Hess has announced today a $3.9 billion capital and exploratory budget for 2010, nearly all of which is targeted for Exploration and Production: $2.4 billion for production, $600 million for developments and $850 million for exploration.
John B. Hess, Chairman and CEO, stated, "We are fortunate to have a strong portfolio of attractive investment opportunities. We will invest in a disciplined manner to sustain long-term profitable growth for shareholders and expect to fund our 2010 program from internally generated cash flow."
Greg Hill, President of Worldwide Exploration and Production, said, "We have a balanced Exploration and Production plan that is consistent with our long-term target of growing both reserves and production 3 percent per year."
Production expenditures of approximately $2.4 billion include:
Field development expenditures of $600 million include:
Exploration expenditures are budgeted at $850 million, including:
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