Hess Announces Sale of Utica Acreage
Hess Corporation Logo header
SEARCH

Hess Announces Sale of Utica Acreage

  • _Ohio_Utica_Shale_Hubel__HES_9377_20140624
06.29.2018

NEW YORK -- Hess Corporation 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.”

Full story‚Äč
Related News
  • Bakken Team Earns Rocky Mountain Oil and Gas

    The Hess Bakken Facilities Construction Team has earned industry recognition for its extraordinary safety record.
    Full story
  • Hess in the Media: How A Lean-Efficient, Cost-Effective Well Workover Can Do Wonders

    When Materion Corp. and Hess Corp. developed and added the new ToughMet Sucker Rod Couplings to Hess wells, run times tripled, workover costs were cut significantly and fluid production increased by 10% to 15%.
    Full story
  • 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.
    Full story