Hess Cuts Costs, But Won't Defer Completions

摘要

Hess is cutting its spending this year after making significant progress in capturing cost savings, particularly in the US onshore. But unlike many of its peers, there is one thing Hess is not cutting: the number of wells it will complete in the US. Chief Executive John Hess told analysts on Wednesday that his firm has identified $550 million in cost savings -- savings that will allow the New York - based producer to reduce capital expenditure and its cash operating costs.