Hess Corporation (NYSE: HES) announced today that it has completed the
previously announced sale of its subsidiary Hess Norge, which owns
interests in the Valhall and Hod fields in Norway, to Aker BP ASA for
total proceeds of $2 billion, effective January 1, 2017.
“We are high grading our portfolio by investing in our highest return
assets and divesting mature, higher cost assets,” CEO John Hess said.
“This strategy is enabling us to prefund our world-class opportunity in
Guyana, return capital to shareholders and reduce debt, while at the
same time significantly lowering our cash unit costs and bolstering our
company’s balance sheet.”
Hess Corporation is a leading global independent energy company engaged
in the exploration and production of crude oil and natural gas. More
information on Hess Corporation is available at http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that these projections
will be achieved, and actual results could differ materially from those
projected as a result of certain risk factors. A discussion of these
risk factors is included in the company’s periodic reports filed with
the Securities and Exchange Commission.
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Copyright Business Wire 2017
Source: Business Wire
(December 22, 2017 - 9:07 AM EST)
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