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Hercules Offshore, Inc. Message Board

  • robertnupstatecarolina robertnupstatecarolina Jan 8, 2011 1:32 PM Flag

    Hess Corporation Increases Capital Spending

    Hess Corporation announced its capital and exploratory budget of $5.6 billion, the majority of which is targeted for exploration and production. It has $3.1 billion earmarked for production, $900 million for exploration, and the remaining $1.6 billion for developments.

    The company noted more than 35% of its expenditures in 2011 will be for unconventional oil projects, and that its balanced spending program will underpin its target of growing reserves and production by at least 3% per year. Its 2011 spending is an increase of more than 40% over 2010.

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