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

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