Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (32567)	12/7/1998 5:10:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

Monday December 7, 4:39 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) Hess to cut budget, jobs; take $150 mln Q4 charge NEW YORK, Dec 7 (Reuters) - Amerada Hess Corp. (NYSE:AHC - news) said on Monday it plans to cut back sharply on capital expenditures, curtail oil exploration and production spending and reduce its workforce by 20 percent in this division, resulting in a $150 million after-tax charge in the fourth quarter. The company said in a statement that the cuts, driven by the sharp decline in oil prices over the past year, would mean a 40 percent drop in planned 1999 exploration and production spending, to $250 million from an original $400 million. Hess also said the $150 million after-tax charge is in addition to a $150 million charge announced at the end October, bringing to $300 million the total charges for the year.