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BS - Hess forgoes curtailments, charters three VLCCs instead - May 26, 2020



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Hess Corp. lowered its 2019 E&P capex guidance to $1.9 billion, down 37% from the original budget of $3.0 billion. This reduction will be achieved primarily by shifting from six rigs to one rig in the Bakken and deferring discretionary spending across the portfolio. Based on expectations that US storage would reach capacity in Q2, Hess announced May 7 that it had chartered three very large crude carriers to store 2 MMbo of Bakken......
 
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