UPDATE 1-Hess to cut 2009 capital spending by 27 pct

(Adds details on spending program)

NEW YORK Dec 8 (Reuters) - Oil producer and refiner Hess Corp (HES.N) said on Monday it would cut 2009 capital spending by more than 27 percent from 2008 levels to protect its financial health during the economic slump.

The steep drop in oil and gas prices from their highs in July and the economic recession that has swept across the globe have prompted energy companies to rein in spending on new projects.

Hess' spending in 2009 will drop to $3.2 billion from the $4.4 billion planned for 2008, the company said in statement.

Chairman and Chief Executive John B. Hess said in a statement that Hess had good investment opportunities but that current market conditions prompted it to trim spending.

"The uncertain economic environment has prompted us to size our 2009 capital and exploratory program in a way that maintains our financial strength and protects our growth options," he said in a statement.

Hess expects to spend $1.4 billion to start up the deepwater Shenzi Field in the Gulf of Mexico during the first half of 2009, continue drilling in the Okume complex off the coast of Equatorial Guinea and expand production in the Bakken Shale of North Dakota.

Another $900 million will go toward redevelopment of the Valhall field in Norway, as well as drilling in the Gulf of Mexico's Pony Field and development of the oil rim at the Ujung Pangkah field in Indonesia.

Hess will spend $800 million on exploration and exploitation of sites in the Santos and Espirito Santo basins of Brazil as well in the Northwest Shelf of Australia.

Marketing and refining spending will total about $70 million in 2009, and corporate expenses about $30 million, the company said. (Reporting by Matt Daily; Editing by Steve Orlofsky)