Hess shaves off $800 million of its budget for 2020

Hess on Tuesday announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3 billion. The company also announced a new $1 billion three-year term loan agreement.

These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices, Hess explained.

“Our focus is on preserving cash and protecting our world-class investment opportunity in Guyana.”

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