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Hess Lowers 2016 Capex 40%; GOM Takes Center Stage, Bakken, Utica
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Hess Corporation announced a 2016 E&P capital and exploratory budget of $2.4 billion, a 40 percent reduction from its 2015 actual spend of $4.0 billion and approximately 20 percent below preliminary 2016 guidance of $2.9-$3.1 billion provided in October.
Bakken / Williston Basin Capital Expenditure : $425 Million Wells To Drill/Complete : 80 Wells (bring online) Operated Rigs :2 Rigs Ohio / Utica Capital Expenditure : $45 Million Wells To Drill/Complete : 14 Wells (bring on line) Operated Rigs : 1 GOMCapital Expenditure (production) : $375 million for production activities in the deepwater Gulf of Mexico
Capital Expenditure (exploration): $175 million for drilling in the deepwater Gulf of Mexico
Capital Expenditure (development): $325 million to integrate hull and topsides
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