UPDATE 1-Hess cuts budget by 16 percent, keeps most spending in Bakken
January 26, 2015 at 18:21 PM EST
WILLISTON, N.D., Jan 26 (Reuters) - Oil and natural gas producer Hess Corp cut its capital budget by 16 percent on Monday, saying it has balanced concerns about slipping crude prices with growth projects in places like North Dakota crucial to the company's future.