Hess Corporation announced a 2014 Exploration and Production capital and exploratory budget of $5.8 billion. Of this, $2.85 billion (49 percent) is dedicated to unconventional shale resources, with $1.475 billion (25 percent) for production, $925 million (16 percent) for developments and $550 million (10 percent) for exploration.
John Hess, CEO, commented, “In 2010, we began focusing our portfolio around lower-risk, higher growth assets in regions where we have a distinct competitive advantage. Our transformation accelerated rapidly in 2013 and we have successfully positioned Hess for long term growth, cash generation and strong, sustainable returns for our shareholders. We are committed to ensuring that our capital and exploratory budget enables our goal of achieving 5-8 percent compound average production growth through 2017 while generating the highest possible risk adjusted returns.”