Down $1.5B from the $8.3B spent in 2012. Sounds great for a company with cash flow problems. But then I looked up the 2012 CapEx budget press release put out a year ago, and their 2012 CapEx budget was $6.8B then too.
In 2012 they missed their budget by $1.5B, or 22%! Makes me wonder what a HES budget is worth. And a HES budget manager.
I guess HES does it because it is incredibly profitable to pump a hole in the ground and then sell the crude oil that comes out for over $2 per gallon, even though it does cost lots to put the hole in the ground. My concern isn't that they are doing the E&P, it is that they cannot stick to their budget, and they'd (I'd) make a whole lot more if they could.