Hess Announces Bakken Midstream Joint Venture Valued at $5.35 Billion
Hess Corporation has agreed to sell a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners, a leading global infrastructure investor with an extensive midstream energy investment track record, for cash consideration of $2.675 billion. Hess and Global Infrastructure Partners will create a premier midstream joint venture – Hess Infrastructure Partners. Upon closing, the joint venture will incur $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds, net to Hess, of $3.0 billion. In addition the joint venture will have independent access to capital including a $400 million 5-year Senior Revolving Credit Facility, which is fully committed. The joint venture upon closing plans to continue to pursue a proposed initial public offering (IPO) of Hess Midstream Partners LP common units.
Hess to Sell 50% Interest in Bakken Midstream Assets for $2.675 Billion
Total After-Tax Cash Proceeds to Hess of $3.0 Billion Including JV Debt Issuance
Hess to Retain Operational Control of Bakken Midstream Assets
Transaction to Deliver Significant and Immediate Value to Shareholders
Click here for the press release
Hess Announces 13th Discovery Offshore Guyana
Hess today announced a new discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated gross discovered recoverable resource of more than 5.5 billion barrels of oil equivalent on the Stabroek Block.
Hess schedules Q1 2019 earnings release conference call.
Hess announced today that it will hold a conference call on Thursday, April 25, 2019 at 10 a.m. Eastern Time to discuss its first quarter 2019 earnings release.
Oil and Gas Investor: The Return of the Bakken
North Dakota’s production is setting new records, far exceeding the 2014 high.
Bigger production volumes are coming from increasingly rubble-izing the rock, reports Oil and Gas Investor.