Hess extends losses on energy price weakness

January 27, 2016 2:18 PM

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Hess says Q4 average selling prices for crude fell 42% Y/Y to $43.73/bbl, while selling prices for natural gas liquids plunged 57% to $9.61/bbl.

Hess already announced plans to cut capital spending by 40% this year to $2.4B as it pulls back in all regions and pursues further cost reductions and efficiency gains.

Also read: Saudi Aramco Ramps Up Spending to Over $40 Billion a Year

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