Link here to Rigzone.com.
Hess Corp. said its capital and exploratory budget for 2013 is 18%
smaller than last year's expenditures, as the oil-and-gas company looks
to again spend most of the funds of exploration and production.
The company's 2013 budget is $6.8 billion, down from $8.3 billion
spent in 2012. Last January, the company initially set its capital
budget for the year at $6.8 billion as well.
Of the $6.7 billion budgeted this year for exploration and
production, $2.7 billion is dedicated to unconventional shale resources
and the rest is focused on conventional resources--with $1.85 billion
for production, $1.6 billion for development and $550 million for
exploration. As in past years, $100 million is set aside for marketing
and refining and corporate needs.
Almost $3 billion for unconventional shale.
