NEW YORK -- Hess Corp. has announced a $3.6 billion capital and exploratory expenditure budget for 2007. Approximately $3.5 billion is planned for Exploration & Production and $75 million for Marketing & Refining.
The $75 million earmarked for Marketing & Refining will fund expansion of the Hess retail network and the addition of convenience stores to existing retail facilities, the company said.
John B. Hess, chairman and CEO, said, Our 2007 capital and exploratory budget focuses on attractive investment opportunities [image-nocss] in support of our strategy to sustain profitable growth for our shareholders. This program reflects capital discipline and our commitment to maintaining a strong financial position.
Hess, with headquarters in New York, is a global, integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
The company operates approximately 1,250 Hess retail facilities from Massachusetts to Florida.
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