The Devon cuts add to about 36,000 oil and natural gas jobs lost in the country since the price crash began more than a year ago, according to an estimate this month from the Canadian Association of Petroleum Producers.
Hess’s exploration and production unit lost $188 million during the quarter as a 53 percent plunge in the price the company received for each barrel of crude more than offset a 19 percent jump in production.
The Pittsburgh-based company won’t drill new wells in central Pennsylvania and in the Upper Devonian shale basin, which sits atop the Marcellus reservoir in the western part of the state, the company’s CEO said.
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