Hess Announces Sale of Interests in Equatorial Guinea; Divestment Part of Strategy to Focus Portfolio on Higher Return Assets
Hess Corporation Logo header
SEARCH

Hess Announces Sale of Interests in Equatorial Guinea; Divestment Part of Strategy to Focus Portfolio on Higher Return Assets

Hess announced today that it has entered into an agreement to sell its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of $650 million, effective January 1, 2017.

“This sale is a further step in our strategy to focus our portfolio by investing in higher return assets and divesting more mature, higher cost assets,” CEO John Hess said. “Proceeds from asset sales, along with cash on our balance sheet, are expected to fund the development of our truly world class investment opportunity offshore Guyana. Our investment in Guyana will position our company to deliver a decade plus of returns-driven growth and increasing cash generation to our shareholders.”

Full story

Latest Hess News
  • Hess Corporation Publishes 2017 Sustainability Report

    Hess published its 2017 Sustainability Report today, providing a comprehensive review of the company’s strategy and performance on safety, environmental, social and governance programs and initiatives.
    Full story
  • Hess Schedules Earnings Release Conference Call

    Hess Corporation (NYSE: HES) announced today that it will hold a conference call on Wednesday, July 25, 2018 at 10 a.m. Eastern Time to discuss its second quarter 2018 earnings release.
    Full story
  • Hess Announces Sale of Utica Acreage

    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.
    Full story