, Jan 26 (Reuters) – Oil and natural gas
producer Hess Corp cut its capital budget by 16 percent
on Monday, saying it has balanced concerns about slipping crude
prices with growth projects in places like North Dakota crucial
to the company’s future.
The oil industry is grappling with a more-than 60 percent
drop in crude oil prices since last June amidst global
oversupply concerns, with many producers opting to sharply
reduce spending and hope for a price rebound.