Hess Corporation, with headquarters in New York announced today a 2012 capital and exploratory budget of $6.8 billion, nearly all of which is targeted for Exploration and Production: $2.5 billion for unconventionals, $1.6 billion for production, $1.8 billion for developments and $800 million for exploration.
John B. Hess, Chairman and CEO, stated, “We believe that the investments we are making in unconventionals are lower risk and will generate long term profitable growth for shareholders. We expect to fund the majority of our 2012 program from internally generated cash flow and asset sales.”
Greg Hill, President of Worldwide Exploration and Production , said, “Our focus in 2012 will be on execution. We are committed to creating value and delivering sustainable growth in production and reserves from both our unconventional and conventional portfolios.”
Production expenditures of approximately $1.6 billion include:
Development expenditures of approximately $1.8 billion include:
Exploration expenditures of approximately $800 million include:
[mappress] Offshore Energy Today Staff, January 12, 2012; Image: Hess