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 Helping Build Capacity in Malaysia
Hess has joined with five other energy companies in Malaysia to help develop local businesses so they can become successful vendors to the oil and gas industry.
The initiative, known as VDPx, was launched by PETRONAS to expand and promote sustainable local vendor development, particularly among the Malay indigenous people.
Hess Schedules Earnings Release Conference Call
Hess announced today that it will hold a conference call on Wednesday, October 31, 2018 at 10 a.m. Eastern Time to discuss its third quarter 2018 earnings release.
Stampede: Leveraging Hess' Deepwater Abilities
Hess has capitalized on its proven track record in the Gulf of Mexico with the successful project execution of the Stampede field — one of the largest undeveloped fields in the Gulf.