Hess Corp. said its 2016 exploration and production capital and exploratory budget will be $2.4 billion, a 40% reduction from the $4 billion spend in 2015 and a 20% reduction from the guidance of $2.9 billion to $3.1 billion provided in October. The company is maintaining its October forecast of an average of between 330,000 and 350,000 barrels of oil per day in 2016, it said in a Tuesday release. Bakken net production is still forecast between 95,000 and 105,000 barrels of oil per day. Hess shares are up 0.6% in premarket trading, but down 52% for the past 12 months. The S&P 500 is down 8.8% for the past year.
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