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Amerada Hess Capital Expenditures to Drop Next Year

29 November 2001 , 08:23469
Amerada Hess expects capital expenditures to be cut by about 50% to $1.65 billion for the year 2002 as the company diverts money to pay down debt as well as due to concerns over volatile energy markets. Spending for 2001, excluding this year's acquisitions, is expected to be about $3.7 billion. Amerada Hess completed a $2.7
billion cash acquisition of Triton Energy last summer, including about $500 million in debt. Its 2001 capital expenditures including spending by the companies it acquired are expected to reach $5.2 billion.

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