Press

Hess Announces Sale of Utica Acreage


NEW YORK--(BUSINESS WIRE)--Jun. 29, 2018-- Hess Corporation (NYSE:HES) today announced that it has entered into an agreement to sell its joint venture interests in the Utica shale play in eastern Ohio to Ascent Resources – Utica, LLC for net cash consideration of approximately $400 million, effective April 1.

“We continue to focus our portfolio by divesting lower return, non-core assets as part of our strategy to deliver long term value to shareholders,” CEO John Hess said. “Proceeds from this transaction will be used to invest in our higher return growth opportunities in Guyana and the Bakken and to fund the company's previously announced share repurchase program.”

The divestiture consists of approximately 39,000 net acres including 26,000 net undeveloped acres. For full year 2018, net production is forecast to average 14,000 barrels of oil equivalent per day, of which approximately 70 percent is expected to be residue gas. Hess holds a 50 percent working interest as part of a joint venture with CNX Resources (NYSE: CNX).

The agreement is subject to customary closing conditions and adjustments and is expected to close by the end of third quarter 2018.

Denmark Sale Update

Hess also announced that it has decided to retain its interests in Denmark, where the company holds a 61.5 percent interest in the SouthArne Field and is the operator. The offers received in a previously announced sale process did not meet the company's value expectations. In the normal course of business, the company will continue to look at strategic options for this asset.


Visit source site

phx.corporate-ir.net/phoenix.zhtml?c=101801&p=irol...

HessHess CorporationNYSEDivestmentUtica ShaleShaleOhioAscent ResourcesUnited StatesUS

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 17 days agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 5 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 5 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 5 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 5 months agoPress > TotalDividend
All posts from oilvoice