Hess has announced a $3.2 billion capital and exploratory expenditure program for 2009. Approximately $3.1 billion is targeted for Exploration and Production, with $1.4 billion for production, $900 million for developments and $800 million for exploration.
John B. Hess, Chairman and CEO, stated, "Our company has excellent investment opportunities. However, the uncertain economic environment has prompted us to size our 2009 capital and exploratory program in a way that maintains our financial strength and protects our growth options."
John O'Connor, President of Worldwide Exploration and Production, said, "We are committed to our strategy of delivering long-term sustainable growth in reserves and production. We will invest prudently and live within our means. We have retained flexibility in our program to adjust spending as market conditions warrant."
Production expenditures are expected to total $1.4 billion, including:
Field development expenditures of $900 million are expected to include:
Exploration and exploitation expenditures are budgeted to be about $800 million, including:
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