Hess Sells Interests in Norway; Commences Process to Sell Interests in Denmark
Hess Corporation Logo header
SEARCH

Hess Sells Interests in Norway; Commences Process to Sell Interests in Denmark

  • ValHall_Resize

Hess announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets:

•  An agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion
• Commencement of a process to sell its interests in Denmark
• Implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million starting in 2019

“With the continued success of our asset sale program, we are focusing our portfolio on higher return assets and reducing our breakeven oil price,” CEO John Hess said. “Proceeds from these asset sales, along with cash on the balance sheet, will prefund development of our world class investment opportunity in offshore Guyana, where we have participated in one of the world’s largest oil discoveries of the past decade – positioning our company to deliver more than a decade of cash generative growth and significant value for 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