."
Greg Hill, President of Worldwide Exploration and Production, said, "More than 35 percent of our capital and exploratory expenditures in 2011 are devoted to unconventional oil projects. We have a balanced program that will underpin our long term target of growing reserves and production by at least 3 percent per year."
Production expenditures of approximately $3.1 billion include:
Field development expenditures of $1.6 billion include:
Exploration expenditures are budgeted at $900 million, including:
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