Jan 27 (LNGJ) - Hess Corp., the US oil and gas company with plans for a liquefied natural gas tolling agreement with the Northwest Shelf LNG plant in Western Australia, is cutting its investment this year by 16 percent to $4.7 billion from $5.6Bln in 2014. Amongst the budget reductions, New York-based Hess is reducing its spending in the Bakken Shale in North Dakota to $1.8 billion compared with $2.2Bln in 2014. Chief Executive John Hess said: "Our company is well positioned to manage through the current price environment, with a strong balance sheet and resilient portfolio. Our 2015 budget reflects a disciplined approach to maintaining our financial strength and flexibility."
LNG player Hess cuts spending
Written by John McKay
Tuesday, 27 January 2015
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