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Hess Corp. to cut back on spending in Utica Shale this year

Friday, January 30, 2015 by

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Hess Corp. will be joining the other shale drillers pulling back in Ohio’s Utica Shale this year, according to Columbus Business First.

Hess plans to cut its spending by 42 percent. Capital expenses in 2014 topped $500 million, but this year, the target is $290 million. Current low commodity prices are prompting companies to curb spending and cut back on drilling plans.

Hess expects to operate two Utica rigs and drill 25 to 30 new wells this year. Last year, the company had four rigs and drilled 39 new wells.

Via: Columbus Business First > Hess pulling back spending in Utica shale

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