Hess Cuts Utica Drilling Budget 42% for 2015

Hess Corporation, with some 90,000 leased acres in the Ohio Utica Shale, announced yesterday they are whacking their Utica budget, reducing it by 42% for 2015. Last year Hess spent $500 million in the Utica. This year they plan to spend $290 million and drill 20-25 wells (around $11-$12 million per well). Hess will continue their joint venture with CONSOL Energy in the Ohio Utica. Here’s the announcement from yesterday:

Please Login to view this content. (Not a member? Join Today!)
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.