Hess to cut rigs, but keep US shale output steady

摘要

Washington—Faced with sustained low prices, Hess plans to halve its Bakken Shale rig in 2016, but expects oil and natural gas production to remain relatively flat even if prices remain low for years to come. “While it is prudent to plan for continued low oil prices in 2016 we also believe that Hess is well positioned to benefit when oil prices recover,” CEO John Hess said during the company’s third-quarter earnings call.