Hess Corp. is reducing its 2015 budget, joining a number of energy producers that have reduced spending plans amid a sharp decline in oil prices. The oil and gas company announced a 2015 capital and exploratory budget of $4.7 billion, down 16% from 2014 spending of $5.6 billion. Hess said it “is well positioned to manage through the current price environment” and said the budget “reflects a disciplined approach to maintaining our financial strength and flexibility while preserving our long term growth options.” Nymex WTI crude lost 7.2% last week, settling at its lowest value since March 11, 2009. The oil rig count in the U.S. declined by 49 last week, according to data by Baker Hughes Inc. ConocoPhillips and Marathon Oil Corp. have both projected 20% budget declines for 2015, while companies including Apache Corp. have announced layoffs. Hess said its planned budget includes about $2.1 billion of […]